Applications are being accepted for the 2024 cycle of the Nigeria Rural Area Programme on Investment for Development (RAPID) by the Bank of Industry (BOI). With the help of available resources, communities in rural and economically disadvantaged areas will be empowered to develop businesses that create jobs, raise living standards, advance national development, and lessen the risk of instability brought on by restless youth. The BOI seeks to offer financial assistance to small, micro, and nano companies located in rural areas through the RAPID initiative. In addition, training programs and business advising services will be available to recipients to guarantee the survival, expansion, and sustainability of their enterprises.
Market Target
The primary goals of the BOI RAPID program are to assist:
- Micro and small businesses
- Community groups in rural areas
Characteristics of the Program
Several appealing elements are provided by the RAPID program to support business development:
- Tenor: Three years or more
- Rate of Interest: 5% Annually
Qualifications
Applicants must fulfill the following requirements in order to be evaluated for the BOI RAPID program:
- Filled-out application
- A thorough business strategy
- Acceptable methods of recognition
- National Identity Number (NIN) and Bank Verification Number (BVN)
- Verification of the home’s address
- Filled out guarantor paperwork
- There can be additional terms and conditions.
Procedure for Applications
It is advised that interested parties have their paperwork ready and apply as soon as they can. Applications must be submitted by May 29, 2024.
For Further Details
To apply and obtain additional information, kindly visit the BOI Rural Area Programme on Investment for Development (RAPID) official webpage.
Rural areas have a fantastic opportunity to promote economic growth and enhance their standard of living through the BOI RAPID initiative. The Bank of Industry (BOI) is dedicated to fostering sustainable enterprises that can promote stability and progress in Nigeria’s rural communities by providing financial support and vital business services.
Credit: Allschoolabs, MySchoolGist
