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 for tomorrow in Lagos is set to be part of the inauguration activities for the newly launched Lagos State Access to Finance for SMEs via Cooperatives (LASMECO) program.
The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, states that LASMECO represents an unprecedented collaboration between public and private entities designed to provide low-interest, reduced-risk loans to small and medium-sized enterprises (SMEs). This initiative targets key areas such as healthcare, agriculture, creative arts, manufacturing, and circular economy sectors.
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 of up to ten million naira with an interest rate of 9%, payable 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 SMEs program, set to be inaugurated by Governor Babajide Sanwo-Olu during the event, will feature prominent figures from both governmental and corporate domains. Attendees include Managing Director of BOI (Bank of Industry) Olasupo Olusi; Abubakar Suleiman, who leads Sterling Bank Plc; Dr. Francis Meshioye, president of MAN (Manufacturers Association of Nigeria); as well as Gabriel Idahosa, head of LCCI (Lagos Chambers of Commerce and Industry).
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 initiation of this program represents a key landmark in Governor Babajide Sanwo-Olu’s THEMES+ strategy for economic change and his approach toward inclusive industry within Lagos State.
Provided by SyndiGate Media Inc.
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