See how you can apply for CBN loan for creative industry

See how you can apply for CBN loan for creative industry – Recently the Central Bank of Nigeria in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative – Apply here!

The CBN said on Monday that under the CIFI loan initiative, beneficiaries could get up to N500m loans at nine per cent interest rate.

It noted that the creative industries that could apply were fashion, Information Technology, movie production, movie distribution, music and software engineering student loan.

The apex bank stated, “Software engineering student can get a loan of up to N3m, N30m for movie production business, N500m for movie distribution business, cover your rental/service fees for fashion and Information Technology business, cover your training fees, equipment fees, and rental/service fees for music business.”

How to apply for CBN loan for creative industry

Did you know that the Central Bank of Nigeria (CBN) has developed a Creative Industry Financing Initiative (CIFI)?

Interested applicants in the creative industry are advised to submit applications to their banks for approval and disbursement. The initiative has four pillars- Fashion, IT, Movie & Music.

You can get a loan of up to:

– N3m for Software Engineering student;

– N30m for Movie production business;

– N500m for movie distribution business;

– Cover rental/service fees for Fashion and IT business;

– Cover fees for training, equipment, & rental/service for Music business.

Go to any bank of your choice to access the fund. The maximum interest rate of 9.0% per annum is applicable to all loans. For more information, please visit http://www.cbn.gov.ng

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