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.
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:
2. Information Technology
3. Movie Production
4. Movie Distribution
5. Music and
6. Software Engineering Student Loan
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
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
b) For Movie Production and Distribution, it is a maximum of ten
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