What you need to access CBN’s creative industry 9% loans
There are certain things entrepreneurs need to access the Central Bank of Nigeria’s (CBN) creative industry loans. One of the key impediments to creativity in Nigeria has always been funding.
However, the CBN in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative (CIFI).
The fund has been deployed with Nigerian banks serving as vehicle for the credits creation.
Not only that you would be able to finance your passion, but guess what, it is a single digit interest rate loans and all for you at 9% per annum.
It is time to wake up from that dream, get to the street and show what you’ve got.
The initiative has four pillars, and these are Fashion, Information Technology, Movie and Music industries.
Meanwhile, the only thing that is required from you is your Business Plan or document showing all the amount needed.
This is well carved fund for the creative industry but trusts me, it won’t fall on entire Dick, Tom and Harry’s laps.
It is not really a bonanza; it is a support fund, the kind that gave birth to some Unicorns in advance economies.
Nigeria is not late in this regards, we are coming up only if the entrepreneurs in the music and movie production, fashion, IT among other are willing to access the funds.
Don’t forget, this is not the first time such funds have been made available.
CBN had initiated similar funds in the past, with Bank of Industry for Entertainment industry. It didn’t perform, language often associated with poor result.
The fund didn’t go far because one of the requirements was Business Plan. Not many of the target audience actually have what it takes to put one together.
If you are in Fashion, Information Technology, Movie Production, Movie Distribution, Music and Software Engineering Student, you are set to go.
Software engineering student can get up to N3 million. If you are into Movie Production business, you can get up to N30 million.
Those in the Movie Distribution business can raise N500 million.
Fashion and Information Technology business will be able to access funds that would cover your rental/service fees.
For Music business, the loan will cover your training fees, equipment fees, and rental/service fees.
You must be willing to repay the loan
One of the reasons why banks don’t do lend has always been because of loan default. Be willing to repay.
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All the software engineering students loan that access the loans have 3-years maximum to repay the loan.
For Movie Production and Distribution, it is a maximum of 10-years. For Fashion, Information Technology (IT) and Music, it is a maximum of 10-years.
What you need to access CBN’s creative industry 9% loans
