Requirements & Eligibility for CBN Creative Sector Loan 2021 – The central bank of Nigeria (CBN) have made available credit opportunities in the real sectors of Nigeria’s economy, one of the industries is the creative sector loan; a Central Bank of Nigeria initiative aimed at capacity building and employment creation for individuals and businesses currently into any of the following:
- Fashion
- Information Technology
- Movie Production
- Movie Distribution
- Music
- Software Engineering Student Loan
Eligibility Requirement
The eligibility requirements to access the loan are
- Business Plan
- Economic benefits
- 3 Years Financial Projections
- 3 years audited accounts for existing companies
- Statement of Affairs for start-ups and companies with less than 3 years of existence
- Copies of duly executed offer documents between the bank and loan applicants
- Certificate of Incorporation. R.C
- Brief on Directors
- BVN
- Tax Identification Number (TIN)
- Previous /Current Management Position
- Shareholding
- At least 2 Credit Reports for the company and each Director
- Proposed schedule of fund disbursement
- Proposed schedule of fund repayment
- CBN Intervention(s) which the project is Currently Benefiting from
- Outstanding Amount(s) in respect of 12 above
- Minimum Equity Contribution-30% of total project cost
- Provide evidence of any of the following:
– Legal mortgage
– All asset debenture
– Personal Guarantee
How it works
- Prepare your business plan or statement on how much you want for your business.
- Go to any Access bank branch with the above mentioned document or apply online through our Creative sector loan portal
- Our Relationship officers will contact you for further discussion and process your loan request.
- The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.
- The repayment period is a maximum of:
a) 3 years for Software Engineering Student Loans
b) 10 years for Movie Production & Distribution, Fashion, Information Technology and Music
How to apply
Access bank is one of the banks taking the creative sector very seriously, the bank have simplified the process of accessing the loan, ensure you are eligible and have the necessary requirements ready before filling the form and then Proceed to this link to apply for the loan.
