Applications are now open for the 2 BOI RAPID Empowerment Program 2024. The Bank of Industry BOI has initiated a new Empowerment program called the Rural Area Programme On Investment for Development (RAPID) and is calling on all interested applicants to apply for the program.
The objective of the BOI RAPID program 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 financial support does BOI RAPID provide?
- Beneficiaries would be eligible for a loan of a maximum of N10 million to acquire plants/machinery and raw material for their day to day operations.
- The funds can be used for term loans to purchase assets and equipment required for production and working capital for raw materials required for business operations.
What is the security requirement for BOI RAPID?
- A charge on the assets financed for the business venture.
- Personal Guarantee of the Chief Promoter/Managing Director of Beneficiaries.
- One (1) external guarantor (two (2) for Cooperative Societies) of the Beneficiary/one director (in case of a limited liability company).
What is the interest rate of the loan?
- The facility is given at 5% per annum interest rate (all inclusive).
Features
- Tenor: maximum of 3 years
- Interest Rate: 5% per annum
Target Market
- Micro and Small Businesses
- Community Groups in Rural Areas
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
- Description of Image
How to Apply
Click Here to apply
Application closes May 29, 2024.
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