The Bank of Industry (BOI) is accepting applications under its Renewed Hope Rural Area Programme on Investment for Development (RAPID), which provides financing of up to ₦10 million to eligible businesses and community groups in rural and underserved areas.
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The programme is designed to improve access to affordable finance for nano, micro and small-scale businesses, support expansion, create jobs and strengthen local economies.
Successful applicants may access loans at an interest rate of five per cent per annum, with repayment spread over a period of up to three years. The facility is a loan, not a grant, and beneficiaries are expected to repay the funds under the agreed terms.
Who can apply?
The programme targets micro and small businesses operating in rural communities, as well as community groups and associations implementing development-focused projects.
BOI’s programme information also identifies registered enterprises and cooperatives in rural and underserved communities as eligible applicants. Businesses should confirm that their location and activities meet the programme’s requirements before applying.
The financing may support business expansion, improved operations, productive activities and eligible community development projects. Applicants should prepare relevant business and registration information, a clear description of the project and supporting financial documents. Specific requirements may vary according to the applicant and proposed project.
The BOI lists RAPID among its ongoing intervention programmes, while the dedicated application portal is available online.
How to apply
Interested applicants should visit the official RAPID portal at https://rapid.boi.ng and follow the instructions to begin registration and submit an application. They should review the eligibility conditions and document requirements carefully before submitting.
Applicants can also visit the BOI intervention programmes page at https://iprogrammes.boi.ng for programme information. Do not pay unofficial agents or individuals promising approval. Application submission does not guarantee loan approval; BOI will assess applications before making financing decisions.
