BoI extends application for RAPID fund for MSMEs

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The Bank of Industry (BOI) has extended the application deadline for its Rural Area Program for Investment and Development (RAPID) program. This initiative offers loans to micro, small, and medium-sized enterprises (MSMEs) and community groups located in rural areas.

The new deadline to apply is June 12, 2024. This extension aims to provide more entrepreneurs with the opportunity to access funding for their businesses.

RAPID offers loans of up to N10 million with a low 5% interest rate and a three-year repayment term. The program specifically targets businesses in rural and economically disadvantaged areas, aiming to empower these communities by facilitating the development of local enterprises.

For more information and to apply, interested individuals can visit the Bank of Industry’s website.

Source: Vanguard

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