How To Apply for N500 Million CBN CIFI Business Loan 2021

The Central Bank of Nigeria (CBN) in conjunction with the Nigeria Bankers’ Committee is offering business loans up to the tune of N500 million for businesses in the creative industry of Nigeria.

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The N500 Million Business Loan is part of CBN and Nigeria Bankers’ Committee’s effort towards the Creative Industry Financing Initiative (CIFI).

The Central Bank of Nigeria (CBN) will disburse this business loans at a 9% interest rate through Nigerian banks to creative businesses which satisfy the eligibility requirements. The CIFI business loan has a flexible repayment period spanning 3 to 10 years.

N500 Million CBN CIFI Business Loan 2021

Business Category

CIFI loan is to enable Nigerians in the Creative Industry to a start-up business of their own in respective categories.

Below is how you can benefit and access the CBN Loan for the Creative Industry
1. Your Business Must be in the following areas, namely:
i. Fashion
ii. Information Technology
iii. Movie Production
iv. Movie Distribution
v. Music and
vi. Software Engineering Student Loan

Accessible business loan amount and interest rate

You can access up to N500 million CIFI loan for your creative business, with low-interest rate of 9% per annum.
Flexible repayment plan spread over 3 to 10 years.

Requirements for CIFI loan

To be considered for CIFI business loan, applicants must meet the following requirements;

Applicants must be into creative business (fashion, music, movies, and information technology).
Must be dully registered with the Corporate Affairs Commission (CAC).
Valid means of identification (Voter’s card or National Identity Number, NIN)
Bank Verification Number (BVN) and a bank account.
Must provide a clear business plan or proposal.
Credit Bureau Report with no unpaid obligations.
Satisfactory CRMS report of owners, sponsors, and directors.
Active phone number and email address.