The Bank of Industry (BoI) has expressed concern that Rivers and Bayelsa states have not exhausted their respective N100 million allocation for the Rural Area Programme on Investment for Development (RAPID) loan facility.

The Divisional Head of Micro, Medium and Small Enterprises (MSME), South South, at the BoI, Pacqueens Irabor, stated this during a sensitisation event in collaboration with the Port Harcourt Chamber of Commerce, Industry, and Agriculture (PHACIMMA) held in Port Harcourt yesterday.

Irabor explained that the RAPID loan facility offers attractive features, including up to N10 million loan amount, five per cent interest rate with a moratorium on interest and principal repayment for the first three months and an extension of another three months for principal repayment.

He added that the loan has a three-year tenure, saying a grant component of 40 per cent of the loan amount is given as a grant upon repayment of the full loan.

The BoI official urged businesses and MSMEs in Rivers State to take advantage of the loan facility, saying: “We’re encouraging them to put in their applications.”

Between now and Friday, we want to see their applications, and we’ll swing into action. Within the next month, they’ll have gotten approval, and those who meet the disbursement requirements will have their money.”

Irabor also highlighted the Federal Government’s intervention fund worth N75 billion, which targets businesses across all sectors and locations, saying the fund offers a nine per cent interest rate, three-year tenor, and a three-month moratorium on principal and interest repayment.