The application for the BOI Rapid Loan Scheme, which is designed to support qualified small businesses across Nigeria with loans of up to N10 million, is still ongoing.
If this is your first time coming across this information and you are wondering what the Rapid Loan is about, you can read it here Apply For BOI RAPID Program For Nigerian Businesses [Get N10 Million Loan].
In this article today, I will be revealing 10 important things you must know about the BOI Rapid Loan for Nigerian businesses. If you’re having trouble accessing the application portal during the day, I recommend trying late at night when the traffic on the site is expected to be very low.
10 Things To Know About BOI RAPID Loan For Nigerian Businesses
Having made this recommendation to enable you to easily access the application portal, let’s now go into the 10 things you need to know about the BOI Rapid Loan.
1. The RAPID Program is open to registered enterprises and cooperative societies that carry out their activities in rural or economically disadvantaged areas of Nigeria.
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2. RAPID Program supports businesses involved in value-adding activities such as manufacturing, agribusiness, processing, and other ventures that contribute to economic diversification and job creation in rural areas. Trading and farming activities are not eligible for support.
3. RAPID provides financial support in the form of a loan of up to N10 million for beneficiaries to purchase plants/machinery and raw materials needed for their daily operations.
4. Beneficiaries can use the loan funds to buy assets and equipment needed for production, as well as working capital for raw materials needed for business operations.
5. The loan has an interest rate of 5% per year (all-inclusive).
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6. Repayment terms for RAPID loans are usually monthly or aligned with the business cycle for convenience.
7. The average loan duration is three (3) years, with a moratorium period of three (3) to six (6) months from the loan disbursement date.
8. To apply for the BOI Rapid loan, you will need to provide the following:
- Completed Application Form
- Business Plan
- BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
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9. Interested individuals can submit an online application through the RAPID loan application portal at https://rapid.boi.ng.
10. Beneficiaries are regularly monitored and evaluated by BOI State Offices and accredited Business Development Service Providers (BDSPs) to make sure they are following program guidelines, using resources effectively, and making progress towards program goals.
Conclusion
The application for the BOI Loan for MSME’s in Nigeria is still ongoing, and I urge you to apply if you meet the eligibility requirements. While the closing date for applications has not been set by the management of the Bank of Industry, it is important to submit your application early so that you will be part of the first batch that will be attended to. You can drop your comments and also share this article if you find it useful.
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