CBN sets up loan scheme for the creative industry

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The Central Bank of Nigeria has set up a loan scheme for the Nigerian creative industry. The initiative, called the Creative Industry Financing Initiative (CIFI), facilitates credit to members of the industry for critical project.

“Did you know that the CBN has developed a Creative Industry Financing Initiative (CIFI)? Interested applicants in the creative industry are advised to submit applications to their banks for approval & disbursement. The initiative has four pillars- Fashion, IT, Movie & Music,” the Federal government announced on Wednesday via a tweet.

“If your business also includes movie production and distribution; or software engineering, you are eligible. Prepare your business plan or statement on how much you want for your business,” the government added.

According to the government, some of the categories of credit facilities under the scheme include:N3m for Software Engineering student; N30m for Movie production business; and N500m for movie distribution business.

“Go to any bank of your choice to access the fund. The maximum interest rate of 9.0% per annum is applicable to all loans,” it added

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