Did you know that the Central Bank of Nigeria (CBN) has developed a Creative Industry Financing Initiative (CIFI)?
The CBN in collaboration with the Banks' committee as part of efforts to boast job creation in Nigeria, particularly among the youth, 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.
How to benefit from the Creative Industry Financing Initiative:
If your business is in any of the following areas:
- Information Technology
- Movie Production
- Movie Distribution
- Music and
- Software Engineering Student Loan
Go to any bank of your choice to access the fund. The maximum interest rate of 9.0% per annum (all charges inclusive) is applicable to all loans.
Tell your bank how much you need, your bank will discuss your request and provide you the money.
You can get a loan of up to:
1.) N3m for Software Engineering student.
2.) N30m for Movie production business.
3.) N500m for movie distribution business
4.) Cover rental/service fees for Fashion, and IT business
5.) Cover fees for training, equipment, & rentaI/service for Music business.
Period of payment:
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
For more information, please visit www.cbn.gov.ng