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The Financial institution of Business (BOI) has introduced the extension of the appliance for the Rural Space Program for Funding and Growth (RAPID) for Micro Small and Medium Enterprises (MSMEs) and Group teams in rural areas to June 12.
This was disclosed in a put up on the official X deal with of the financial institution the place it defined that the extension of the deadline was to permit entrepreneurs the chance to use for the mortgage.
It states, “The applying deadline for the RAPID initiative has been prolonged to June 12, 2024, permitting all entrepreneurs the chance to take part.”
The RAPID funding program goals to supply loans of as much as N10 million to MSMEs in rural areas at a 5% rate of interest for a tenure of three years. The financial institution famous that candidates go to its web site to use.
Aims of the RAPID program
The target of this system is to help communities in rural and economically deprived areas in using obtainable sources to develop enterprises.
These enterprises purpose to supply employment, enhance the usual of residing, contribute to nationwide development, and tackle insecurity stemming from youth restiveness.
The Financial institution of Business (BOI) earlier in Might launched the RAPID program in Lagos with the goal of empowering 10 beneficiaries per state and the Federal Capital Territory (FCT) totalling 370 beneficiaries.
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Following the elimination of gasoline subsidy, the federal authorities introduced varied grants and mortgage applications geared toward assuaging the impression of the subsidy elimination on their companies.
The applications embrace; the N75 billion single-digit mortgage to producers and the N50,000 grant to nano companies throughout the 744 native authorities areas of the nation. There may be additionally a N200 billion grant to Small and Medium Scale Enterprises (SMEs) all around the nation.
The Federal Authorities’s Presidential Conditional Grant Scheme (PCGS), presents non-repayable monetary grants to eligible small enterprise homeowners in varied sectors, together with buying and selling, meals companies, ICT, transportation, artistic industries, and artisans.
The PCGS plans to allocate 70% of the grants to girls and youths, 10% to people with disabilities, and 5% to senior residents, with the remaining 15% designated for different demographics.
The Financial institution of Business (BOI) can be partnering with the federal authorities within the distribution of the N200 billion mortgage to producers and SMEs throughout the nation which has already been launched.
Based on the Minister of Business, Commerce and Funding, Dr. Doris Uzoka Anitie, beneath this system, N75 billion might be distributed to MSMEs whereas one other N75 billion might be distributed to the manufacturing trade beneath the Presidential Intervention Fund.
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