The Rural Area Programme on Investment for Development (RAPID) is an initiative by the Bank of Industry (BOI) aimed at fostering sustainable development, job creation and economic empowerment in rural communities throughout Nigeria. It provides financial support, business advisory services, and training programs to rural entrepreneurs, particularly micro, small, and medium enterprises (MSMEs).

Rural Area Programme On Investment for Development (RAPID)

Your Gateway to Empowerment and Growth

The objective of the programme 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.

Here are the general criteria

Enterprises:
Completed RAPID application form available online
CAC business registration documents
A detailed business plan
Bank Verification Number (BVN)
National Identification Number (NIN)
Proof of residential address
Completed guarantor forms
Executed Global Standing Instruction (GSI) Mandate
Four passport photographs of the Chief Promoter/Director and the Guarantor
Valid means of identification (International Passport, Driver’s License, National Identity Card, or Permanent Voter’s Card) of the Chief Promoter/Director and the Guarantor
Notarized/Sworn statement of net worth (form issued by BOI)
Curriculum Vitae of the Guarantor

Criteria for a guarantor

a. Senior Civil Servant (Level 10 and above) who should not be more than 53 years old and not more than 28 years in service (whichever comes first)
b. Bankers (not below the level of Banking Officer) and must have been confirmed by their current employer
c. Professionals (i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.)
d. Senior Staff (not less than Assistant Manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)
e. Business Owners (Businessmen/Businesswomen) with net worth of at least 200% of the loan amount subject to an acceptable credit history and a verification of the businesses at Corporate Affairs Commission
Guarantor Name
Guarantor Organization
Guarantor BVN
Guarantor NIN
Guarantor phone
Guarantor email
Guarantor International Passport
Letter of Intent

Products / Services Rendered

Products
Services

Items to be financed:

Equipment / Spares / Raw Material

Quantity

Unit Price ₦

Total Price ₦

Supplier Name

Supplier Account Number

Bank


Files to Upload

CAC Registration
NIN BVN Of the Promoter other Directors
Means of ID
Networth form
Evidence of Assets Owned by Guarantors
Invoices for items to be financed
1-year bank statement
Your Clear passport photograph
A clear photo of business operations
Cash Flow projection

For more explanation, check here
https://www.youtube.com/watch?v=MXCrlbbDRP4