The Centre of Excellence (Lagos) has rolled out a new financing initiative aimed at boosting small businesses across its communities.
The scheme, known as the Lagos State Access to Finance for SMEs Through Cooperatives (LASMECO), was unveiled as part of efforts to deepen grassroots economic development.
Backed by the Bank of Industry and Sterling Bank, the project offers a N10 billion loan facility targeted at Micro, Small, and Medium Enterprises (MSMEs). Through this model, businesses can access up to ₦10 million without the need for collateral, with a six-month grace period and a 9% annual interest rate.
The facility is structured to operate through registered cooperative societies, ensuring that the funds reach genuine entrepreneurs and are managed within trusted community frameworks.
LASMECO is built to support businesses in sectors critical to long-term economic growth, including agriculture, healthcare, manufacturing, creative arts, and recycling. By focusing on these areas, the programme seeks to stimulate enterprise while fostering local development.
From tailors in Yaba to food producers in Ikorodu, thousands of small-scale operators are expected to benefit from this intervention, which seeks to level the playing field for those who lack traditional access to finance.
Officials say the partnership marks a shared commitment to expanding opportunity from the grassroots, with a focus on economic inclusion and community empowerment.
This is a great idea to we lagosian