The Bank of Industry (BOI) has extended the application deadline for the Rural Area Program for Investment and Development (RAPID) for Micro Small and Medium Enterprises (MSMEs) and Community groups in rural areas to June 12.
In a post on its official handle, the bank announced the extension to allow entrepreneurs more time to apply for the loan. “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate,” the statement reads.
The RAPID funding program offers loans of up to N10 million to MSMEs in rural areas at a 5% interest rate for a tenure of 3 years. Interested applicants can apply through the bank’s website.
The program aims to assist rural and economically disadvantaged communities in developing enterprises that provide employment opportunities, improve living standards, contribute to national growth, and address youth restiveness-related insecurity.
Earlier in May, the Bank of Industry launched the RAPID program in Lagos with the goal of empowering 10 beneficiaries per state and the Federal Capital Territory (FCT), totaling 370 beneficiaries.
Following the removal of fuel subsidy, the federal government introduced various grants and loan programs to support businesses. These include:
– N75 billion single-digit loan to manufacturers
– N50,000 grant to nano businesses across 744 local government areas
– N200 billion grant to Small and Medium Scale Enterprises (SMEs)
– Presidential Conditional Grant Scheme (PCGS) offering non-repayable financial grants to eligible small business owners
– BOI’s partnership with the federal government in the distribution of the N200 billion loan to manufacturers and SMEs
Under the program, N75 billion will be distributed to MSMEs, while another N75 billion will be allocated to the manufacturing industry under the Presidential Intervention Fund, according to the Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anitie.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate