The Bank of Industry (BOI) has announced an extension of the application deadline for its Rural Area Program for Investment and Development (RAPID). The new deadline is now June 12, 2024, giving more time for entrepreneurs and community groups in rural areas to apply for this crucial funding opportunity.
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Extension Announcement
In a recent post on its official X (formerly Twitter) handle, BOI highlighted the significance 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,” stated the bank.
RAPID Funding Program Overview
The RAPID funding program offers loans of up to N10 million to Micro, Small, and Medium Enterprises (MSMEs) located in rural areas. These loans come with a favorable interest rate of 5% and a loan tenure of three years. Entrepreneurs looking to benefit from this program are encouraged to visit the BOI website to apply.
Objectives of the RAPID Program
The RAPID initiative is designed with several key objectives in mind:
- Enterprise Development: To help communities in rural and economically disadvantaged areas develop enterprises using local resources.
- Employment Generation: To create job opportunities and improve living standards.
- Economic Growth: To contribute to the national economy.
- Youth Engagement: To reduce youth restiveness and enhance security by providing viable economic opportunities.
Impact and Reach
Launched in May in Lagos, the RAPID program aims to empower 10 beneficiaries per state and the Federal Capital Territory (FCT), making a total of 370 beneficiaries across Nigeria.
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Alignment with Federal Initiatives
This extension of the RAPID program is part of a broader effort by the Federal Government to support businesses, especially following the removal of fuel subsidies. Other significant initiatives include:
- N75 Billion Loan for Manufacturers: A single-digit interest loan to support manufacturing.
- N50,000 Grant for Nano Businesses: Available across the 744 local government areas.
- N200 Billion Grant for SMEs: Aimed at supporting small and medium scale enterprises nationwide.
Presidential Conditional Grant Scheme (PCGS)
The PCGS provides non-repayable financial grants to small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans. The distribution is as follows:
- 70% of grants are allocated to women and youths.
- 10% to individuals with disabilities.
- 5% to senior citizens.
- 15% to other demographics.
BOI’s Commitment to MSMEs
The BOI, in collaboration with the federal government, is also administering a N200 billion loan to manufacturers and SMEs. Under the Presidential Intervention Fund, N75 billion is designated for MSMEs and another N75 billion for the manufacturing sector. This was confirmed by Dr. Doris Uzoka Anitie, the Minister of Industry, Trade and Investment.
Entrepreneurs and community groups in rural areas are encouraged to take advantage of the extended deadline to apply for the RAPID program and benefit from the financial support aimed at fostering economic development and improving livelihoods.
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This in-depth and fresh content is crafted to provide comprehensive information on the BOI RAPID loan extension, aiming to outrank the current top webpage for related searches. By including detailed program descriptions, objectives, and additional federal initiatives, this article offers valuable insights to entrepreneurs, ensuring it aligns with the latest Google News and SEO guidelines.
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