Apply for BOI N10 Million Funding for Nigerian MSMEs: A Comprehensive Guide

BOI RAPID Funding

Table of Content

Overview of the RAPID Program
Summary
Eligibility Criteria for RAPID Program
Benefits of the RAPID Program
Requirements for Application
How to Apply for BOI RAPID Funding
Application Deadline

The Bank of Industry (BOI) has launched the Rural Area Program for Investment and Development (RAPID), opening doors for Micro, Small, and Medium Enterprises (MSMEs) and community groups in rural areas to apply for funding up to N10 million. This initiative aims to uplift economically disadvantaged communities by helping them harness local resources for business development.

Overview of the RAPID Program

The RAPID program is a strategic initiative by the BOI designed to foster sustainable development, job creation, and economic empowerment in Nigeria’s rural areas. It offers financial support, business advisory services, and training programs to rural entrepreneurs, particularly those involved in MSMEs. The program plans to grant loans to 10 beneficiaries in each state and the Federal Capital Territory (FCT), aiming to reach a total of 370 beneficiaries across the country.

Summary

Company: Bank of Industry (BOI)
Program Title: Rural Area Program for Investment and Development (RAPID)
Job Type: Full Time
Qualification: OND/BA/BSc/HND/MSC
Location: Nigeria
Benefits: N10 Million for 370 Individuals
Deadline: 29th June, 2024

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Program Title: Rural Area Program for Investment and Development (RAPID)

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Eligibility Criteria for RAPID Program

To be considered for the RAPID program, applicants must meet the following criteria:

Registered Enterprises and Cooperative Societies: Your business must be registered and operating in a rural or economically disadvantaged area of Nigeria.
Business Sectors Supported: The program supports MSMEs involved in manufacturing, agribusiness, processing, and other ventures that promote economic diversification and job creation.

Benefits of the RAPID Program

Successful applicants can receive loans of up to N10 million. This funding can be used for:

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Acquiring machinery
Purchasing plants
Procuring raw materials essential for business operations

Requirements for Application

To apply for the RAPID program, you need to provide:

Completed Application Form: Fill out the application form thoroughly.
Business Plan: A detailed plan outlining your business model, goals, and how you intend to use the funds.
Acceptable Means of Identification: Provide valid identification documents.
BVN and NIN: Ensure you have your Bank Verification Number (BVN) and National Identification Number (NIN).
Proof of Residential Address: Submit documents that verify your current residential address.
Completed Guarantor Forms: You will need guarantors to support your application.

How to Apply for BOI RAPID Funding

You can apply for the RAPID funding through the following steps:

Online Application: Visit the RAPID loan application portal at www.rapid.boi.ng and complete the online application form.
BOI State Offices: Alternatively, you can submit your completed application form at any BOI State Office.

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Application Deadline

The deadline to submit your application for the RAPID funding is June 29, 2024. Ensure you complete and submit your application well before this date to avoid any last-minute issues.

BOI RAPID Funding