CBN CIFI Loan 2024 | –Creative Industry Financing Initiative

Apply for CBN CIFI Loan through GTBank 2024 Application Form Portal | –Creative Industry Financing Initiative

Are you in the creative industry? We want to let you know that there is what is called The Creative Industry Financing Initiative (CIFI) made available for you.

The Creative Industry Financing Initiative (CIFI) is a kind of loan provided by the central bank of Nigeria to those who are in the creative industry to help them expand their business,help create jobs.

You might ask who are these people in the creative industry? Well Those who are involved in music, fashion, entertainment and information technology.

The truth of the matter is that 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 also ask again “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.

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In this article we shall be looking at how you can obtain Creative Industry Financing Initiative (CIFI) Loan directly from CBN through GTBank ( Guaranty Trust Bank) .

Benefits of CBN CIFI loan from GTBank

Do you belong to Software Engineering students? If yes there is 3 million for you to grab here. 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 CIFI loan

You can not just walk up to get the CIFI loan, you should first meet the requirements before applying for the loan. Let’s talk about those requirements for Creative Industry Financing Initiative (CIFI) Loan:

  • 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 recognised 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.
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How to apply for the CIFI loan:

Apply through the GTBank CIFI Portal:GTbank

You can do this through GTbank

And click on apply button

The form requires you enter your business and personal information such as business name, location, phone number etcEnter Personal and Business Names

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.Fill in Bank Details and Email

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 mean to boost job creation among youths and also youth or those who are expected to get this loan should be able to demonstrate the capacity to pay this loan back plus interest.

They must also show prove that their business is a sustainable one capable of running on its own and also pays staff salaries through revenue generated

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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.

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