BOI Opens Application for N10 Million RAPID Funding for MSMEs
The Bank of Industry (BOI) has announced the commencement of applications for the Rural Area Program for Investment and Development (RAPID), targeting Micro, Small, and Medium Enterprises (MSMEs) and community groups in rural regions.
The program’s goal is to aid rural and economically disadvantaged communities in leveraging local resources to develop businesses.
The Bank of Industry (BOI) plans to offer loans of up to N10 million to 10 beneficiaries in each state and the Federal Capital Territory (FCT), making a total of 370 beneficiaries.
What is the RAPID Program?
The Rural Area Program on Investment for Development (RAPID) is a BOI initiative designed to promote sustainable development, job creation, and economic empowerment in rural Nigerian communities. It provides financial support, business advisory services, and training programs for rural entrepreneurs, particularly MSMEs.
Who is eligible to apply for the RAPID Program?
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 supports MSMEs involved in manufacturing, agribusiness, processing, and other ventures that contribute to economic diversification and job creation in rural areas.
Benefits of the RAPID Program
Beneficiaries can receive loans of up to N10 million to acquire machinery, plants, and raw materials for their operations.
Eligibility Criteria:
- Completed Application Form
- Business Plan
- Acceptable Means of Identification
- BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
How to Apply for BOI RAPID Funding
Applicants can apply online via the RAPID loan application portal (www.rapid.boi.ng) or submit completed applications at BOI State Offices.
Application Deadline: June 29, 2024
APPLY HERE: Loan Application