BOI RAPID Programme (Rural MSME Loans)

About this opportunity

BOI RAPID gives loans up to ₦10m at 5% per annum to nano, micro and small businesses in rural areas. You need to be operating in a rural or economically disadvantaged community, with a repayment plan for up to 3 years.

Who can apply

• Nano, micro or small business registered and operating in a rural or economically disadvantaged area of Nigeria
• Community group or association running a development-focused project in a rural location
• Any sector—trade, agriculture, manufacturing, services, etc.
• Businesses at any stage: new, growing or established

Not eligible

• Businesses operating in urban centres or well-developed commercial areas
• Sole traders without any form of business registration

Not sure you qualify? Check in 60 seconds

Documents you will need

• Business registration documents (CAC registration or equivalent proof)
• Tax identification number (TIN) or evidence of tax compliance
• Personal identification (national ID, driver's licence or international passport)
• Business plan or project proposal showing how funds will be used
• Bank statements or financial records for the last 6–12 months if available
• Proof of location in a rural or economically disadvantaged area
• Collateral documentation (if applicable to the loan amount)

Missing a business plan or CV? Write one for this funder · Build your CV

How to apply, step by step

1. Visit the Bank of Industry website or contact your nearest BOI branch to confirm current application channels
2. Gather all required documents listed above and ensure your business registration is current
3. Complete the loan application form, clearly stating your business activity, location, loan amount needed and intended use
4. Submit your application with supporting documents to BOI through their specified channel (online portal, branch office or email, depending on current process)
5. Respond promptly to any requests for clarification or additional information from BOI's assessment team
6. If approved, review and sign the loan agreement before funds are disbursed

How applications are selected

What reviewers look for

• Show that you are genuinely based in a rural or disadvantaged area—include location proof such as utility bills, shop photos or local council verification
• Present a clear, realistic picture of how you will use the loan (stock purchase, equipment, expansion, etc.) and how you will generate income to repay it
• If you have any financial records—sales figures, customer lists, supplier agreements—include them; they strengthen your credibility
• Be honest about your business stage and current turnover; exaggeration invites rejection at assessment
• For community groups, provide evidence of group registration and clear governance structure

Frequently asked questions

Guide written from the official programme page on 15 October 2026. Funders change their rules, so confirm the details on the official page before you apply.

How GrantPilot can help you apply