CBN Creative Industry Loan In 2022 | How To Apply

Do you need loan to sort out your problems or to establish a business? If yes this article is for you. In this post, we will show you how to apply for CBN creative industry loan. The Central Bank of Nigeria (CBN) introduced loan to support creative Industries in Nigeria.

Who Is Eligibility For The Loan

It is good to let you know that the loan is not meant for everybody; it is meant for a particular set of people. The initiative designed the scheme to help four creative areas in the creative industry!

The areas/department that the loan is meant for are;

Fashion designs,
Movie/film,
Information Technology,
Software Engineering.

The above specifics and their related areas like the software engineering, movie and music production. Everyone in this specification can apply.

How Much Loan Amount Will The Give?

The Creative Industry Financing Initiative is offering up to N500 million to individual who need help for the realization of their creative dreams. The amount is huge because the creative field is capital intensive.

What Is The Requirements To Access The Loan

It is required of anyone applying for this loan to be a member of the creative industry. Therefore, anyone who is not a member cannot access the loan.

However, there are various categories of industry that qualify for the loan. They are;

Fashion and Information Technology categories can apply for a loan that can cater for their rent and other establishing services.
Software Engineering is also a category that can request for up to N3 million loan.
Music category has the opportunity to apply for loans that can cater for their training, rent purchase of equipment and service expenses.
Movie Production is a category in the creative industry that can request for up to N30 million.
Movie distribution category can request for up to N500 million.

How To Apply For CBN Creative Industry Loan

This loan can not be accessed without following appropriate application method. See how to apply below;

Get a business plan: You must write a business plan for the business you are venturing into, and it must contain all
necessary information regarding the purpose of the business and the amount it will cost to take off.
The business’ operation must be within the creative Industry.
After you have made your business plan available and agree with the terms and conditions of the loan, kindly proceed to any of the Nigerian financial institutions (Bank) to apply.

What Is The Loan Interest Rate?

The loan has interest, and it is not over 9% interest rate per year.

CIFI Plans For Loan Repayment

All the categories involved in this loan have its own special process for repayment. Below are the plans for repayment.

Fashion, Information Technology and Music categories have a maximum of ten years to repay their loan.
Movie production and Distribution categories also have a maximum of 10 years to repay their loan.
Software engineering category have maximum of three years to repay their loan.

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