BOI Rapid Empowerment Program Application Form Portal – The Bank of Industry (BOI) through the Rural Area Programme On Investment for Development (RAPID) invites application registration from micro, small, and medium enterprises to apply for free interest loan and grants.
BOI Rapid Empowerment Program Application Form Portal
The Bank of Industry (BOI) has launched the Rural Area Programme on Investment for Development (RAPID), a major initiative to support economic growth and sustainability in Nigeria’s rural sectors.
Through the empowerment of Nigeria’s micro, small, and medium-sized firms (MSMEs), which are the backbone of the country’s economy and are tucked away in its rural communities, BOI is demonstrating its commitment to advancing growth where it is most needed.
About RAPID Programme?
At its core, RAPID is designed to be more than just a financial aid package. It’s a comprehensive empowerment tool that combines monetary support with invaluable business advisory services and training programs.
The goal is clear: to foster sustainable development, create job opportunities, and promote economic empowerment across Nigeria’s diverse rural landscapes.
Requirements Eligibility and Criteria for RAPID
The programme extends its reach to duly registered enterprises and cooperative societies that are operational in rural or economically disadvantaged areas. This inclusive approach ensures that those who stand to benefit the most from such an initiative have a clear path to participation.
- Completed Application Form
- Business Plan
- Acceptable Means of Identification: BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
- Other Terms and Conditions Apply
The Scope of RAPID’s Support
RAPID’s support framework is meticulously crafted to exclude trading and farming activities, instead focusing on value-adding ventures such as manufacturing, agribusiness, and processing.
This strategic choice is aimed at encouraging economic diversification and generating employment opportunities in sectors ripe for innovation and growth.
Read Also: Federal Government Grants and Loans.
Financial Support Offered by RAPID
Understanding the challenges faced by rural entrepreneurs in accessing capital, RAPID offers a lifeline in the form of loans up to N10 million.
This financial backing is crucial for the acquisition of plants, machinery, and raw materials, which are the lifeblood of any burgeoning enterprise.
How to Apply for RAPID Programme
For those eager to seize this opportunity, the application process has been streamlined for ease and accessibility. Interested applicants can apply through the designated application link, embarking on a journey that could redefine the future of their business and, by extension, their community.
Interested applicants should apply via https://rapid.boi.ng.
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