Step-by-step procedure to apply for RAPID loans, training, and support

Program: Rural Area Programme on Investment for Development (RAPID)

The objective of the programme is to assist communities in rural and economically disadvantaged areas to tap into available resources for the development of enterprises that can provide employment, improve standard of living, contribute to national growth and tame insecurity arising from youth restiveness. The Bank hopes to achieve the foregoing through the RAPID initiative by providing financial support to nano, micro and small-scale businesses in the rural locations. In addition to financial support, beneficiaries would also have access to business advisory services and training programmes to ensure business viability, growth, and sustainability.

  Goal: Assist communities in rural areas to develop businesses and improve their economies.

 Target Audience:

     Micro and Small Businesses (MSMEs)

     Community Groups

     Youth and Women Entrepreneurs (priority)

 Benefits:

     Financial Support (loans)

     Business Advisory Services

     Training Programs

 Loan Features:

     Tenor: Up to 3 years

     Interest Rate: 5% per annum

 Eligibility Criteria:

     Completed Application Form

     Business Plan

     Valid ID

     BVN (Bank Verification Number) and NIN (National Identification Number)

     Proof of Residence

     Completed Guarantor Forms

     May have other requirements

 Application Deadline: May 29, 2024

 Website: rapid.boi.ng/register

 Contact:

     Email: customercare@boi.ng

     Phone: 0700-CALL-BOI (0700 225 5264) or (+234)-02-012715070-71 (switchboard)