The Bank of Industry (BOI) has extended the application deadline for the Rural Area Program for Investment and Development (RAPID), targeting Micro, Small, and Medium Enterprises (MSMEs) and community groups in rural areas. The new deadline is June 12, 2024.
This extension, announced on the bank’s official X handle, aims to provide more entrepreneurs with the opportunity to apply for the loan program. The post stated, “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate.”
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The RAPID program offers loans of up to ₦10 million to MSMEs in rural areas, with a favorable interest rate of 5% and a repayment period of three years. The program is designed to support communities in rural and economically disadvantaged areas by helping them leverage local resources to develop businesses.
Interested applicants are encouraged to visit the Bank of Industry’s website to apply for the funding. The program aims to foster economic growth and enterprise development in underserved regions.
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