The Bank of Industry (BoI) has announced an extension of the application period for the Rural Area Programme for Investment and Development (RAPID) initiative, aimed at Micro, Small and Medium Enterprises (MSMEs) and community groups in rural areas. The new deadline for applications is 12th June 2024.
This extension was communicated through a post on the bank’s official Twitter account, citing the objective of affording entrepreneurs ample opportunity to submit their applications for the loan facility.
The statement read: “The application window for the RAPID initiative has been extended until 12th June 2024, allowing all interested entrepreneurs the chance to participate.”
Under the RAPID funding programme, MSMEs operating in rural localities are eligible to receive loans of up to £10 million at a concessionary interest rate of 5% per annum, with a repayment tenure of three years. Prospective applicants are advised to visit the bank’s website to initiate the application process.
The overarching goal of the programme is to empower communities in rural and economically disadvantaged areas by facilitating the utilisation of available resources for enterprise development.