BOI Extends RAPID Loan Application Deadline for MSMEs, Apply Now
The Bank of Industry (BOI) has extended the application deadline for the Rural Area Program for Investment and Development (RAPID) to June 12, 2024. This extension aims to provide more entrepreneurs and community groups in rural areas the opportunity to apply for the program.
In an announcement on its official X handle, BOI emphasized the importance of this extension for entrepreneurs. “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate,” the bank stated.
RAPID Funding Program Details
The RAPID funding program is designed to offer loans of up to N10 million to Micro, Small, and Medium Enterprises (MSMEs) in rural areas at a 5% interest rate, with a loan tenure of 3 years. Interested applicants are encouraged to visit the BOI website to apply.
Objectives of the RAPID Program
The RAPID program aims to:
– Assist communities in rural and economically disadvantaged areas to develop enterprises using local resources.
– Provide employment opportunities and improve living standards.
– Contribute to national economic growth.
– Address youth restiveness and enhance security by providing viable economic opportunities.
Launch and Impact
Launched in May in Lagos, the RAPID program targets empowering 10 beneficiaries per state and the Federal Capital Territory (FCT), totaling 370 beneficiaries across Nigeria.
Additional Federal Initiatives
The extension of the RAPID program aligns with the Federal Government’s broader efforts to support businesses following the removal of fuel subsidies. Key initiatives include:
– N75 billion single-digit loan for manufacturers.
– N50,000 grant to nano businesses across the 744 local government areas.
– N200 billion grant to Small and Medium Scale Enterprises (SMEs) nationwide.
Presidential Conditional Grant Scheme (PCGS)
The PCGS offers non-repayable financial grants to small business owners in various sectors such as trading, food services, ICT, transportation, creative industries, and artisans. The allocation includes:
– 70% of grants for women and youths.
– 10% for individuals with disabilities.
– 5% for senior citizens.
– 15% for other demographics.
BOI’s Role in Supporting MSMEs
The BOI, in partnership with the federal government, is also involved in distributing a N200 billion loan to manufacturers and SMEs. Under the Presidential Intervention Fund, N75 billion will be allocated to MSMEs and another N75 billion to the manufacturing industry, according to Dr. Doris Uzoka Anitie, the Minister of Industry, Trade and Investment.
Entrepreneurs and community groups in rural areas are encouraged to take advantage of the extended deadline to apply for the RAPID program and benefit from the financial support aimed at fostering economic development and improving livelihoods.
