File photo: Small and medium-sized enterprises.
The Lagos State Government has launched a capacity-building programme for 17 accredited accelerator organisations to kick-start the implementation of its Lagos State Access to Finance for SMEs through Cooperatives initiative, aimed at expanding access to low-interest loans for Micro, Small and Medium Enterprises.
The three-day workshop, which opened on Monday at the Bank of Industry office in Lagos, is equipping the organisations with the skills required to identify, prepare and support businesses that will benefit from the state-backed financing programme.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada-Medebem, said the training signalled the beginning of full implementation of LASMECO after months of planning.
Represented by the Director of Cooperative Services, Adeyinka Adeyemi, the commissioner said the participating organisations would work with the ministry, the Bank of Industry, Sterling Bank and registered cooperative societies to connect eligible businesses with loans offered at a fixed interest rate of nine per cent.
