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The Bank of Industry (BOI)-RAPID program is focused on providing financial assistance to nano, micro, and small-scale businesses in rural settings. Beyond financial aid, beneficiaries will receive access to business advisory services and training programs geared towards ensuring the viability, expansion, and sustainability of their businesses.
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Target Audience:
- Micro and Small Businesses
- Community Groups in Rural Areas
Key Features:
- Loan Duration: Up to 3 years
- Interest Rate: Fixed at 5% per annum
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Eligibility Requirements
- Completed Application Form
- Business Plan
- Valid Means of Identification
- Bank Verification Number (BVN) and National Identification Number (NIN)
- Proof of Residential Address
- Completed Guarantor Forms
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Thanks for this information. However, which sectors or industries are the potential beneficiaries of this program? BOI Loans are usually structured for Agric Sector players. Is this the same or is it different? Are economic players from other sectors beyond agriculture captured in this new program?