Apply: 2021 CBN Creative Industry Financing Initiative Loan

By theGazetteNGR

Editorinchief

Posted: July 7, 2021 at 11:34 AM, Updated: September 21, 2022 at 7:47 AM

The only way to apply for CBN Creative Loan is through your local bank.

The CBN would distribute a 9 per cent interest loan through commercial banks in the country as part of its Creative Industry Financing Initiative (CIFI).

Only firms that fulfil all of the eligibility requirements will be authorized and disbursed. According to sources, the CIFI loan has a three- to ten-year payback term.

The Creative Industry Loan is meant for businesses in the following areas;

Fashion
Information
Technology

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Movie Production
Movie Distribution
Music distribution
Software Engineering

Businesses who want to apply for this loan must be registered with the Corporate Affairs Commission (CAC) and have a valid Bank Verification Number (BVN) as well as a detailed business plan.

It should be highlighted that organizations and enterprises that are solid and growing have a greater probability of being approved for this loan than individuals. In conclusion, applying as an entity with a recognized company is preferable to applying as an individual.

You can get a loan of up to:

N3 million for Software Engineering Student
N30 million for Movie Production business
N500 million for Movie Distribution business
Rental/service fees for Fashion and Information
Technology business
Training fees, equipment fees, and rental/service fees for Music businesses

The only way to apply for CBN Creative Loan is through your local bank. Walk up to your designated bank and request that you want to apply for CBN Creative Industry Loan. Your bank will discuss your request and plan for your loan disbursement.

Please note that the period of repayment include;

3 years maximum for Software Engineering
10 years maximum for Movie Production and Distribution
10 years maximum for Fashion, Information Technology (IT) and Music

For more information on the Creative Industry Loan, please visit www.cbn.gov.ng.

There is currently no deadline for this application.

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