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Did You Know? The CBN is Giving Up to ₦500 Million in Loans to Creative Businesses

The Central Bank of Nigeria says it’s now disbursing loans to businesses in the creative industry. It’s looking to provide funding worth up to ₦500 million to enterprises working in this space, as part of its Creative Industry Financing Initiative (CIFI).

The sectors targeted by this program are fashion, information technology, and entertainment. If you’re a fashion venture, ICT business, music producer, movie producer or distributor, or a software engineering student, you’re invited to apply for a loan.

The funds can be obtained from any commercial bank, subject to applicants meeting pre-established conditions laid out by the CBN. According to the apex bank’s statement regarding the loan, the maximum amounts disbursed will depend on the pre-stated category to which applicants belong.

1. Software engineering students could get up to ₦3 million.

2. Movie producers may get a maximum of ₦30 million.

3. Movie distribution businesses will be able to access loans of up to ₦500 million.

4. Fashion and ICT businesses can get loans that’ll help them cover their rent or service fees. Music businesses will get this as well; they will also have their training and equipment fees taken care of by the funding they get under the initiative. 

There’s a maximum 9% interest rate on the loans. The tenure of these loans will also depend on the category to which beneficiaries belong.

1. Loans for software engineering students are expected to be repaid within three years of being received.

2. Businesses in the movie production and distribution, ICT and fashion categories will be given ten years to repay their loans.

The maximum interest on these loans is 9%. It’s inclusive of all charges associated with the funds.

The CIFI is a joint initiative of the CBN and Deposit Money Banks (DMBs), which has been set up to strengthen existing businesses and create new jobs for Nigeria’s ever-expanding labour force.

Featured image source: Premium Times Nigeria

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

6 Comments

6 Comments

  1. Ayoku Osho

    14th May 2019 at 1:05 pm

    Great one.Please how can I participate in the exercise as I have my business and wants to improve it to the next level.

    • Ikenna Nwachukwu

      18th May 2019 at 2:59 pm

      Hello Ayoku,

      As the article suggests, you can visit any commercial bank close to you to find out more.

  2. Latino

    16th May 2019 at 12:43 pm

    Great information but how does one access this loan.

    • Ikenna Nwachukwu

      18th May 2019 at 3:03 pm

      Hello,

      You should be able to apply for the loan at any commercial bank, as it’s being granted under a joint initiative involving the CBN and Deposit Money Banks.

  3. Benedicta

    18th May 2019 at 12:06 pm

    plz how can it b accessed??That’s great

    • Ikenna Nwachukwu

      18th May 2019 at 2:56 pm

      Hello Benedicta,

      You can visit any commercial close to you to find out more.

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