Empowering rural MSMEs with loans, training, and advisory services under BOI’s RAPID programme. Ideal for youth, women, and community businesses.
What is the RAPID Initiative?
The Rural Area Programme on Investment and Development (RAPID) by the Bank of Industry (BOI) is designed to support micro, small, and medium enterprises (MSMEs) in rural or economically disadvantaged areas. The goal is to boost local businesses led by youth and women, reduce rural-urban migration, and promote inclusive economic growth.
Key Features & Loan Terms
- Loan Amount: Up to ₦10 million per business/project
- Interest Rate: 5% per annum
- Tenor: Maximum of 3 years
- Moratorium: 6-month grace period before repayment begins
- Beneficiaries: Pilot phase targets 10 beneficiaries per state plus FCT (370 nationwide)
Who is Eligible?
- Registered MSMEs or community groups operating in rural or underserved areas
- Youths and women entrepreneurs are strongly encouraged to apply
- Must have required documentation: business plan, identification (BVN/NIN), and proof of address
Benefits
- Access to affordable loans at low interest rates
- Business advisory support
- Training programmes to build capacity and ensure sustainability
How to Apply
Interested applicants can apply via the BOI online portal or at BOI district offices.
Prepare your business plan and necessary documents before applying.