The Lagos State Government has launched a capacity-building programme for 17 accredited accelerator organisations under its Lagos State Access to Finance for SMEs through Cooperatives initiative, LASMECO.
The programme is designed to help Micro, Small and Medium Enterprises access affordable loans at a fixed interest rate of nine per cent through registered cooperative societies.
The state says eligible businesses can access up to N10 million, with financing jointly supported by the Lagos State Government and the Bank of Industry, alongside participating financial institutions and cooperatives. The government says the initiative will also promote business formalisation, create jobs and strengthen the state’s MSME sector, while beneficiaries must belong to registered cooperative societies.
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