The Bank of Industry (BOI) has introduced the Rural Area Programme on Investment for Development (RAPID) to support Nigeria’s rural communities through business funding and advisory services. This move is part of the Federal Government’s Renewing Hope initiative aimed at transforming Nigeria’s industrial sector.
According to BOI, “The RAPID programme is designed to help micro and small businesses, as well as community groups in rural and economically disadvantaged areas.” The goal is to improve the standard of living, create employment, and reduce youth restiveness by offering access to funding and training.
The financing program covers projects up to ₦10 million with a 5% interest rate per annum and a tenor of up to three years. Beneficiaries will also receive business advisory services to improve sustainability and growth. RAPID focuses on funding income-generating projects and developing community infrastructure.
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How to Apply
To apply, eligible businesses must submit a completed application form, a business plan, valid ID, BVN, NIN, proof of residence, and guarantor forms. Applications are now open at https://rapid.boi.ng/register and close on June 12th, 2024.
BOI encourages interested entrepreneurs to act fast. For enquiries, applicants can visit any BOI state office. This initiative supports inclusive growth and offers a vital path to economic empowerment in Nigeria.