Lagos Launches LASMECO Programme Offering 9% Loans up to ₦10 Million for MSMEs

Lagos State has unveiled the LASMECO programme to bridge the financing gap for micro, small and medium enterprises. Eligible businesses can access term loans up to ₦10 million at a fixed 9% annual interest rate with up to 36 months repayment and a six-month moratorium. The scheme uses registered cooperative societies as guarantors. Borrowers provide 10% cash collateral, cooperatives guarantee 25%, and Sterling Bank covers the remaining 50%. The programme targets sectors such as agriculture, manufacturing, digital economy, creative industries, tourism and education. State counterpart funding and a matched contribution from the Bank of Industry are already in place. Accelerator organisations will support MSMEs through application, disbursement and repayment, earning fees only after successful funding.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.