Last Updated on July 1, 2024 by admin
Entrepreneur in Nigeria whose business is to invest in Fashion, Information Technology, Movie, Software Engineering Student Loan and music have their business registered with Corporate Affairs Commission can now obtain loan facility from Keystone bank known as Creative Industry Financing Initiative (CIFI).
The Creative Industry Financing Initiative (CIFI) was introduced by the Central Bank Of Nigeria in collaboration with the Bankers’ Committee to improve access to long-term and low interest financing (up to 10 years tenure and an interest rate of 9%) for entrepreneurs and investors.
The loan facility offer Solutions that make it easier to do what you need to do and achieve what you want to achieve -provided your business will promote job creation, reduce poverty and facilitate inclusive growth.
Once the loan is approved, after meetup with the requirements, they will be given Equipment Purchase, Rental/Service fees which will have a Flexible repayment plan spread over 10 years.
The Minimum Equity Contribution will be (20%). DMB (Term Loan) – 80% with at least three (3) referrals from recognized sponsors or bodies or organization, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria.
Also read: How to apply for Keystone Bank salary advance, auto,mortgage and asset loan
Who can access the loan facility?
1.Fashion
2. Information Technology
3.Movie Production
4. Movie Distribution
5. Music and
6. Software Engineering Student Loan
Requirements
1. Business must be registered with Corporate Affairs Commission {CAC}
2.Have a good Business Proposal
3.Have a clean Credit Bureau Report with zero overdue obligations.
4. Business must be in the creative industry which comprises of Fashion, Information Technology, Movie and Music
5. Have a satisfactory CRMS report of owners, sponsors and directors.
You can get a loan of up to:
a) N3 million for Software Engineering Student
b) N30 million for Movie Production business
c) N500 million for Movie Distribution business
d) Cover your rental/service fees for Fashion and Information
Technology business
e) Cover your training fees, equipment fees, and
rental/service fees for Music business
You may also read: Keystone Bank: How to Buy Airtime & check account Balance
Collateral Security
Student Software Development Loan will have to provide Minimum Equality Contribution (0%), University Degree, NYSC Certificate, Credible Guarantor, Personal Guarantee
Movie Production will have to provide Minimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee.
Movie Distribution will have to provide Minimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee
Fashion loan facility will also have to provide Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment
Information Technology will provide Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment.
Investor in Music will provide Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment..
Other Conditions are: At least three (3) referrals from recognized sponsors or bodies or organization, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria.
Period for the repayment of the loan:
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
Also read: Keystone Bank: How to check statement of account,Pay Bills and check Account balance
How to apply for Creative Industry Financing Initiative (CIFI) loan
Interested entrepreneurs and investors should Send their business proposal and other supporting documents to: cifi@keystonebankng.com OR walk into any keystone bank branch that is close to you.
You can also visit other commercial bank in Nigeria to apply for Creative Industry Financing Initiative (CIFI) loan which is backup and finance by Central Bank Of Nigeria.
