The Central Bank of Nigeria in conjunction with the Banker’s Committee as part of an effort to reduce unemployment in Nigeria, particularly among the youths, has developed a Creative Financing Initiative (CIFI) for Entrepreneurs in the creative niche. These entrepreneurs include those whose businesses are within these four pillars/sectors:
- Information technology
How to be a candidate that will be eligible for this loan:
- Your business must fall within the above creative niche
- Your business must be registered with CAC
- You must have an account number with any bank in Nigeria because your BVN will be required.
- A valid ID card
- You must have a Guarantor ready cos he/she will be required during or after the process of application
- Get your passport ready and also of your Guarantors
- Get a good business plan ready if your business is a start
You will have access to loan up to
- N3 million for Software Engineering student and Fashion, maximum of 3 years for repayment
- N30 million for Movie Production Business, maximum of 10 years for repayment
- N500 million for Movie Distribution Business, maximum of 10 years for repayment
Go to any bank of your choice to access this fund, your bank will discuss your request and provide you with the money, said CBN.
Note The maximum interest rate of 9.0% per annum is applicable to all loans.