A little over a year ago, we published the CBN’s creative Industry Financing initiative. As a subtle remainder, The Creative Industry Financing Initiative is a drive by the Central Bank of Nigeria in partnership with the Banker’s committee for business to boost job creation and employment in Nigeria. The initiative has 4 Pillars;
The Creative Industry Financing Initiative is restricted to entrepreneurs doing business in the following areas;
The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, has now outlined the process of obtaining the creative sector loans. The most important step in applying for the loan is to prepare your business plan or statement on how much you want for your business. Applicants Fashion and Information Technology and Music business businesses can get loans to cover rental/service fees for training fees, equipment fees and rental/service fees.
CREATIVE INDUSTRY FINANCING INITIATIVE LOAN DISBURSEMENT
The following are the part of the financing option available.
N3 million for a Software Engineering Student
N30 million for a Movie Production business
N500 million for a Movie Distribution business
After preparation of the business plan stating how much is needed for the business, applicants are advised to go to any bank of their choice to apply for the loan. 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.
The period for the repayment of the loan in the different categories are:
For Software Engineering Student Loan, it is a maximum of 3 years
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.
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