Loans

The Bank of Industry (BOI) has extended the deadline for the Rural Area Program for Investment and Development (RAPID) to June 12, 2024. This extension gives more entrepreneurs and community groups in rural areas time to apply for the program. In a statement on its official X handle, BOI highlighted the importance of this extension. “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate,” the bank said. RAPID Funding Program Details The RAPID program offers loans of up to N10 million to Micro, Small, and Medium Enterprises (MSMEs) in rural areas. The loans have a 5% interest rate and a repayment period of 3 years. Interested applicants should visit the BOI website to apply. Objectives of the RAPID Program The RAPID program aims to: Help communities in rural and economically disadvantaged areas develop enterprises using local resources. Create jobs 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 aims to empower 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: AllocationPercentageWomen and youths70%Individuals with disabilities10%Senior citizens5%Other demographics15% BOI’s Role in Supporting MSMEs The BOI, in partnership with the federal government, is 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 Anite, the Minister of Industry, Trade, and Investment. Encouragement to Apply Entrepreneurs and community groups in rural areas are encouraged to take advantage of the extended deadline to apply for the RAPID program. This financial support aims to foster economic development and improve livelihoods. Key Information DetailsInformationProgramRural Area Program for Investment and Development (RAPID)Extended DeadlineJune 12, 2024Loan AmountUp to N10 millionInterest Rate5%Loan Tenure3 yearsBeneficiaries10 per state and FCT, total 370 across NigeriaApplicationVia BOI website Steps to Apply Visit the BOI Website: Go to the official BOI website to access the RAPID loan application. Review Eligibility: Ensure you meet all the necessary qualifications and requirements. Complete Application: Fill out the application form accurately and upload any required documents. Submit Before Deadline: Make sure to submit your application by June 12, 2024. Benefits of the RAPID Program Financial Support: Access to loans up to N10 million with low-interest rates. Economic Growth: Helps stimulate economic activities in rural areas. Job Creation: Provides employment opportunities, improving living standards. Community Development: Supports the growth of local enterprises using local resources. Youth Empowerment: Addresses youth restiveness by offering viable economic opportunities. Conclusion The extension of the RAPID loan application deadline by the BOI is a significant opportunity for entrepreneurs and community groups in rural areas. By applying for this program, beneficiaries can access essential financial support, contribute to economic growth, and improve their livelihoods. Visit the BOI website and apply before the June 12, 2024 deadline to take advantage of this initiative.