BOI, LASG and Sterling Bank Launch LASMECO to Empower SMEs in Lagos
Lagos State is breaking new ground for small businesses with its freshly launched LASMECO (Lagos state Access to finance for SMEs through COoperatives) initiative – a game-changing financing program designed to fuel growth where it matters most: at the grassroots level. Working hand-in-hand with the Bank of Industry and Sterling Bank, the government has created a robust N10 billion fund that puts up to N10 million directly within reach of qualified businesses – no traditional collateral needed! The best part? You’ll only pay 9% annual interest and won’t need to start repayments for six full months, giving your business room to breathe and grow.
The brilliant cooperative-based approach ensures these funds reach real community businesses across five vital sectors: healthcare, agriculture, creative industries, manufacturing, and the circular economy. And don’t forget – this complements the existing LSETF loan program that’s still accepting applications. If you’re building a business in Lagos, these programs are your launchpad to success. Why wait? Visit lsetf.ng/content/msme-loan-programme today and join the movement powering Lagos’s economic future.
Taking the stage at the event, Governor Sanwo-Olu championed the state government’s dedication to nurturing a vibrant business ecosystem through strategic alliances. “LASMECO represents our bold initiative to open financial doors for entrepreneurs—particularly those historically shut out of conventional banking systems. This grassroots financial empowerment will spark innovation and generate thousands of meaningful jobs across our communities.”
Dr. Olasupo Olusi, BOI’s Managing Director, highlighted how this partnership perfectly fits with BOI’s mission to empower Nigerian businesses. “We’re really proud to be part of this smart way of financing that focuses on the core of Nigeria’s economy – our small and medium-sized businesses,” he shared. “By teaming up with cooperatives, LASMECO makes sure everyone is involved and the program is sustainable.”
Tunde Adeola, Sterling Bank’s Executive Director, also spoke, explaining that Sterling Bank is helping by setting up digital tools to make getting and giving out the loans really smooth. This means even cooperatives far away can easily join the program.
This whole LASMECO effort is also great because it matches bigger goals for Lagos and Nigeria to help more people access financial support, create more jobs, and boost local production. It really sets Lagos up as a shining example of how states can help their economies thrive.
