The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, has developed a Creative Industry Financing Initiative (CIFI), as part of efforts to boost job creation especially in the creative industry.
The scheme covers fashion, movies, music and information technology.
Under the scheme, software emgineering students can get loans of up to N3million, movie production businesses can get up to N30million while movie distribution businesses can get up to N500million.
While fashion and information technology (IT) businesses can obtain loans to cover rental and service fees, music production businesses can get loans for training and equipment fees as well as rental and service fees.
The scheme is also aimed at increasing access to credit by SMEs in the creative sector.
How to access these loans
- Your business must be in the following areas: Fashion, IT, movie production, movie distribution and music.
- There is also the Software Engineering Student Loan
- Submit a business plan including amount needed to your bank
- If your bank is satisfied after assessing your business plan, it will invite you to discuss your request and then advance a loan to you at a maximum interest rate of 9.0 per cent per annum (all charges inclusive)
- Maximum repayment period for Software Engineering Student Loan is three years while that of fashion, music, movie production and distribution is 10 years.
- 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 Music business
The Bankers Committee in association with CBN will be holding a free public enlightenment workshop to sensitise SMEs on various intervention funds available to them. The event will hold in Ibadan, Kaduna and Port-Harcourt on the 16th, 23rd and 30th of May.