The Bank of Industry (BOI), Nigeria Rural Area Programme On Investment for Development (RAPID), is inviting applications for the 2024 cycle. This initiative is designed to empower communities in rural and economically disadvantaged areas, enabling them to leverage available resources to develop enterprises that generate employment, improve living standards, contribute to national growth, and mitigate insecurity arising from youth restiveness. Through the RAPID programme, the BOI aims to provide financial support to nano, micro, and small-scale businesses in rural areas. Beneficiaries will also have access to business advisory services and training programmes to ensure the viability, growth, and sustainability of their businesses.
Target Market
The BOI RAPID programme focuses on supporting:
- Micro and small businesses
- Community groups in rural areas
Features of the Programme
The RAPID initiative offers several attractive features to aid business development:
- Tenor: Up to 3 years
- Interest Rate: 5% per annum
Eligibility Criteria
To be considered for the BOI RAPID programme, applicants must meet the following criteria:
- Completed application form
- A comprehensive business plan
- Acceptable means of identification
- Bank Verification Number (BVN) and National Identification Number (NIN)
- Proof of residential address
- Completed guarantor forms
- Other terms and conditions may apply
Application Process
Interested candidates are encouraged to prepare their documentation and apply as early as possible. The deadline for applications is May 29, 2024.
For More Information
For further details and to apply, please visit the Official Webpage of the BOI Rural Area Programme On Investment for Development (RAPID).
The BOI RAPID programme is an excellent opportunity for rural communities to foster economic development and improve their quality of life. By offering financial support and essential business services, the BOI is committed to nurturing sustainable businesses that can drive growth and stability in Nigeria’s rural areas.
Stay informed and seize this chance to make a significant impact on your community. The BOI RAPID initiative is here to help you turn your business aspirations into reality, fostering a brighter future for rural Nigeria.
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