Eligible Criteria for Apply Rural Area Programme on Investment for Development (RAPID) by the Bank of Industry (BOI) in Nigeria

Eligible Criteria for Apply Rural Area Programme on Investment for Development (RAPID) by the Bank of Industry (BOI) in Nigeria

The Rural Area Programme on Investment for Development (RAPID), initiated by the Bank of Industry (BOI) in Nigeria, aims to support enterprises and cooperative societies in rural and economically disadvantaged areas.

Steps to Apply for RAPID

Confirm Eligibility:

Applicants must be duly registered Enterprises (Business Names) or Cooperative Societies operating in rural or economically disadvantaged areas of Nigeria.

The program prioritizes youth and women-led businesses but is open to eligible entities in underserved regions.

Prepare Required Documents:

Completed Application Form: Obtain the form from the official RAPID website (rapid.boi.ng) or BOI’s designated portals.

Business Plan: A detailed plan outlining your business activities, goals, and how the funding will be utilized.

Means of Identification: Valid identification such as a National ID, Driver’s License, or International Passport.

Bank Verification Number (BVN): Required for financial verification.

Additional documents may be specified on the application portal, such as proof of business registration or financial records.

Visit the Official Application Portal:

Go to the RAPID website at rapid.boi.ng or the registration page rapid.boi.ng/register.

Follow the instructions to complete the online application form and upload the required documents.

Submit Application:

Ensure all information is accurate and documents are correctly uploaded before submission.

Applications are typically submitted online, but check the official website for any offline submission options or physical BOI office requirements.

Monitor Application Status:

After submission, you may receive a confirmation and further instructions via email or the portal.

Be prepared for possible follow-up, such as interviews or additional documentation requests.

Key Program Details

Funding Amount: Up to N10 million per applicant, subject to approval.

Loan Tenor: Maximum of 3 years.

Interest Rate: 5% per annum.

Objective: To assist rural communities in tapping into resources for development, focusing on economic empowerment.

CLICK HERE TO APPLY