Get funds to boost your Business through CBN Creative Industry Financing Initiative (CIFI) Scheme – Apply now

CBN Empowerment Scheme: Have you heard about the Creative Industry Financing Initiative (CIFI), this is an empowerment scheme initiated by CBN in collaboration with the Bankers’ Committee to boost job creation in Nigeria, see more below.

This scheme was initiated to empower Nigerian youths in the creative industry, develop their skills and boast their businesses through soft loans called the Creative Industry Financing Initiative (CIFI). The initiative has four pillars, namely:

  • Fashion
  • Information Technology
  • Movie Production
  • Music Production

Briefly about the Creative Industry Financing Initiative (CIFI)

The Creative Industry Financing Initiative (CIFI) is a loan scheme developed in collaboration with the Central Bank of Nigeria (CBN) to provide access to long-term and low-interest financing for entrepreneurs in the creative industry.

For more details on the Creative Industry Financing Initiative (CIFI), Click Here

Loan Details

  • Up to N500 Million for your creative business
  • Low-interest rate of 9% per annum
  • Flexible repayment plan spread over 3 – 10 years

Requirements/Eligibility

To be considered for the Creative Industry Financing Initiative, your business must satisfy the following requirements.

  • Be a part of the creative industry (fashion, music, movies, and information technology).
  • Registered with the Corporate Affairs Commission
  • Submit a comprehensive business proposal
  • Clean Credit Bureau Report with no unpaid obligations
  • Satisfactory CRMS report of owners, sponsors and directors

 Who Can Apply

The following under listed Entrepreneurs in different sectors of the creative industry:

  • Fashion (Designers)
  • Music (Music Production & Distribution)
  • Movie (Movie Production & Distribution)
  • Information Technology (Information Technology & Student Software Development Loan)

How to apply

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

Application Procedures

Prepare your business plan or statement on how much you want for your business, you can get a loan in the following categories:

  • 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.

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. The maximum interest rate of 9.0% per annum (all charges inclusive) is applicable to all loans.

For those applying through GTBank, Click Here to Apply

For those applying through Polaris Bank, Click Here to Apply

For those applying through Zenith Bank, Click Here to Apply

For those applying through Union Bank, Click Here to Apply

For those applying through Access Bank, Click Here to Apply

For those applying through Access Bank, Click Here to Apply

For those applying through Titan Bank, Click Here to Apply

Loan Repayment Plan

The period for the Loan repayment process is elaborated below:

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

 Please Note: Applying for Creative Industry Financing Initiative loan is the best option for whomever in the creative industry to establish a good business in Nigeria. Considering the financial challenges many people are facing, this loan will serve as a relief to fulfill creative dreams.

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Author: Noblinks

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