The Bank of Industry (BOI) has announced an extension for the application deadline of 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, 2024. The extension aims to give more entrepreneurs the opportunity to apply for the program’s loans.
The announcement was made via a post on the BoI’s official X handle, where the bank stated, “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 offers loans of up to N10 million to MSMEs in rural areas at a 5 per cent interest rate, with a tenure of three years. Interested applicants are encouraged to visit the BOI website to apply.
The RAPID program’s objective is to help communities in rural and economically disadvantaged areas utilize available resources to develop enterprises. These enterprises aim to provide employment, improve living standards, contribute to national growth, and address insecurity stemming from youth restiveness. The BoI launched the RAPID program in Lagos in May, targeting to empower 10 beneficiaries per state and the Federal Capital Territory (FCT), totaling 370 beneficiaries.
In light of the recent fuel subsidy removal, the federal government has introduced various grants and loan programs to mitigate the impact on businesses. These programs include a N75 billion single-digit loan for manufacturers and a N50,000 grant for nano businesses across the country’s 744 local government areas. Additionally, a N200 billion grant has been allocated for Small and Medium Scale Enterprises (SMEs) nationwide.
The Federal Government’s Presidential Conditional Grant Scheme (PCGS) offers non-repayable financial grants to eligible small business owners in sectors such as trading, food services, ICT, transportation, creative industries, and artisans. The PCGS plans to allocate 70 per cent of the grants to women and youths, 10 per cent to individuals with disabilities, 5 per cent to senior citizens, and the remaining 15 per cent to other demographics.
Furthermore, the BoI is collaborating with the federal government to distribute the N200 billion loan to manufacturers and SMEs across the country.
According to the minister of industry, trade and investment, Dr. Doris Uzoka Anite, N75 billion will be distributed to MSMEs, while another N75 billion will be allocated to the manufacturing industry under the Presidential Intervention Fund.
