Lagos State Government Launches 500 Billion Naira SME Support Fund
The Lagos State Government has launched a N500 billion small and medium enterprise support fund providing low-interest loans, grants and technical assistance to businesses in the s...
The Lagos State Government has launched a N500 billion small and medium enterprise support fund providing low-interest loans, grants and technical assistance to businesses in the state.
Governor Babajide Sanwo-Olu said the initiative would be managed by a newly established Lagos Development Finance Authority.
Loan facilities range from N500,000 for micro enterprises to N500 million for established SMEs, with interest rates between 8 and 12 percent.
The fund is partly capitalised by the Lagos State government and partly by a consortium of development finance institutions including the African Development Bank.
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