Alimosho Local Government Area in Lagos State is set to partner with the State Employment Trust Fund (LSETF) to boost small and medium enterprises (SMEs) at the grassroots level.

The council’s chairman, Akinpelu Johnson, stated this on Friday in a meeting with traders and SME stakeholders at the council’s secretariat in Alimosho, Lagos State.

The proposed collaboration will introduce a promising loan programme that aims to support businesses and foster economic growth.

Mr Johnson said, “Our partnership with the LSETF will boost local businesses through a competitive interest rate of nine per cent per annum and staggered interest options. This initiative has the potential to empower entrepreneurs and drive development. By partnering with LSETF, local business owners in Alimosho can access affordable funding to fuel their growth and expansion plans.’’

According to him, the council has earlier, during the electioneering period, assured residents and traders of the development.

“We promised our people to support their businesses through agricultural plans and soft loans to back it up. We will look at the percentage of the offer, study it, and identify areas of collaboration,” he said.

Mr Johnson said that the LSETF loan programme was a welcome development for businesses seeking financial support.

He added that the nine per cent interest rate was relatively low, making it an attractive option for entrepreneurs looking to access capital without having to ‘break the bank.’

“By providing staggered interest options, LSETF is offering flexibility to businesses, allowing them to manage their finances more effectively,” he said.

(NAN)