Have you ever imagine how to apply for CBN loan? Or have you ever imagine what is the requirements for CBN Loan application? If you fall under any of this category this article is for you.
Today the360report will reveal to you, how you can apply for cbn loan and all what you need to apply for cbn loan. Now let’s begin, please read to end and don’t forget to share after reading.
Did you know that the Central Bank of Nigeria (CBN) has developed a Creative Industry Financing Initiative (CIFI)?
Interested applicants in the creative industry are advised to submit applications to their banks for approval and disbursement. The initiative has four pillars- Fashion, IT, Movie & Music.
You can get a loan of up to:
– N3m for Software Engineering student;
– N30m for Movie production business;
– N500m for movie distribution business;
– Cover rental/service fees for Fashion and IT business;
—Cover fees for training, equipment, & rental/service for Music business.
Go to any bank of your choice to access the fund. The maximum interest rate of 9.0% per annum is applicable to all loans. For more information, please visit http://www.cbn.gov.ng
Banks must get approval before sacking more than 5 staff – CBN
See how you can apply for CBN loan for creative industry
The eligibility requirements to access the loan are:
- Business Plan
- Economic benefits
- 3 Years Financial Projections
- 3 years audited accounts for existing companies
- Statement of Affairs for start-ups and companies with less than 3 years of existence
- Copies of duly executed offer documents between the bank and loan applicants
- Certificate of Incorporation. R.C
- Brief on Directors
- Tax Identification Number (TIN)
- Previous /Current Management Position
- At least 2 Credit Reports for the company and each Director
- Proposed schedule of fund disbursement
- Proposed schedule of fund repayment
- CBN Intervention(s) which the project is Currently Benefiting from
- Outstanding Amount(s) in respect of 12 above
- Minimum Equity Contribution-30% of total project cost
- Provide evidence of any of the following:
– Legal mortgage
– All asset debenture
– Personal Guarantee