CBN Creative Industry Finance Initiative

CBN Creative Industry Finance Initiative

Lender

Central Bank of Nigeria

Eligibility

The creative sector loan is a Central Bank of Nigeria initiative aimed at capacity building and employment creation for individuals and businesses currently into Fashion, Information Technology, Movie Production, Movie Distribution, Music, and Software Engineering Student Loan

Loan Limit

Maximum Limit for Software development: N3m

  Fashion: N50m

  Movie and Music production: N50m

  Movie distribution: N500m

Interest Rate

Maximum Interest Rate: 9% p.a

Max Tenor

The repayment period is a maximum of:
a) 3 years for Software Engineering Student Loans
b) 10 years for Movie Production & Distribution, Fashion, Information Technology and Music

Security Required

For student loan, personal guarantor.
For production, equipment and distribution loan, minimum Equity Contribution-30% of total project cost plus any of legal mortgage, all assets debentures, personal guarantor

Documents Required

Eligibility Requirement

The eligibility requirements to access the loan are

  • Business Plan
  • Economic benefits
  • 3 Years Financial Projections
  • 3 years audited accounts for existing companies
  • Statement of Affairs for start-ups and companies with less than 3 years of existence
  • Copies of duly executed offer documents between the bank and loan applicants
  • Certificate of Incorporation. R.C
  • Brief on Directors • BVN
  • Tax Identification Number (TIN)
  • Previous /Current Management Position
  • Shareholding structure
  • At least 2 Credit Reports for the company and each Director
  • Proposed schedule of fund disbursement
  • Minimum Equity Contribution-30% of total project cost

Approval Time

About Four (4) months from the time you submit all the required documentation

Thinking About Repayment Plan?

Calculate the monthly payment and overpayment for the loan
10 00010 000 000
160
050
 
 
 

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