Access Bank Plc has opened its window of disbursing loans to beneficiaries, under the Creative Industry Financing Initiative (CIFI) of the Central Bank of Nigeria (CBN).
In a statement sent to Nairametrics, a lender revealed that Nigerians that operate in the creative industry should take advantage of this opportunity, as the CBN initiative offer loans at 9 per cent that can be paid within a period of ten years.
Sectors classified under the creative industry: Sectors that the CIFI will consider to give loans to include: Music, Movies, Fashion, and Information Technology.
Why Access Bank is opening its doors for Nigerians to take the loans: Access Bank noted that the CIFI would create job opportunities and stimulate growth of SMEs in the identified industries.
The lender also said that the initiative affords one to access a credit facility at a cheaper interest rate, with more flexible repayment period.
The CBN initiative, according to Access Bank, will also enhance capacity building.
Requirements: To qualify for the credit facility, the potential beneficiaries of the credit facility must provide the followings:
- business plan;
- financial plan;
- cconomic benefits;
- 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;
- directors’ profile;
- Tax Identification Number (TIN);
- previous/current management position;
- shareholding structure;
- at least, 2 credit reports for the company and each director;
- proposed schedule of loan repayment;
- Board Credit Committee Report (Where applicable);
- CBN intervention(s) which the project is currently benefitting from (CIFI);
- outstanding obligations from other CBN interventions; and
- provision of evidence of Minimum equity of contribution (30 per cent), Legal mortgage, all asset debenture, and personal guarantee.
How CBN is approaching the CIFI: CBN is collaborating with the Bankers’ Committee in order to boost job creation and drive engagement, particularly among the youths.