Keystone Bank: How to apply for CBN Creative Industry Financing Initiative Loan

Entrepreneurs in Nigeria whose business is to invest in Fashion, Information Technology, Movie, Software Engineering Student Loan, and Music and whose business is registered with the Corporate Affairs Commission can now obtain a loan facility from Keystone bank referred to as the Creative Industry Financing Initiative (CIFI).
The Creative Industry Financing Initiative (CIFI) was launched by the Central Bank of Nigeria in collaboration with the Bankers’ Committee to increase entrepreneurs’ and investors’ access to long-term and low-interest financing (up to a 10-year term and a 9 percent interest rate).
The loan facility provides solutions that make it easier for you to do what you need to do and accomplish what you want to accomplish, provided that your business will promote job creation, reduce poverty, and facilitate inclusive growth.

Once the loan is approved and all requirements are met, the borrower will receive Equipment Purchase, Rental/Service Fees with a flexible 10-year repayment plan.

Minimum Contribution to Equity will be (20 percent ). DMB (Term Loan) – 80% with a minimum of three (3) referrals from recognised sponsors or bodies or organisation. Minimum of three (3) years of pertinent experience, No adverse credit history with CRMS or any Nigerian commercial bank.

WHO CAN ACCESS THE LOAN FACILITY?

1.Fashion

Information Technology (IT)

3.Movie Production

(4) Film Distribution

5. Songs and

Loan for Software Engineering Students

Requirements

The company must register with the Corporate Affairs Commission (CAC).

2.Present a strong business proposal

3.Have a Credit Bureau Report that is free of any delinquent obligations.

4. The enterprise must be within the creative industry, which includes Fashion, Information Technology, Film, and Music.

5. Generate an acceptable CRMS report of owners, sponsors, and directors.

You can borrow as much as:

a) N3 Million for Student in Software Engineering

b) N30 million for the Movie Production Company

500 million Naira for Movie Distribution

d) Pay for Fashion and Information rental and service fees.

Technology industry

e) Pay your training and equipment costs.

Rental and service fees for the Music Industry

COLATERAL SECURITY

Minimum Equality Contribution (0 percent), University Degree, NYSC Certificate, Credible Guarantor, Personal Guarantee are required for Student Software Development Loan.

Minimum Equality Contribution (30 percent), Legal Mortgage, All Asset Debenture, Credible Guarantor, and Personal Guarantee must be provided by the Film Production.

Minimum Equality Contribution (30 percent), Legal Mortgage, All-asset debenture, Credible Guarantor, and Personal Guarantee are required for film distribution.

The fashion loan facility must also provide a minimum equity contribution of twenty percent, a mortgage debenture, a legal mortgage, a lien on inventory and equipment.

Minimum Equity Contribution (20 percent), Mortgage Debenture, Legal Mortgage, Lien on Stock and Equipment will be provided by Information Technology.

Minimum Equity Contribution (20 percent), Mortgage Debenture, Legal Mortgage, Lien on Stock and Equipment will be provided by the Investor in Music.

Other Conditions include: at least three (3) referrals from recognised sponsors or bodies or organisations; a minimum of three (3) years of relevant experience; and a minimum of three (3) years of relevant experience. No adverse credit history with CRMS or any Nigerian commercial bank.

TIME FRAME FOR REPAYMENT OF THE LOAN:

a) The maximum Software Engineering Student Loan amount is

three decades

b) For Film Production and Distribution, the number is capped at ten.

years

c) It is the case for Fashion, Information Technology (IT), and Music.

no more than ten years

HOW TO APPLY FOR A CIFI LOAN

Send your business proposal and other supporting documents to cifi@keystonebankng.com OR visit the nearest Keystone Bank branch.

You may also visit other commercial banks in Nigeria to apply for a Creative Industry Financing Initiative (CIFI) loan backed and funded by the Central Bank Of Nigeria.

 

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