Contact Us:

SMS/Whatsapp Us on: 08032773749

How To Access CBN Loan for the Creative Industry Financing Initiative |

Funloaded WhatsApp Group
How To Access CBN Loan for the Creative Industry Financing Initiative

How To Access CBN Loan for the Creative Industry Financing Initiative

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.

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

Table of Contents

ALSO READ  Youths go Naked on APC Campaign (see photos)

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

Amount of Loan you can Access for Business
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 the Music business

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

ALSO READ  Vic_k - De_Hood [Prod. by Alevik].

– Go to any bank of your choice to access the fund. For more information, please visit
– Tell your bank how much you need.
– Your bank will discuss your request and provide you the money

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

ALSO READ  Female fraudstar "Nkemdirim" Bags 8months imprisonment

Join Over 200,000+ Readers Online Now! SUBSCRIBE HERE


 COPYRIGHT WARNING! Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. All contents are protected by DMCA.
The content on this site is posted with good intentions. If you own this content & believe your copyright was violated or infringed, make sure you contact us at [[]] to file a complaint and actions will be taken immediately.


About The Author

Mr Fun

I'm the founder of Nigerian educational resourceful digital content website that ignites student's curiosity and inspires educators to reimagine learning as a solid ground, with improving student achievement.

Leave a Reply

Want to subscribe for Exam Runz? Chat with us