The Bank of Industry (BOI) has extended the application deadline for the Rural Area Program for Investment and Development (RAPID) to June 12, 2024. This extension aims to provide more entrepreneurs and community groups in rural areas the opportunity to apply for the program.
In an announcement on its official X handle, BOI emphasized the importance of this extension for entrepreneurs. “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate,” the bank stated.
RAPID Funding Program Details
The RAPID funding program is designed to offer loans of up to N10 million to Micro, Small, and Medium Enterprises (MSMEs) in rural areas at a 5% interest rate, with a loan tenure of 3 years. Interested applicants are encouraged to visit the BOI website to apply.
Objectives of the RAPID Program
The RAPID program aims to:
- Assist communities in rural and economically disadvantaged areas to develop enterprises using local resources.
- Provide employment opportunities and improve living standards.
- Contribute to national economic growth.
- Address youth restiveness and enhance security by providing viable economic opportunities.
Who Is Eligible To Apply For The RAPID Programme?
Duly registered Enterprises and Cooperative Societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply.
Eligibility Criteria
Completed Application Form
- Business Plan
- Acceptable Means of Identification
- BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
- Other Terms and Conditions Apply
How To Apply
Click Here to apply
Application Deadline: 12 June 2024
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