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CBN Loan for Creative Industry Financing Initiative (Creative Industry Loan)

CBN Loan for Creative Industry Financing Initiative (Creative Industry Loan): Looking for How To Access CBN Loan for the Creative Industry Financing Initiative (Creative Industry Loan)? Are you searching for the right guidelines on how to apply for CBN creative industry loan application form? Then this page is all you need to get started.

In 2019, the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee developed a Creative Industry Financing Initiative (CIFI), also known as Creative Industry loan to boost job creation in Nigeria, especially among young people, who are the most active in the creative industry.

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CBN Loan for Creative Industry Financing Initiative (Creative Industry Loan).

The aim according to CBN, is to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sectors.

Below is how you can benefit and access the CBN Loan for the Creative Industry
1. Your Business Must be in the following areas, namely:
i. Fashion
ii. Information Technology
iii. Movie Production
iv. Movie Distribution
v. Music and
vi. Software Engineering Student Loan

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Amount of Loan you can Access for Business

You can get a loan of up to:

  • N3 million for Software Engineering Student
  • N30 million for Movie Production business
  • N500 million 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 the Music business

CBN Creative Industry Loan Application Requirements.

Though requirements might vary a little from bank to bank, besides being part of the creative industry (fashion, music, movies, and information technology), you are still expected to provide the following;

  1. Registration with the Corporate Affairs Commission
  2. Comprehensive business proposal
  3. Clean Credit Bureau Report with no unpaid obligations
  4. Satisfactory CRMS report of owners, sponsors and directors

How to Apply CBN Loan for Creative Industry Financing Initiative (Creative Industry Loan).

  1. Visit any bank of your choice to access the fund.
  2. Tell your bank how much you need.
  3. Your bank will discuss your request and provide you the money

INTEREST RATE AND PERIOD FOR REPAYMENT
The maximum interest rate of 9.0% per annum (all charges inclusive) is applicable to all loans.

  • a) For Software Engineering Student Loan, it is a maximum of three years
  • b) For Movie Production and Distribution, it is a maximum of ten years
  • c) For Fashion, Information Technology (IT) and Music, it is a maximum of ten years

What do you think?

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2 Comments

  1. One of the qualifications is that one should have a registered business, so my problem is what if ones business is yet to be registered the person wants to access the loan

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