LASG & Major Banks Team Up to Boost SME Financing
The Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment, is set to officially sign a Memorandum of Understanding with the Bank of Industry (BOI) and Sterling Bank as part of efforts to boost access to finance for small and medium-scale entrepreneurs across the state.
The signing event, scheduled as one of the launches for the new Lagos State Access to Finance for Small and Medium Enterprises via Cooperatives (LASMECO) program, will take place tomorrow in Lagos.
The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, states that LASMECO is an unprecedented public-private funding initiative designed to provide low-interest, reduced-risk loans to small and medium-sized enterprises (SMEs) operating in key areas such as healthcare, agriculture, creative industries, manufacturing, and circular economy zones.
Ambrose stated that this initiative is a transformative move aimed at speeding up financial accessibility for small and medium-sized enterprise (SME) owners within the state. The program offers loans up to ten million naira with an interest rate of 9%, valid over a period of two to three years. Additionally, she mentioned that these loans do not require collateral and come with a 50% guarantee from Sterling Bank.
She revealed that the Access to Finance for Small and Medium Enterprises (SMEs) program, set to be inaugurated by Governor Babajide Sanwo-Olu during the event, will feature prominent figures from both governmental and corporate spheres. These include representatives such as the Managing Director of the Bank of Industry (BOI), Olasupo Olusi; the Managing Director of Sterling Bank Plc, Abubakar Suleiman; the President of the Manufacturers Association of Nigeria (MAN), Dr. Francis Meshioye; and the President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa.
During the launch, the Honourable Commissioner will sign the MoU on behalf of the state government, while the Managing Director of the Bank of Industry will do same for the bank.
The program's debut represents a crucial landmark in Governor Babajide Sanwo-Olu's THEMES+ initiative aimed at transforming the economy of Lagos State and fostering inclusive industry.
Provided by Syndigate Media Inc. ( Syndigate.info ).
