The Bank of Industry BOI has initiated a new Empowerment program called the Rural Area Programme On Investment for Development (RAPID) and is calling on all interested applicants to apply for the program via the application link below.
What is the RAPID Program?
The Rural Area Program on Investment for Development (RAPID) is an initiative by the Bank of Industry (BOI) aimed at fostering sustainable development, job creation, and economic empowerment in rural communities throughout Nigeria. It provides financial support, business advisory services, and training programs to rural entrepreneurs, particularly micro, small, and medium enterprises (MSMEs).
Who is eligible to apply for the RAPID Program?
Duly registered Enterprises and Cooperative Societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply.
What types of businesses does RAPID support?
RAPID shall provide support in value-adding activities excluding trading and farming. These include activities in manufacturing, agribusiness, processing, and other ventures contributing to economic diversification and job creation in rural areas.
What financial support does RAPID provide?
Beneficiaries would be eligible for a loan of a maximum of N10 million to acquire plants/machinery and raw materials for their day-to-day operations.
Eligibility Criteria:
a. Completed Application Form
b. Business Plan
c. Acceptable Means of Identification: BVN and NIN
d. Proof of Residential Address
e. Completed Guarantor Forms
f. Other Terms and Conditions Apply
Deadline: 29th May 2024.