Lagos State Government Launches LASMECO Initiative for SMEs

The Lagos State Government has unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) initiative, a tripartite partnership with the Bank of Industry (BoI) and Sterling Bank Ltd. This initiative aims to provide access to finance for Small and Medium Scale Enterprises (SMEs) and registered cooperative societies in the state.

The key features of LASMECO loan are as follows:

- Single-digit Interest Rate: SMEs can access loans at a single-digit interest rate of 9% per annum.

- No Collateral: The loan is collateral-free, making it more accessible to SMEs.

- Loan Amount: SMEs can access up to N10 million in loans.

- Strategic Sectors: The initiative targets strategic sectors such as healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

Benefits for SMEs

- Increased Access to Finance: LASMECO aims to break the funding barrier for SMEs, enabling them to access finance and grow their businesses.

- Economic Growth: The initiative is expected to contribute to economic growth and development in Lagos State.

- Job Creation: By supporting SMEs, LASMECO can help create jobs and improve livelihoods for countless families.

Government's Commitment

Lagos State Governor, Babajide Sanwo-Olu, emphasized the government's commitment to supporting SMEs in the state. He highlighted the importance of SMEs in driving economic growth and innovation, and expressed his confidence that the LASMECO initiative would make a significant impact in the state's economy.

The LASMECO initiative is a significant step towards promoting economic growth and development in Lagos State. By providing access to finance for SMEs, the initiative can help create jobs, improve livelihoods, and contribute to the state's economic prosperity.