The Bank of Industry (BOI) has announced the extension of the application 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.
This was disclosed in a post on the official X handle of the bank where it explained that the extension of the deadline was to allow entrepreneurs the opportunity to apply for the loan.
It states, “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate.”
The RAPID funding program aims to provide loans of up to N10 million to MSMEs in rural areas at a 5% interest rate for a tenure of 3 years. The bank noted that interested applicants visit its website to apply.
The objective of the program is to assist communities in rural and economically disadvantaged areas in utilizing available resources to develop enterprises.
These enterprises aim to provide employment, improve the standard of living, contribute to national growth, and address insecurity stemming from youth restiveness.
The Bank of Industry (BOI) earlier in May launched the RAPID program in Lagos with the target of empowering 10 beneficiaries per state and the Federal Capital Territory (FCT) totalling 370 beneficiaries.
