The Lagos State Government has assured Micro, Small, and Medium Enterprises of financial support through grants and export development opportunities to boost their business growth.
The state Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, disclosed this in a statement on Friday to mark the celebration of the International Day of MSMEs.
She said the initiative, known as the Lagos State Access to Finance for SMEs through Cooperatives scheme, was designed to improve access to affordable financing and address funding challenges confronting small businesses.
“Our interventions are designed to address the major constraints affecting MSMEs, including inadequate access to finance, inflation, high energy costs and limited access to wider markets,” Ambrose-Medebem said.
She added that Lagos had more than 16,000 registered cooperative societies operating through 24 Area Cooperative Offices, providing a platform to extend financial support to entrepreneurs who might struggle to access conventional bank loans.
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