Get up to N500 million to finance your creative business with the Creative Industry Financing Initiative, supported by GTBank and funded by the Central Bank of Nigeria. This facility is available to entrepreneurs in fashion, music, movie production, and information technology.
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.
| Features | Student Software Development Loan | Movie Production | Movie Distribution |
|---|---|---|---|
| Single Obligor Limit | N3million | N50million | N500million |
| Interest Rate | 9% per annum | 9% per annum | 9% per annum |
| Tenor | 3 years | 10 years | 10 years |
| Moratorium | 9 months from date of disbursement | 24 months from date of disbursement | 24 months from date of disbursement |
| Repayment | Monthly | Quarterly | Quarterly |
| Security Arrangement | Minimum Equality Contribution (0%), University Degree, NYSC Certificate, Credible Guarantor, Personal Guarantee | Minimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee | Minimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee |
| Other Conditions | Must gain admission into a training organisation that has job placement contracts. No bad credit history with CRMS or any commercial bank in Nigeria bank. Preference for areas with low IT penetration | Minimum of 3 years relevant experience. No bad credit history with CRMS or any commercial bank in Nigeria bank. Preference for areas with low cinema penetration. | Minimum of 3 years relevant experience. No bad credit history with CRMS or any commercial bank in Nigeria bank. Preference for areas with low cinema penetration. |
| Funding Structure | Minimum Equity Contribution (0%). DMB (Term Loan) - 100% | Minimum Equity Contribution (30%). DMB (Term Loan) - 70% | Minimum Equity Contribution (30%). DMB (Term Loan) - 70% |
| Features | Fashion | Information Technology | Music |
|---|---|---|---|
| Monetization | Equipment Purchase, Rental/Service fees | Equipment Purchase, Rental/Service fees | Equipment Purchase, Rental/Service fees |
| Interest Rate | 9% | 9% | 9% |
| Tenor | 10 years | 10 years | 10 years |
| Moratorium | 36 months from date of loan disbursement | 36 months from date of loan disbursement | 36 months from date of loan disbursement |
| Repayment | Quarterly | Quarterly | Quarterly |
| Security Arrangement | Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment. | Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment. | Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment. |
| Other Conditions | At least three (3) referrals from recognised sponsors or bodies or organisation, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria. | At least three (3) referrals from recognised sponsors or bodies or organisation, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria. | At least three (3) referrals from recognised sponsors or bodies or organisation, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria. |
| Funding Structure | Minimum Equity Contribution (20%). DMB (Term Loan) - 80% | Minimum Equity Contribution (20%). DMB (Term Loan) - 80% | Minimum Equity Contribution (20%). DMB (Term Loan) - 80% |
Entrepreneurs in the following sectors of the creative industry:
To be considered for the Creative Industry Financing Initiative, your business must satisfy the following requirements: