Lagelu Launches Loan Lifeline for Small Businesses and Startups

The Lagelu Local Government Cooperative Credit Bank has initiated the first phase of its loan disbursements to small businesses and startups. This follows the launch of the cooperative credit bank by the Executive Chairman of Lagelu Local Government, Hon. Mudashiru Kamorudeen, on July 5. The initiative aims to drive economic growth and revive entrepreneurship within the local government area.

This transformative initiative was officially announced on Tuesday, marking a significant step towards providing crucial financial support to aspiring entrepreneurs and existing businesses. The loan disbursement exercise by the Cooperative Credit Bank is designed to promote job creation and economic development, particularly for small businesses looking to expand.

Recognizing the vital role small and medium enterprises (SMEs) play in driving economic development, the Lagelu Cooperative Credit Bank has allocated substantial funds to foster economic growth. These loans are tailored to meet the specific needs of different small businesses, whether for working capital, expansion, or investment in new startups.

Applicants and beneficiaries of the loan fund have undergone a smooth and transparent evaluation process to ensure fair disbursement and credit allocation. The disbursement of the loans is expected to create a ripple effect across Lagelu Local Government, generating job opportunities and enhancing the overall entrepreneurial ecosystem.

Young entrepreneurs and local leaders have praised the initiative for its potential to reduce unemployment and poverty levels while promoting self-sufficiency among residents. The Cooperative Credit Bank’s support is seen as a catalyst for economic development, providing the necessary financial resources to empower small businesses and stimulate growth within the community.