Bank of Industry Opens Application for N10 Million RAPID Funding For MSMEs

The Rural Area Program for Investment and Development (RAPID) for Micro, Small, and Medium-Sized Enterprises (MSMEs) and Community groups in Rural Areas is now accepting applications, according to a statement released by the Bank of Industry (BOI).

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The program's aim is to help economically

disadvantaged and rural communities create businesses by making use of existing resources. The Federal Capital Territory (FCT) and ten states would get loans from the Bank of Industry (BOI) up to N10 million, for a total of 370 beneficiaries.

About RAPID Program: What is it? The Bank of Industry (BOI) launched the Rural Area Program on Investment for Development (RAPID) with the goal of promoting sustainable development, job creation, and economic empowerment in rural communities across Nigeria. It offers training programs, financial support, and business advising services to rural entrepreneurs, with a focus on micro, small, and medium-sized businesses (MSMEs).

Who can submit an application for the RAPID Program? 

Applications are accepted from duly registered cooperative societies and enterprises in Nigeria's rural or economically underdeveloped areas.

What types of businesses does RAPID support?

Micro, small, and medium-sized businesses (MSMEs) engaged in manufacturing, agro, processing, and other endeavors that promote economic diversification and employment development in rural areas are eligible for RAPID support. 

The RAPID Program's advantages? A maximum loan of N10 million would be available to beneficiaries for the purchase of machinery, plants, and raw materials for their ongoing business needs.

Qualifications: 

*Completed Business form

*Business Plan

 *NIN and BVN

*Verification of Residential Address: 

*Completed Guarantor Form

* Other terms and conditions apply

How to Request Funding from BOI RAPID Applicants have two options for submitting their applications: they can do so in person at BOI State Offices or online at www.rapid.boi.ng, the RAPID loan application platform. 

The application period ends on May 29, 2024.There are additional terms and conditions.