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>>> The Lagos State Micro Finance Institution (LASMI) is an agency of the Lagos State Government set up by an enabling law to assist the Government in its continuing efforts to alleviate poverty in the State.
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>>> The primary objective of the Lagos State Micro Finance Institution (LASMI) is to provide basic financial assistance to micro entrepreneurs through partnership with Microfinance Banks in both urban and rural areas of Lagos State.
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>>> Any deserving resident of Lagos State can benefit from the activities of Lagos State Micro Finance Institution (LASMI) by getting in touch with the Institution or any of the partner Microfinance Banks.
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>>> Application for credit facility is normally made to any of the partner Microfinance Banks through LASMI.
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>>> Under the CBN guidelines, a credit facility is categorized as micro credit if the amount is less than N500,000 (Five Hundred Thousand Naira).
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>>> The terms are generally agreed upon between the borrower and the Microfinance Bank. The terms are usually made convenient for easy repayment.
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>>> No. The financial assistance is only available for the residents of Lagos State.
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>>> Borrowers usually do not access loans from the Institution (LASMI). The issue of collateral is normally a matter between the borrower and the Microfinance Bank.
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>>> Loans are normally given by Microfinance Banks under the terms and conditions set out in their operations rules of engagement.
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