Apply for CBN CIFI Loan through GTBank 2021 Application Form Portal |gtbank.com –Creative Industry Financing Initiative
Get up to N500 million to finance your creative business with the CBN CIFI Loan (Creative Industry Financing Initiative), supported by GTBank and funded by the Central Bank of Nigeria.
Are you in the creative industry? We want to let you know that there is a scheme called The Creative Industry Financing Initiative (CIFI) made available for you.
About CBN CIFI Loan
The Creative Industry Financing Initiative (CIFI) is a loan scheme developed in collaboration with the Central Bank of Nigeria (CBN) to provide access to long-term and low-interest financing for entrepreneurs in the creative industry, including Fashion, Music, Movies, and Information Technology.
Over 500 million naira is available for Beneficiaries to pick up, but honestly this is a loan and not a free grant.
Interest rate will be paid at just 9% per year. Hope this is not too much? Flexible repayment plan spread over 3 to 10 years.
You might want to ask “how do I get the loan from Central Bank of Nigeria?” You don’t necessarily need to go to Central Bank as there are partnering banks.
In this article we shall be looking at how you can obtain Creative Industry Financing Initiative (CIFI) Loan directly from CBN through GTBank.
Benefits of CBN CIFI Loan from GTBank
Are you a Software Engineering student? If Yes, there is a 3million loan available for you. Movie Production businesses are not left out as they even get higher offer of over N30 million.
If you belong to Movie Distribution businesses, N500 million is available for your business.
Requirements for CBN CIFI loan
Before proceeding to the CBN CIFI Loan application portal, you must first meet the underlisted requirements.
- The first step is to identify your self as a Nigerian citizen. (get your voters card, NIN, international passport etc)
- Another step is to make sure you run a business that deals in the following categories (fashion, music, movies, and information technology).
- Your business must be recognized by law and this means it should be registered with the Corporate Affairs Commission (CAC)
- Your business should have a clear plan
- You should get an email address and phone number.
- Your business should be debt free at the time of registration..
- Credit Bureau Report with no unpaid obligations.
How to apply for the CIFI loan:
Interested and suitably qualified candidates should: CLICK HERE TO APPLY
- Click on apply button
- The form requires you enter your business and personal information such as business name, location, phone number etc
- Select the bank you operate with and Input your bank details like account number. Account number need to be correct, no mistake should be made here.
- Enter your email address and re-enter to confirm.
- You will use the drop down menu to select the category your business falls into (Fashion, Movie Production/Distribution, IT, Music or Student Software Development.)
- The click on the submit button.
This loan is to foster job creation among youths and and Nigerians. Those willing to access this loan are expected to make repayment and interest as stipulated in the loan agreement.
They must also prove that their businesses are sustainable and capable of generating profits which will snowball their businesses to lofty heights.
Any business that don’t have the capacity to stand the test of time won’t be qualify to receive the loan.
From our take, this loan is not for everyone, its for specific existing businesses that already have a foothold in the creative industry.
Don’t worry if you don’t stand a chance to receive this loan right now. The better thing is that you can keep growing your business so as to qualify in the nearest future.