BOI Rapid Empowerment Program Application Form Portal

In a significant move to bolster economic growth and sustainability in rural Nigeria, the Bank of Industry (BOI) has unveiled the Rural Area Programme On Investment for Development (RAPID).

This initiative stands as a beacon of hope for micro, small, and medium enterprises (MSMEs) operating in the country’s rural heartlands, which are often overlooked in the broader economic narrative.

What is the RAPID Programme?

The RAPID Programme is not just another financial assistance scheme; it is a comprehensive package designed to address the unique challenges faced by rural entrepreneurs.

By providing a combination of financial support, business advisory services, and training programs, RAPID aims to ignite a transformation that will ripple through the fabric of rural economies.

Eligibility for the RAPID Programme

Eligibility for the RAPID Programme is thoughtfully inclusive, targeting duly registered enterprises and cooperative societies that are operational in rural or economically disadvantaged areas.

This ensures that the benefits of the program reach those who need them most, fostering an environment where local businesses can thrive and contribute to the nation’s economic diversification.

Eligibility Criteria:

1. Completed Application Form
2. Business Plan
3. Acceptable Means of Identification: BVN and NIN
4. Proof of Residential Address
5. Completed Guarantor Forms
6. Other Terms and Conditions Apply

What types of businesses does RAPID support?

The scope of RAPID’s support is carefully curated to promote value-adding activities, specifically excluding trading and farming. This strategic focus on manufacturing, agribusiness, processing, and other ventures is a deliberate effort to stimulate job creation and economic diversification in rural areas, which are essential for the long-term resilience of these communities.

Financially, the program is robust, offering loans of up to N10 million to eligible businesses. This substantial support is intended to empower entrepreneurs to acquire essential plants, machinery, and raw materials necessary for their operations, thereby enhancing their productivity and competitiveness.

The application process for the RAPID Programme is straightforward and accessible. Prospective applicants are required to submit a completed application form, a well-articulated business plan, and acceptable means of identification, among other documents.

The closing date for applications is set for the 29th of May, 2024, giving interested parties ample time to prepare and submit their applications.

The launch of the RAPID Programme by the BOI is a commendable step towards inclusive economic development in Nigeria. It is an opportunity for rural entrepreneurs to not only gain financial support but also to become part of a larger movement towards sustainable development and empowerment.

How to Apply for the BOI Rapid Empowerment Program

For those interested in applying or seeking more information, the application portal can be accessed at https://rapid.boi.ng.

As the deadline approaches, it is an opportune moment for rural businesses to seize this chance to elevate their operations and contribute to the nation’s prosperity.

The RAPID Programme is more than a financial lifeline; it is a catalyst for change, a testament to the BOI’s commitment to empowering the unsung heroes of Nigeria’s rural economy.