Bank Of Industry (BOI) Rapid Loan For Micro Small And Medium Enterprises (MSMEs)

The Bank of Industry (BOI) Rapid Loan for Micro Small And Medium Enterprises (MSMEs) application is currently ongoing. 

Applicants having difficulties accessing the BOI application portal, should keep trying preferably at off-peak period when the traffic congestion on the portal has reduced.

Frequently Asked Questions About BOI Rapid Loan For MSMEs:

Q. Who is eligible to apply for the RAPID Programme? 

A. Duly registered Enterprises and Cooperative Societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply.

Q What types of businesses does RAPID support? 

A. 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.

Q. What financial support does RAPID provide?

A. Beneficiaries would be eligible for a loan of a maximum of ₦10,000,000 to acquire plants/machinery and raw materials for their day-to-day operations.

Q. What can the funds be utilized for? 

A. 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.

Q. What is the interest rate of the loan? 

A. The facility is given at a 5% per annum interest rate (all-inclusive).

Q. What are the repayment terms for RAPID loans?

A. Repayment is typically monthly or in line with the business cycle where 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.

Q. How can I apply for the BOI RAPID Loan Programme?

A. Interested applicants can apply online through the BOI RAPID loan application portal https://rapid.boi.ng