How to get CBN Creative Industry Financing Initiative Loan

Central Bank of Nigeria has partner with Bankers’ Committee to row out Creative Industry Financing Initiative (CIFI)loan to provide access to long-term and low-interest financing for entrepreneurs in the creative industry, including Fashion, Music, Movies, and Information Technology

The collaboration is an efforts to boost job creation in Nigeria, particularly among youths to enable businesses to obtain loans up to the tune of N500 million.

The CBN Creative Industry Financing Initiative (CIFI)loan in collaboration with the Bankers’ Committee, comprises of all commercial banks in Nigeria which include Gtbank, First Bank, FCMB, Sterling bank, Union Bank, First Bank, Polaris Bank, Access Bank,Fidelity Bank,Keystone Bank, Zenith Bank,Wema Bank,Unity Bank,UBA,Standard Chartered Bank Nigeria Ltd, Stanbic IBTC Bank Ltd Etc.

Read: How to apply for CBN Agricultural Business Small and Medium Enterprises loan

 

Who is Eligible for CBN Creative Industry Financing Initiative (CIFI)loan

To be considered for the Creative Industry Financing Initiative, your business must satisfy the following requirements:

1. Be a part of the creative industry (fashion, music, movies, and information technology).
2. Registered with the Corporate Affairs Commission
3. Submit a comprehensive business proposal
4. Clean Credit Bureau Report with no unpaid obligations
5.Satisfactory CRMS report of owners, sponsors and directors

How to Apply for the Creative Industry Financing Initiative:

Before you can benefit for the loan facility, your business must be any of the following areas:

1. Fashion
2. Information Technology
3. Movie Production
4. Movie Distribution
5. Music and
6. Software Engineering Student Loan

Also read: CBN (SMEs) Business loan: How to apply and Requirement

How to apply for CBN Creative Industry Financing Initiative loan

1. You need to Prepare your business plan or statement on how much you want
for your business.

2. Go to any bank of your choice to access the fund.
3. Tell your bank how much you need.

4. The bank will then discuss, analyze your request and if successful will disburse the funds. It must be noted that the maximum interest rate of 9% per annum (all charges inclusive) is applicable to all loans.

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

 

Period for the repayment of the CBN Creative Industry Financing Initiative (CIFI)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

Loan Tenor: The duration for the loan is 10 years with quarterly repayment

Funding Structure: Minimum Equity Contribution (20%). DMB (Term Loan) – 80%

Moratorium:  The moratorium is 36 months from date of loan disbursement

 

Source: Central Bank of Nigeria

 

 

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