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.<\/p>\n\n\n\n
In an announcement on its official X handle, BOI emphasized the importance of this extension for entrepreneurs. \u201cThe application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate,\u201d the bank stated.<\/p>\n\n\n\n
RAPID Funding Program Details<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n Objectives of the RAPID Program<\/strong><\/p>\n\n\n\n The RAPID program aims to:<\/p>\n\n\n\n \u2013 Assist communities in rural and economically disadvantaged areas to develop enterprises using local resources.<\/p>\n\n\n\n \u2013 Provide employment opportunities and improve living standards.<\/p>\n\n\n\n \u2013 Contribute to national economic growth.<\/p>\n\n\n\n \u2013 Address youth restiveness and enhance security by providing viable economic opportunities.<\/p>\n\n\n\n Launch and Impact<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n