BOI Extends Application Deadline For RAPID Loan

BOI Extends Application Deadline For RAPID Loan – Apply Now

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BOI Extends Application Deadline For RAPID Loan – Apply Now

If you own a micro or small business and still looking for loan to boost your business, you will be happy to know that Bank of Industry (BOI) has extended the deadline for the Rural Area Program for Investment and Development (RAPID) to June 12, 2024, so you still have the opportunity to submit your application before new deadline.

According to a statement on BOI official X handle, it 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.

About BOI Rapid Empowerment Program

The BOI Rapid Empowerment Program is your Gateway to Empowerment and Growth with the objective of assisting communities in rural and economically disadvantaged areas to tap into available resources for the development of enterprises that can provide employment, improve standard of living, contribute to national growth and tame insecurity arising from youth restiveness.

Funding 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.

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.

How To Apply

  1. If you are micro and small business owner or Community Groups in Rural Areas willing to apply should kindly visit: rapid.boi.ng/register to apply.
  2. Visit the BOI Website: Go to the official BOI website to access the RAPID loan application.
  3. Review Eligibility: Ensure you meet all the necessary qualifications and requirements.
  4. Complete Application: Fill out the application form accurately and upload any required documents.
  5. Submit Before Deadline: Make sure to submit your application by June 12, 2024.

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