|LASMI Partners EDC to Finance Graduate Entrepreneurs
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.