05-07-2019, 10:07 AM
Business and Economy
CBN urges creative industry to take advantage of sector financing
![[Image: CBN-1.jpg]](http://nigerianpilot.com/wp-content/uploads/2018/05/CBN-1.jpg)
Central Bank of Nigeria, CBN has urged stakeholders in creative industry to take advantage of the Creative Industry Financing Initiative CIFI promoted by the Bank and Bankers’ Committee.
According to a circular obtained yesterday at the apex bank website, interested applicants in the Creative Industry were advised to submit applications to their banks for approval and disbursement.
It also explained that those interested in benefiting from the Creative Industry Financing Initiative must have business in any of the following areas; Fashion, Information Technology , Movie Production, Movie Distribution, Music and Software Engineering Student Loan.
The apex bank also stated that business owners can get a loan of up to N3 million for Software Engineering Student, N30 million for Movie Production business, N500 million for Movie Distribution business. But it urged the interested loan seekers to prepare business plan or statement on how much they want for their business.
Some of the interest that should be covered by the business plan include: rental/service fees for Fashion and
Information Technology business, training fees, equipment fees, and rental/service fees for Music business. It also urged young Nigerian entrepreneur that met the criteria to go to any bank to access the fund with the proposal and inform the bank how the business requires.
According to CBN, “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. Period for the repayment of the loan: 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”
The 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: Fashion, Information Technology, Movie and Music.
CBN urges creative industry to take advantage of sector financing
Central Bank of Nigeria, CBN has urged stakeholders in creative industry to take advantage of the Creative Industry Financing Initiative CIFI promoted by the Bank and Bankers’ Committee.
According to a circular obtained yesterday at the apex bank website, interested applicants in the Creative Industry were advised to submit applications to their banks for approval and disbursement.
It also explained that those interested in benefiting from the Creative Industry Financing Initiative must have business in any of the following areas; Fashion, Information Technology , Movie Production, Movie Distribution, Music and Software Engineering Student Loan.
The apex bank also stated that business owners can get a loan of up to N3 million for Software Engineering Student, N30 million for Movie Production business, N500 million for Movie Distribution business. But it urged the interested loan seekers to prepare business plan or statement on how much they want for their business.
Some of the interest that should be covered by the business plan include: rental/service fees for Fashion and
Information Technology business, training fees, equipment fees, and rental/service fees for Music business. It also urged young Nigerian entrepreneur that met the criteria to go to any bank to access the fund with the proposal and inform the bank how the business requires.
According to CBN, “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. Period for the repayment of the loan: 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”
The 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: Fashion, Information Technology, Movie and Music.