CBN Creative Industry Loan: Up to N500 million Accessible

CBN Creative Industry Loan: Up to N500 million available

This is announcing the CBN Creative Industry Loan. Entrepreneurs in the creative industry can now access up to N500 million Loan to invest in their businesses.

Are you in fashion design?

Do you engage in any business in the information technology space?

Are you in the movie industry?

Do you engage in the production of music?

Then hear this:

Details of the CBN Creative Industry Loan

The CBN in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative (CIFI). The initiative has four pillars, namely:

i. Fashion
ii. Information Technology
iii. Movie
iv. Music

Accordingly, interested applicants in the Creative Industry are hereby advised to submit applications to their banks for approval and disbursement.

How to benefit from the Creative Industry Financing Initiative:

Is your business in any of the following areas?
Information Technology
Movie Production
Movie Distribution
Music and
Software Engineering Student Loan

If “Yes”,

Then, prepare your business plan or statement on how much you want for your business.

Note that you can get a loan of up to:
a) N3 million for Software Engineering Student
b) N30 million for Movie Production business
c) N500 million for Movie Distribution business
d) Cover your rental/service fees for Fashion and Information
Technology business
e) Cover your training fees, equipment fees, and rental/service fees for Music business

Having prepared the business plan, go to any bank of your choice to access the fund.

Tell your bank how much you need.

Your bank will discuss your request and provide you the money

Please note that the maximum interest rate of 9.0% per annum (all charges inclusive)
is applicable to all loans.

Period for the repayment of the loan:
a) For Software Engineering Student Loan, it is a maximum of
three years
b) For Movie Production and Distribution, it is a maximum of ten
c) For Fashion, Information Technology (IT) and Music, it is a
maximum of ten years

For more information, please visit the main website of the CBN Creative Industry Loan

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