The CBN Creative Industry Financing Initiative (CIFI) is a loan program for businesses and individuals in the creative industry, such as fashion, music, film, and information technology.
The program is designed to boost the development of the creative sector and create more jobs and wealth in Nigeria.
The CIFI is a collaboration between the Central Bank of Nigeria (CBN) and the Bankers’ Committee, a body of representatives from the banking industry.
The CIFI was launched in May 2021 by the then CBN Governor, Mr. Godwin Emefiele, to diversify the Nigerian economy and reduce the dependence on oil revenues.
CIFI Loan Products and Services
The CIFI has several loan products and services that cater to the needs of various creative businesses and projects in Nigeria.
Some of these include:
1. CIFI Software Engineering Student Loan
The CIFI Software Engineering Student Loan is a loan product that targets students enrolled in software engineering or related courses in accredited institutions in Nigeria.
The loan aims to support the education and training of software engineers and developers who can contribute to the growth and innovation of the IT sector in Nigeria.
Some of the features of the CIFI Software Engineering Student Loan are:
- The loan amount is up to N3 million per student, with no collateral required.
- The interest rate is 9% per annum, with a moratorium of up to 3 years and a tenor of up to 10 years.
- The loan can be used for various purposes, such as tuition fees, accommodation, books, and equipment.
To be eligible for the CIFI Software Engineering Student Loan, you must:
- Be a Nigerian citizen or a registered student in Nigeria.
- Be enrolled in a software engineering or related course in an accredited institution in Nigeria.
- Have a valid admission letter and a student identification card.
- Have a guarantor or a co-borrower.
To apply for the CIFI Software Engineering Student Loan, visit any participating bank, such as Access Bank, First Bank, GTBank, UBA, or Zenith Bank, and submit your application.
You will also need to provide some documents, such as your admission letter, student ID card, and guarantor’s details.
2. CIFI Fashion Industry Loan
The CIFI Fashion Industry Loan is a loan product that targets businesses and individuals in the fashion industry, such as designers, tailors, stylists, and models.
The loan aims to support the production and distribution of fashion products and services that can compete in the local and international markets.
Some of the features of the CIFI Fashion Industry Loan are:
- The loan amount ranges from N500,000 to N30 million, depending on the category and type of the business.
- The interest rate is 9% per annum, with a moratorium of up to 3 years and a tenor of up to 10 years.
- The loan can be used for various purposes, such as equipment purchase, working capital, expansion, and modernization.
To be eligible for the CIFI Fashion Industry Loan, you must:
- Be a Nigerian citizen or a registered business entity in Nigeria.
- Have a viable business idea or an existing business in the fashion industry.
- Have a bankable business plan and a positive cash flow projection.
- Have a good credit history and satisfactory collateral.
To apply for the CIFI Fashion Industry Loan, visit any participating bank, such as Access Bank, First Bank, GTBank, UBA, or Zenith Bank, and submit your application.
You will also need to provide some documents, such as your business registration certificate, tax clearance certificate, bank statement, and collateral.
Also read: 10 Government Loans Available This Month
3. CIFI Music Industry Loan
The CIFI Music Industry Loan is a loan product that targets businesses and individuals in the music industry, such as singers, songwriters, producers, and DJs.
The loan aims to support the production and distribution of music products and services that can attract and retain a large audience in the local and international markets.
Some of the features of the CIFI Music Industry Loan are:
The loan amount ranges from N500,000 to N500 million, depending on the category and type of the business.
The interest rate is 9% per annum, with a moratorium of up to 3 years and a tenor of up to 10 years.
The loan can be used for various purposes, such as equipment purchase, working capital, production, distribution, and training.
To be eligible for the CIFI Music Industry Loan, you must:
- Be a Nigerian citizen or a registered business entity in Nigeria.
- Have a viable business idea or an existing business in the music industry.
- Have a bankable business plan and a positive cash flow projection.
- Have a good credit history and satisfactory collateral.
To apply for the CIFI Music Industry Loan, visit any participating bank, such as Access Bank, First Bank, GTBank, UBA, or Zenith Bank, and submit your application.
You will also need to provide some documents, such as your business registration certificate, tax clearance certificate, bank statement, and collateral.
Benefits of CIFI Loans
The CIFI loans offer several benefits to creative businesses and projects in Nigeria, such as:
1. Access to finance
The CIFI loans provide creative businesses and projects with the funds they need to start, grow, or improve their creative businesses or projects.
The CIFI loans have flexible terms and conditions, such as long repayment periods and minimal collateral requirements, that make them affordable to creative businesses and projects.
2. Capacity building
The CIFI loans also allow creative businesses and projects to enhance their skills and knowledge through various training and mentoring programs.
The CIFI organizes workshops, seminars, webinars, and online courses on creative management and innovation that help creative businesses and projects improve their performance.
3. Networking
The CIFI loans also allow creative businesses and projects to connect with other stakeholders in the creative ecosystem, such as investors, customers, suppliers, regulators, and peers.
The CIFI facilitates networking events, such as trade fairs and forums, that enable creative businesses and projects to showcase their products and services and form partnerships.
Conclusion
The CBN Creative Industry Financing Initiative (CIFI) is a great opportunity for creative and information technology entrepreneurs to access long-term and low-interest loans for their businesses and education.
The initiative aims to boost job creation, innovation, and economic growth in Nigeria, especially among the youth.
To benefit from the CIFI, applicants must prepare a business plan or statement and approach any bank they choose with the required documents.
The CIFI offers flexible repayment periods and a maximum interest rate of 9% per annum.
By leveraging this initiative, aspiring entrepreneurs and established professionals alike can access the capital needed to bring their artistic visions to life.
Good luck!
