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jesse·Business·

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

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.

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N
noah

How do you think Lagos MSMEs will adapt to 9% loans up to ten million naira?

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Y
yemi

Which MSME sectors do you expect to benefit most from these 9% loans?

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I
isa

A fixed 9% rate sounds attractive, but we've seen programmes rack up extra costs and fees later on.

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A
ade

True, additional costs can sneak in, but maybe Lagos will cap fees properly this time. Let's hope they stay transparent.

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B
bisi

Don't forget many small operators struggle with repayment discipline even after a long moratorium period ends.

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P
prince

It could help to set up peer-review groups for MSMEs to share best practices on managing this loan scheme.

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