Applications are currently being accepted for the 2024 BOI Rural Area Programme On Investment for Development (RAPID).
The goal of the BOI RAPID program is to aid rural and economically disadvantaged communities in utilizing available resources for the establishment of businesses that can generate employment, enhance quality of life, foster national growth, and address security concerns stemming from youth unrest.
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The Bank aims to accomplish this through the RAPID initiative by offering financial assistance to nano, micro, and small-scale businesses in rural areas. Alongside financial aid, beneficiaries will also gain access to business advisory services and training programs to guarantee business viability, growth, and long-term sustainability.
Target Market:
- Micro and Small Businesses
- Community Groups in Rural Areas
Features:
- Tenor: Up to 3 years
- Interest Rate: 5% per annum
Eligibility Criteria:
- Completed Application Form
- Business Plan
- Acceptable Means of Identification
- BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
- Other Terms and Conditions Apply
