Bank of Industry RAPID Initiative ( Loan at 5% per annum, Business Advisory & Training for Small Businesses)

The objective of Rural Area Programme On Investment for Development (RAPID) Initiative is to assist communities in rural and economically disadvantaged areas to tap into available resources for the development of enterprises that can provide employment, improve standard of living, contribute to national growth and tame insecurity arising from youth restiveness. The Bank hopes to achieve the foregoing through the RAPID initiative by providing financial support to nano, micro and small-scale businesses in the rural locations. In addition to financial support, beneficiaries would also have access to business advisory services and training programmes to ensure business viability, growth, and sustainability

The Initiative aims to achieve : 

Empowerment :Provide resources, skills, and opportunities to buisnesses local in rural areas , particularly MSMEs, with focus on Youth and Women entrepreneurs .

Job Creation: Stimulate job creation, particularly for youth and women, through the growth and expansion of rural enterprises

Economic Diversification: Promote the development of diverse economic activities beyond traditional agriculture in rural areas.

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

Click here to apply now

Get more details about the RAPID Initiative Here

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