The Bank of Industry (BOI) has commenced the approval process for applications submitted under its Rural Area Programme on Investment for Development (RAPID) loan scheme, offering a boost to micro, small, and medium enterprises operating in rural communities across Nigeria.
In a notice to applicants, the development finance institution advised individuals and businesses that applied for the RAPID loan to regularly check their online dashboards, as approvals are now being issued. Successful applicants will see their application status updated to “Approved” on the BOI RAPID portal.
The RAPID loan scheme is designed to improve access to affordable financing for MSMEs in rural areas, supporting productive activities that drive job creation, income growth, and local economic development.
According to BOI, once an application is approved, beneficiaries will be required to meet specific post-approval conditions before funds can be disbursed. Applicants seeking loans of up to N5 million are expected to provide one guarantor, while those accessing loans above N5 million must provide two guarantors. In addition, beneficiaries must place a lien on the assets being financed and execute a Global Standing Instruction (GSI) mandate, which allows loan recovery from accounts held across Nigerian banks if repayment defaults occur.
The bank also emphasized that applications can no longer be edited after submission, urging applicants to rely solely on the status displayed on their dashboard for updates.
Applicants are advised to log in to the BOI RAPID portal to confirm the outcome of their applications and monitor further instructions related to documentation and next steps.
The commencement of approvals signals progress in BOI’s efforts to expand financing for rural enterprises, many of which face challenges accessing traditional bank loans. The RAPID program is expected to support agribusinesses, artisans, cooperatives, and other MSMEs, strengthening economic activity in underserved communities.
As approvals continue, BOI encourages applicants to remain attentive to official updates and ensure they are prepared to meet all requirements to avoid delays in accessing the funds.
