Application For the Bank of Industry RAPID Program

Ugo Chinedu

3 months ago

If you’re a micro, small, and medium enterprise (MSME) based in a rural area in Nigeria and you are looking for funding, the Bank of Industry (BOI) has extended the application period for the Rural Area Program for Investment and Development (RAPID). The new deadline date is set for June 12, 2024, and is aimed at ensuring that entrepreneurs in rural areas and local communities key into the initiative.

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The RAPID initiative aims at offering loans of up to N10 million to micro, small, and medium enterprises (MSMEs) in the remote areas of Nigeria at a 5% interest rate. The loan tenure is 3 years.

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The objectives of the program include:

Assisting people in rural and economically disadvantaged communities to develop their businesses using local resources.
Provision of employment and improvement in the standard of living
Contribute to Nigeria’s economic growth.
Address the problem of youth restiveness and improve security through the provision of economic opportunities.

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The Rural Area Program for Investment and Development (RAPID) was launched in Lagos State in May and aims to empower 10 beneficiaries in each state of the federation and the Federal Capital Territory, Abuja. Application closes on June 12, 2024. Click HERE (https://rapid.boi.ng/) to apply for the program.

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