In today’s Latest Loan News, we will be discussing the 7 Things to Note About BOI Rapid Loans for MSMEs, for which the application is currently ongoing. If this is your first time hearing about this update, read the full information here BOI Enumeration And Onboarding Of PCGS Beneficiaries Ongoing
For those who are finding it difficult to access the application portal, I will advise you to keep trying, preferably at midnight when the traffic to the site has reduced.
I haven’t said that but below are 7 Things To Note About BOI Rapid Loan For MSMEs:
1. Who is eligible to apply for the RAPID program? 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 shall provide support in value-adding activities excluding trading and farming. These include activities in manufacturing, agribusiness, processing, and other ventures contributing to economic diversification and job creation in rural areas.
3. What financial support does RAPID provide? Beneficiaries would be eligible for a loan of a maximum of N10 million to acquire plants, machinery and raw materials for their day-to-day 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 and working capital for raw materials required for business operations.
5. What is the interest rate on the loan? The facility is given at a 5% per-year interest rate (all-inclusive).
6. What are the repayment terms for RAPID loans? Repayment is typically monthly or in line with the business cycle, where it is expedient. The average tenor for loans is three (3) years, including a three (3) to six (6)-month moratorium period from the date of loan disbursement.
7. How can I apply for the RAPID program? interested applicants can apply online through the RAPID loan application portal
