October 3, 2022
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How To Apply for the CBN CIFI loans for Entrepreneurs

Congratulations! If you are reading this article currently, you just took the first step in achieving your entrepreneurial goal. The Creative Industry Financing Initiative (CIFI) fund is set out a few selected activities / businesses and one can easily apply for this fund at any bank branch in Nigeria.

How Legit is the Entrepreneurial Loan?

The Creative Industry Financing Initiative (CIFI) fund was introduced by the Central Bank of Nigeria (CBN) in collaboration with the Banker’s Committee. The loan was introduced for one purpose only; to aid in Job creation mostly among the Nigerian youths. The CIFI fund targets youths with promising innovations in some specific fields to reduce unemployment and raise the Nigerian economy. It is also not limited

Let us now dive right to it.

What Businesses are Eligible for the CBN CIFI Loans?

The following activities and businesses are eligible to receive the CBN CIFI Loans:

  • Fashion and designing.
  • Movie production.
  • Movie distribution.
  • Information technology.
  • Music.
  • Software Engineering.

Terms and Conditions of the CBN CIFI Loans

The terms and conditions listed here are just an abridged version of the terms that will be provided when the process is begun, but these are the fundamental basics you need to know. For each category, as listed above, the terms and conditions are slightly different but have no fear.

Fashion and Design

Amount: In this category, the amount loaned is dependent on the amount the project demands. This is usually indicated in the business proposal you would be presenting to the bank.

Tenor: This loan can be held up to 10 years.

Pricing: 9% per annum.

Movie Production

Amount: The CIFI fund for movie production begins from N30 million.

Tenor: The loan has a course of 10 years.

Pricing:  9% per annum.

Movie Distribution

Amount: This entrepreneur making innovative strides in movie distribution can get a CIFI fund of up to N500 million.

Tenor: The Loan is payable up to 10 years.

Pricing: 9% per annum.

Information Technology

Amount: The information technologist can receive the CBN CIFI Loans based on the amount he or she demands to set up the business. It is mostly indicated in the business proposal as earlier mentioned.

Tenor: The Loan is payable up to 10 years.

Pricing: 9% per annum.

Music

Amount: This is another category where the funds are not indicated. Rather the funding requested based on the proposal given is issued.

Tenor: The Loan is payable up to 10 years.

Pricing: 9% per annum.

Software Engineering

This loan is meant for undergraduates currently studying to acquire a degree in software engineering.

Amount: For the future software engineers, the loan given is up to N3 million.

Tenor: The Loan is payable up to 3 years only.

Pricing: 9% per annum.

What Documents are required to apply for the CIFI loan?

For this loan there are only three documents one has to have. They are:

  1. A business plan. This business plan has to be original, innovative, creative and concise.
  2. An accepted offer letter.
  3. A board resolution (if corporate).

How to Apply for the CBN CIFI Loans

Step 1

Prepare a business plan or statement on the amount required for your business.

Step 2

Reach out to any bank of your choice to apply and eventually access the CBN CIFI Loans.

Step 3

Tell your selected bank how much you require.

Step 4

Supply the necessary documents.

Step 5

Finalize with your bank and collect the cash loan issued.

That’s all folk. As simple as that. Get yourself a loan today. For more information, visit www.cbn.gov.ng

Thanks for reading.

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