How to Apply Fed. Govt RAPID Loan 2024 (Up to N4 Million)

How Apply Fed. Govt RAPID Loan 2024| This programme is your Gateway to Empowerment and Growth, The objective of the programme is to provide financial support to enterprises located in rural and economically disadvantaged areas of our economy. Are you a business owner, or you want start a new business? If yes, Apply RAPID Loan and get up to N4 million Naira and above. Apply here

Fed. Govt RAPID Loan 2024

Financing Program for Micro and Small Businesses, as well as Community Groups, Get funding and support for projects to grow micro and small businesses, and develop community infrastructure.

Read: Fed Govt Student Loan

Rural Area Programme On Investment for Development (RAPID)

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.

This will ensure that resources flow to these communities from entrepreneurial activities that will provide employment, improve standard of living, contribute to gross domestic product (GDP), promote capacity and skill development, tame insecurity arising from youth restiveness and unemployment.

The programme features:

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.
Income Generation
Market Linkages
Access to Finance
Financial Inclusion

Eligibility for RAPID Loan

Micro and Small Businesses in Nigeria
Community Groups in Rural Areas in Nigeria

Features

Tenor: maximum of 3 years
Interest Rate: 5% per annum

Criteria:

a. Completed Application Form

b. Business Plan

c. Acceptable Means of Identification: BVN and NIN

d. Proof of Residential Address

e. Completed Guarantor Forms

f. Other Terms and Conditions Apply