SMEs IN NIGERIA CAN NOW APPLY TO GET N3M-N500M FROM CBN CREATIVE INDUSTRY FINANCING INITIATIVE (CIFI)

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Are you a business owner or a student in Nigeria and you need a loan of N3
million upward for your business?

Central Bank of Nigeria in collaboration with the Bankers’ Committee, have created an initiative to tackle unemployment by giving loan and other necessary supports to SMEs in Nigeria.

The Creative Industry Financing Initiative (CIFI), which has Fashion, Information Technology, Movie, and Music as its center of focus is expected to play a key role in the economy by creating job opportunities in order to reduce the level of unemployment in the country.

The Central Bank of Nigeria (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:

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

    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:

1.0 Is your business in any of the following areas?
* Fashion
* Information Technology
* Movie Production
* Movie Distribution
* Music and
* Software Engineering Student Loan
2.0 If “Yes”…
2.1 Prepare your business plan or statement on how much you want for your
business.
2.2 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
2.3 Go to any bank of your choice to access the fund.
3.0 Tell your bank how much you need.

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

5.0 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 years
c) For Fashion, Information Technology (IT) and Music, it is a maximum of ten
years

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