the federal government of Nigeria through the Bank of lndustry
(BOI) has introduced the Rural Area Programme on
Investment and Development (RAPID) initiative which
aims to empower youth and women-led businesses in underserved regions.
Interested and qualified Applicants are invited to apply for the program via the application link below.
Program Objective:
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.
What is the RAPID Program?
The Rural Area Program on Investment for Development (RAPID) is an initiative by the Bank of Industry (BOI) aimed at fostering sustainable development, job creation, and economic empowerment in rural communities throughout Nigeria. It provides financial support, business advisory services, and training programs to rural entrepreneurs, particularly micro, small, and medium enterprises (MSMEs).
Who is eligible to apply for the RAPID Program?
Duly registered Enterprises and Cooperative Societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply.
What types of businesses does RAPID support?
RAPID shall provide support in value-adding activities excluding trading and farming. These include activities in manufacturing, agribusiness, processing, and other ventures contributing to economic diversification and job creation in rural areas.
What financial support does RAPID provide?
Beneficiaries would be eligible for a loan of a maximum of N10 million to acquire plants machinery and raw materials for their day-to-day operations.
Requirements:
- Completed Application Form
- Business Plan
- Acceptable Means of Identification: BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
- Other Terms and Conditions Apply
Method of Application
Interested and qualified candidates Should Click Here to Apply online
Application Deadline: 29th May, 2024.
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