As part of efforts to boost job creation in Nigeria, particularly among the youth, the Central Bank of Nigeria in collaboration with the Bankers’ Committee has developed a Creative Industry Financing Initiative, CIFI.
The CBN said on Monday that under the CIFI initiative, beneficiaries could get up to N500m loans at nine per cent interest rate.
Qualifying industries include fashion, information technology, movie production, movie distribution, music and software engineering student loan.
Software engineering students can get a loan of up to N3m while movie production companies can apply for up to N30m. On the other hand, up to N500m is available for movie distribution businesses.
Fashion, as well as information technology businesses, can get loans to cover rental/service fees, while music businesses can get loans to cover your training fees, equipment fees, and rental/service fees.
Interested applicants in the creative industry are advised to submit applications to their banks for approval and disbursement. Applicants are requested to include the business plan or statement on how much they require for the business.
According to the CBN, the banks will discuss the request and provide the money at a “maximum interest rate of nine per cent per annum (all charges inclusive), applicable to all loans.”
On the period for the repayment of the loan, the apex bank says students have a maximum of three years to pay back the loan. On the other hand, benefitting movie production, fashion, information technology and music companies will have up to 10 years to repay the loans.
More information can be found here.
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