Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.
How To Apply For CBN Creative Industry Financing Initiative (CFI) Loan

How To Apply For CBN Creative Industry Financing Initiative (CFI) Loan

The Central Bank of Nigeria (CBN) Creative Industry Financing Initiative (CIFI) Loan is currently ongoing for business owners in Nigeria as we will be walking you through the process and procedure on how you can easily access the Loan.

Before we continue, there are other Federal Government Loans available for you to apply this 2022, kindly click HERE to go through them.

The Central Bank of Nigeria (CBN) has partnered with the Bankers’ Committee to offer business loans of up to N500 million for businesses in the creative industry financing initiative loan.

You may also want to read Five (5) Federal Government Business Grants That Application is Currently Ongoing

As part of its Creative Industry Financing Initiative (CIFI), the CBN will disburse loans at a 9% interest rate through Nigerian banks to creative businesses which satisfy the eligibility requirements. The CIFI loan has a flexible repayment period spanning 3 to 10 years.

Who is Eligible for CBN Creative Industry Financing Initiative Loan?

To be eligible for the CBN Creative Industry Loan, applicants must operate businesses in any of the following areas:

  • Fashion
  • Information Technology
  • Movie Production
  • Movie Distribution and
  • Music distribution.
  • Loans are available for Software Engineering students as well.

Note: Businesses must be duly registered with the Corporate Affairs Commission, possess a valid Bank Verification Number BVN, and prepare a comprehensive business plan.

Benefits Of The CBN Creative Industry Financing Initiative (CIFI) Loan

Software Engineering students can access up to N3 million while Movie Production businesses can get as much as N30 million. A maximum loan of N500 million is available for Movie Distribution businesses.

For Fashion and Information Technology businesses, the loan will cover rental/service fees. Similarly, the loan will offset rental fees as well as training/equipment fees for Music businesses.

Amount of Loan Each Applicant Can Access for Business

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
  • Cover your rental/service fees for Fashion and Information
  • Technology business
  • Cover your training fees, equipment fees, and rental/service fees for the Music business

Period for the Repayment of CIFI Loan

  1. For Software Engineering Student Loan, it is a maximum of three years
  2. For Movie Production and Distribution, it is a maximum of ten years
  3. For Fashion, Information Technology (IT), and Music, it is a maximum of ten years

You may also want to read List of Banks That Offers Loans to Students In Nigeria

Interest Rate For The CBN CIFI Loan

Your bank will discuss your request and provide you with the money. The maximum interest rate of 9.0% per annum (all charges inclusive) is applicable to all loans.

Application Deadline

Not Specified

How To Apply For CIFI Loan

The only way to apply for CBN Creative Financing Initiative 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.

For more information, please visit: www.cbn.gov.ng

How To Apply For CBN Creative Industry Financing Initiative (CFI) Loan

By Okpara Kenneth

https://www.flippstack.com

Leave a Reply