Application for Bank of Industry Rapid Empowerment Program 2024

The objective of the programme is to provide financial support to enterprises located in rural and economically disadvantaged areas of our economy.

RAPID will provide 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 businesses are sustainable and well-managed for future growth and expansion possibilities.

Financing Program for Micro and Small Businesses, as well as Community Groups
Get funding and support for projects to grow micro and small businesses, and develop community infrastructure.

Target Market

Micro and Small Businesses
Community Groups in Rural Areas

Features

Tenor: maximum of 3 years
Interest Rate: 5% per annum
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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

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.

What are the repayment terms for RAPID loans?

Repayment is typically on a monthly basis or in line with the business cycle where expedient. The average tenor for loans is three (3) years, including a three (3)to six (6)-month moratorium period from the date of loan disbursement.

How to apply:

Interested applicants should apply via https://rapid.boi.ng

Closing date: 29th May 2024.