Lagos Govt, Bank of Industry introduce N10 billion assist fund for small companies in Lagos  

The Lagos State Authorities, in collaboration with the Bank of Industry (BOI), has launched a N10 billion Entry to Finance Scheme aimed toward empowering Micro, Small, and Medium Enterprises (MSMEs) throughout the state.

The initiative is designed to offer vital capital to assist MSMEs scale their operations and contribute to the state’s financial improvement.

Governor Babajide Sanwo-Olu launched the scheme in the course of the formal signing of the Memorandum of Understanding (MoU) for this system, named LASMECO (Lagos State – Bank of Industry MSME Entry to Finance Scheme), held in Alausa, Ikeja.

The announcement was shared in a press release on the Lagos State Authorities’s official Fb web page on Thursday.

“Lagos State Governor, Babajide Sanwo-Olu, has launched a N10 billion matched funding collectively supplied by the State Authorities and the Bank of Industry (BOI), to empower Micro, Small and Medium Enterprises (MSMEs) and allow them to develop their companies. 

“Governor Sanwo-Olu led the State’s Crew on the formal signing of the Memorandum of Understanding (MOU) and launch of the programme, LASG – BOI MSME Entry to Finance Scheme (LASMECO) at Alausa, Ikeja, as we speak,” the assertion learn partially.

Governor Babajide Sanwo-Olu expressed that the LASMECO initiative could be a game-changer for native companies, particularly these with progress potential however restricted monetary entry.

He emphasised that the scheme would foster job creation, enhance alternatives, and strengthen the state’s financial resilience, with the potential to create 10,000 jobs.

Extra insights  

The Managing Director/CEO of the Bank of Industry, Olasupo Olusi, praised the LASMECO scheme as a pivotal second for MSMEs, breaking down structural boundaries and unlocking new progress and inclusion alternatives throughout Lagos.

In her remarks, Lagos State Commissioner for Commerce, Cooperatives, Commerce, and Funding, Folashade Ambrose, emphasised that LASMECO gives extra than simply monetary assist.

• She revealed that this system is designed to be inclusive, clear, and results-oriented, offering capital, coaching, mentoring, and market linkages. The streamlined mortgage course of will make sure that even the smallest companies with viable plans can entry the assist they want.
• The President of the Producers Affiliation of Nigeria (MAN), Otunba Francis Meshioye, lauded the collaboration, underscoring LASMECO’s significance amid excessive rates of interest.
• He famous that the scheme will play a vital position in boosting productiveness, job creation, and MSME progress, notably within the manufacturing and cooperative sectors.

Representing the CEO of Sterling Bank Plc, Suleiman Abubakar, Tunde Adeola, Government Director for Business and Institutional Banking, reaffirmed the bank’s dedication to MSME empowerment, highlighting its ongoing partnership with the Lagos State Authorities.