• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, June 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Sterling Bank, BOI, LASG Launch N10bn in SME Loans at Single-digit Rates

by Leadership News
3 weeks ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

Thousands of small businesses across Lagos are set to gain access to affordable financing, as Sterling Bank throws its weight behind a new credit scheme that removes the usual roadblocks to growth. In partnership with the Lagos State Government and the Bank of Industry (BOI), Sterling Bank is guaranteeing 50 per cent of all loans disbursed under the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO).

Advertisement

The initiative targets one of the most persistent challenges for entrepreneurs: access to capital without the burden of collateral and unsustainable interest rates. With over three million MSMEs operating in Lagos, their contributions to employment and GDP are undeniable, yet most remain locked out of credit due to rigid financial requirements.

The LASMECO scheme was formally unveiled at a Memorandum of Understanding (MoU) signing between Sterling Bank, BOI, and the Lagos State Government. Under the agreement, SMEs can access loans of up to ₦10 million at a competitive interest rate of 9%, with repayment periods of two to three years. Rather than pledging physical collateral, business owners will borrow through registered cooperatives, which provide collective guarantees.

Sterling is providing a guarantee of 50% for the entire loan to be granted to all the MSMEs under the scheme. This guarantee removes the burden of collateral provisions and ensures ease of access to the fund by all qualified MSMEs.

Speaking at the launch of the LASG–BOI–Sterling Bank MSME Fund, Governor Babajide Sanwo-Olu praised the partnership: “This kind of corporate commitment to social impact, while still achieving busines goals, sets an example for other financial institutions,” he said, commending Sterling Bank’s “tremendous vision and confidence” in supporting the state’s entrepreneurial engine.

RELATED

Nigerian MSMEs Benefit From Access Bank, Mastercard, LCCI Partnership

Nigerian MSMEs Benefit From Access Bank, Mastercard, LCCI Partnership

56 minutes ago
Group Rejects Proposed Amendments To CBN Act

Recapitalisation: 3m Job Losses Looms As 1,500 BDCs Fail Deadline

3 hours ago

He continued, “That means millions of our citizens wake up every day as owners of small shops and stalls, founders of startups, operators of restaurants and factories, providers of services and artisans of trade. Together, these hard-working men and women employ most of our workforce and provide livelihoods for countless families. They turn the cogs of commerce in every neighborhood, from Epe to Eko, Badagry to Ikeja.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Bank of Industry (BOI)Sanwo-OluSterling Bank
SendShareTweetShare
Previous Post

SWDC Nominees: Osoba’s Supporters Debunk Attack On Gbajabiamila

Next Post

We Consulted Our Predecessors To Resolve Ill-feelings – PDP Governors

Leadership News

Leadership News

You May Like

Nigerian MSMEs Benefit From Access Bank, Mastercard, LCCI Partnership
Business

Nigerian MSMEs Benefit From Access Bank, Mastercard, LCCI Partnership

2025/06/04
Group Rejects Proposed Amendments To CBN Act
Business

Recapitalisation: 3m Job Losses Looms As 1,500 BDCs Fail Deadline

2025/06/04
With $4bn Market Size, Nigeria’s Islamic Finance Industry To Surge In H2 – Fitch
Business

With $4bn Market Size, Nigeria’s Islamic Finance Industry To Surge In H2 – Fitch

2025/06/04
Zacch Adedeji: The Reformist FIRS Boss’ TaxPro-Max
Business

FIRS Entering New Era Of Excellence, Trust – Adedeji

2025/06/04
Customs Intercepts Bullet Proof Vests, Tokunbo Vehicles, Others Worth N1.2bn
Business

Customs Intercepts Bullet Proof Vests, Tokunbo Vehicles, Others Worth N1.2bn

2025/06/04
MFBs’ Customers Safe With NAMBUIT – NDIC
Business

NDIC Calls For Inputs To IADI Core Principles For Effective Deposit Insurance

2025/06/04
Leadership Conference advertisement

LATEST

JUST-IN: Niger Gov’t Cancels Sallah Durbar Over Mokwa Flood

Oko Is Not Tenant To Any Town, Oloko Replies Olugbon

Tinubu Committed To Reviving Horse Racing In Nigeria – Dantata

Gara Gombe Seeks Court Intervention To Halt AFN Elections

Arokodare Will Leave For Big Money, Genk President Insists

FIFA Holds Club Management Course In Abuja

Danfulani Takes Over NAIC Leadership As Onwuanuokwu Hands Over

Nigerian MSMEs Benefit From Access Bank, Mastercard, LCCI Partnership

World Milk Day: Peak Reinforces Commitment To Quality Nutrition

AC Milan Eye Onyedika

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.