The Bank of Industry (BOI) has launched an empowerment program called Rural Area Programme On Investment for Development (RAPID) to help rural and economically disadvantaged communities access resources to develop businesses that create jobs and is inviting interested business owners to apply for funding.
What Is BOI RAPID Program?
RAPID means Rural Area Programme On Investment for Development. The goal of the program is to help rural and economically disadvantaged communities access funds to develop businesses that create jobs, raise living standards, support national growth, and reduce insecurity caused by youth unrest.
With the RAPID program, The Bank aims to support nano, micro, and small-scale businesses in rural areas through the RAPID initiative. Along with financial assistance, beneficiaries will receive business advisory services and training programs to help their businesses succeed and grow in the long term.
Who can apply for the RAPID Program?
Enterprises and cooperative societies that are registered and operate in rural or economically disadvantaged areas of Nigeria are eligible to apply.
What kinds of businesses does RAPID assist?
RAPID supports value-adding activities such as manufacturing, agribusiness, processing, and other ventures that contribute to economic diversification and job creation in rural areas. Trading and farming activities are not included.
What financial assistance does RAPID offer?
Beneficiaries can receive a loan of up to N10 million to purchase plants, machinery, and raw materials for their daily operations.
Criteria For Qualification:
- Completed Application Form
- Business Plan
- BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
How To Apply For BOI RAPID Program
Interested individuals who meet the criteria for qualification can visit the official BOI website to apply for the loan through this link: https://rapid.boi.ng/
Wow this is great I’m just hearing this for the first time. Great job
Hi Orekoya, thank you for reading our post. You can always check our blog for latest information about loans and other government opportunities.
Laying and selling of tile
Hello Adebayo Adeola, you can apply for the BOI rapid loan if you meet the criteria.