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Rivers, Bayelsa yet to exhaust N200m RAPID loan

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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.

Pacqueens Irabor, Divisional Head MSME South South, BoI, stated this during a sensitisation event in collaboration with the Port Harcourt Chamber of Commerce, Industry, and Agriculture (PHACIMMA) held in Port Harcourt on Tuesday.

Irabor explained that the RAPID loan facility offers attractive features, including a loan amount of up to N10 million, a five per cent interest rate, and a Moratorium with interest and principal repayment for the first three months, followed by 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 to action. Within the next one month, they’ll have gotten approval, and those who meet the disbursement requirements will have their money disbursed.”
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 tenure, and a three-month moratorium on principal and interest repayment.

He emphasised that the documentation requirements are minimal, with no application charges, appraisal fees, commitment fees, or monitoring fees. He added that businesses can access the fund by submitting the required documents, including their means of identification, guarantor details, CAC document, application letter, and invoices.

Meanwhile, the first female President of the Port Harcourt Chamber of Commerce since 1957, Dr. Chinyere Nwoga, noted that the partnership is part of the Chamber’s mandate to provide an enabling environment for businesses, saying “Growth is necessary, provide enabling environment for businesses is our core competence.”

According to Nwoga, the Chamber partnered with the BOI to bring the bank’s services to the people, particularly entrepreneurs who need and will use the loans appropriately.
She explained that the Chamber will not only facilitate access to funding but also provide capacity-building and information access that will help businesses grow.

She said, “Sometimes the structures of the business don’t allow businesses to grow even when you have the finances.

“So we are also involved in capacity building, not just taking the loan but capacity building and access to information that’ll help grow the business.”

She added that the Chamber is also advocating for follow-up and monitoring to ensure that businesses that access the loans use them effectively. “We’ll be monitoring and evaluating on our own part and in conjunction with the BOI,” Dr. Nwoga said.

Nwoga urged Rivers people to acquaint themselves with the requirements for accessing the loans, saying, “Don’t say it’s because my neighbour didn’t get it, they will not give me. Go close to the people who are giving these loans, find out what the requirements are, and seek help to qualify for this loan.”

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