How To Apply For CBN Creative Industry Loan 2022/2023 ( 3M To 500M)
The CBN Creative Industry Loan is aimed at providing financial support in form of soft loans to Creative industries that are insolvent and bankrupt, the loan will serve as a drive for measuring the key economic indicators in the long run
Emerging Facts About the CBN Creative Industry Loan 2022/2023
CBN will disburse the loans at a 9% interest rate
The repayment period is within 3 to 10 years
Eligibility requirements are tied to Nigerian banks to creative businesses
Eligibility for CBN Creative Industry Loan 2022/2023
To qualify for the CIFI loan, applicants should operate businesses in any of these areas: Fashion,
Note-Loans are available for Software Engineering students as well.
Businesses must be duly registered with the Corporate Affairs Commission, possess a valid Bank Verification Number BVN, and prepare a comprehensive business plan.
It is accurately observed that funds like the loan is not readily available for this creative-oriented category of individuals.
Financing your business as a creative individual is not really encouraging because financial institutions rarely give loans to them but prefer to give loans to develop organizations or steady income receiving individuals.
Amount of Loan you can Access for Business
You 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
How to apply for CBN Creative Industry Loan 2021
The only way to apply for CBN Creative Loan is through your local bank.
Walk up to your designated bank and request that you want to apply for CBN Creative Industry Loan.
Your bank will discuss your request and plan for your loan disbursement.
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
visit for interesting information: www.cbn.gov.ng