We will be discussing the seven (7) essential points about the BOI Rapid Empowerment Program, which is currently open for applications.
If this is your first time hearing about this opportunity, you can read the full information and apply through the following link: Link to Apply for BOI Rapid Empowerment Program.
The Rural Area Programme on Investment for Development (RAPID), introduced by the Bank of Industry (BOI), is a new initiative aimed at driving sustainable development, job creation, and economic empowerment in rural communities across Nigeria.
RAPID offers financial support, business advisory services, and training programs specifically tailored to rural entrepreneurs, focusing on micro, small, and medium enterprises (MSMEs).
Here are the 7 key points about the BOI Rapid Loan for MSMEs:
1. Who is eligible to apply for the RAPID Programme?
- Duly registered enterprises and cooperative societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply.
2. What types of businesses does RAPID support?
- RAPID provides support for value-adding activities, excluding trading and farming. This includes manufacturing, agribusiness, processing, and other ventures that contribute to economic diversification and job creation in rural areas.
3. What financial support does RAPID provide?
- Beneficiaries can receive a loan of up to N10 million to acquire plants/machinery and raw materials necessary for their daily operations.
4. What can the funds be utilized for?
- The funds can be used for term loans to purchase assets and equipment required for production, as well as working capital for raw materials necessary for business operations.
5. What is the interest rate of the loan?
- The loan is offered at an all-inclusive interest rate of 5% per annum.
6. What are the repayment terms for RAPID loans?
- Repayment is typically done monthly or according to the business cycle, where applicable. The average loan term is three years, including a moratorium period of three to six months from the date of loan disbursement.
7. How can I apply for the RAPID Programme?
- Interested applicants can apply online through the RAPID loan application portal: https://rapid.boi.ng.
For more information or assistance, feel free to contact the BOI via email at info@boi.ng or reach out through their social media handles.
By following these guidelines and understanding the key aspects of the BOI Rapid Loan for MSMEs, applicants can better prepare their applications and take advantage of this opportunity to support and grow their businesses in Nigeria.
