The Lagos State Government has launched a new financing initiative that will provide single-digit interest loans of up to N10 million to micro, small and medium enterprises (MSMEs), in a major push to improve access to affordable credit and stimulate business growth across the state.
The initiative, known as the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme, offers eligible businesses loans at a fixed 9 per cent annual interest rate, with repayment periods of up to 36 months for term loans and 24 months for working capital facilities. Beneficiaries will also enjoy moratoriums of six months and three months respectively.
The scheme was unveiled on Monday during the opening of a three-day LASMECO Accelerator Training Workshop organised by the Ministry of Commerce, Cooperatives, Trade and Investment, in Lagos.
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In her keynote address, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Bada Ambrose-Medebem, said
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