The Lagos State Microfinance Institution (LASMI) has said it is willing to finance bankable business plans of graduate trainees of the Entrepreneurship Development Centre, (EDC), Lagos.
In a letter dated April 29, 2010 and jointly signed by the Bashorun S. Alabi Macfoy, LASMI's Executive Chairman and Musiliu Gbolahan Bakare, its Managing Director/ Fund Manager, referenced LASMI/09/EDC/95/003, Gapbridge, a partner Microfinance Bank, has been contacted for possible funding.
Gapbridge, which is currently reviewing the plan and the "huge financial lay-out required", had in turn "written to express desire in funding some of the business plans" as requested.
The Institution, however, urged EDC, Lgaos to "exercise more patience as the Microfinance Bank is genuinely willing to consider
some of them."
When fully operational, LASMI would be the first State-government controlled agency that would offer credit facilities to the entrepreneurs being trained at the EDC. Last month, a National agency, the National Economic Reconstruction Fund (NERFUND), dole out N2b as loans facilities to organisations involved in grooming new entrepreneurs in the country, including the Africa Leadership Forum-managed EDC.
The Entrepreneurship Development Centre (EDC), Lagos was created as a partnership by the Central Bank of Nigeria (CBN) and the Africa Leadership Forum (ALF), to address the twin issue of youth unemployment and poverty through increased access to entrepreneurship training, advisory services and linkages that will eventually result to improved livelihoods in the South West region of Nigeria.
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