Sanwo-Olu Unveils N10bn Scheme For Small Businesses, Targets 10,000 Jobs

Lagos State Governor Babajide Sanwo-Olu has launched a N10 billion matched funding jointly provided by the state government and the Bank of Industry (BoI).

The initiative is meant to empower Micro, Small and Medium Enterprises (MSMEs) and enable them to expand their businesses.

Sanwo-Olu said the initiative would also help fight poverty and create over 10,000 jobs, while calling for stronger publicprivate partnerships.

He said these when he led the team to the formal signing of the Memorandum of Understanding (MOU) and launch of the programme-LAST/ BOI SME Access Finance Scheme (LASMECO) at Alausa, Ikeja, yesterday.

The governor described the launch as a fulfilment of dreams for many MSMEs who have skills but lack the capital to run or scale their businesses. He said the fund will bring a turnaround in their fortunes and expand the State’s economy.

He said: “The Fund is not just a formal unveiling of a financing programme, it is the unveiling of dreams, the lighting of thousands of small candles that together illuminates the path to a more prosperous and inclusive Lagos.

“Today, we proudly unveil a tripartite partnership called LASMECO, a firstof-its-kind public-private financing platform deliberately designed to break the barriers that have long stifled our small businesses.

“It offers an affordable credit of up to N10 million at a low interest rate of 9 per cent per annum singledigit interest to lift huge weight off the shoulders of our business owners, giving them room to breathe, grow, and thrive.”