The goal of the program is to help communities in rural and economically disadvantaged areas utilize available resources to develop enterprises. These enterprises can create jobs, improve living standards, contribute to national growth, and address youth restiveness-related insecurity. The Bank aims to achieve this through the RAPID initiative, which provides financial support to nano, micro, and small-scale businesses in rural areas. Additionally, beneficiaries will receive business advisory services and training programs to ensure business viability, growth, and sustainability.
Empowerment Provide resources, skills, and opportunities to local businesses in rural areas, focusing on youth and women entrepreneurs.
Job Creation Stimulate job creation, especially for youth and women, through the growth and expansion of rural enterprises.
Economic Diversification Promote diverse economic activities beyond traditional agriculture in rural areas.
Financing Program for Micro and Small Businesses, as well as Community Groups Obtain 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
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
Apply Now – Application closes May 29, 2024. Visit: rapid.boi.ng/register
Email: customercare@boi.ng | Call: 0700-CALL-BOI | 0700 225 5264
Switchboard: (+234)-02-012715070-71
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