CBN Creative Industry Loan 2021 | Applications Currently Ongoing

Applications are currently invited from businesses in the creative industries in Nigeria by the Central Bank.



As part of the CBN's Creative Industry Financing Initiative (CIFI), the apex bank is set to disburse a 9% interest loan through the commercial banks in the country. 

However, only businesses that meet all eligibility criteria will be approved and selected for disbursement. According to reports, the CIFI loan has a flexible repayment period spanning 3 to 10 years.

Eligibility | How to know if you are eligible

The Creative Industry Loan is meant for businesses in the following areas;

  • Fashion
  • Information 
  • Technology
  • Movie Production
  • Movie Distribution
  • Music distribution. 
  • Software Engineering

Businesses applying for this loan must be registered with the Corporate Affairs Commission (CAC), and possess a valid Bank Verification Number (BVN) together with a comprehensive business plan.

It must be noted that stable and developing organizations and businesses stand better chances of getting approval for this loan rather than individuals. In summary, it is advisable to apply as an organization with a registered business rather than as an individual.

Amount of Loan you can Access for Business

You can get a loan of up to:

  • N3 million for Software Engineering Student
  • N30 million for Movie Production business
  • N500 million for Movie Distribution business
  • Rental/service fees for Fashion and Information
  • Technology business
  • Training fees, equipment fees, and rental/service fees for Music businesses

To learn more about loans, kindly read these guides:

How to apply for CBN Creative Industry Loan 2021

The only way to apply for CBN Creative Loan is through your local bank. Walk up to your designated bank and request that you want to apply for CBN Creative Industry Loan. Your bank will discuss your request and plan for your loan disbursement.

Please note that the period of repayment include;

3 years maximum for Software Engineering
10 years maximum for Movie Production and Distribution
10 years maximum for  Fashion, Information Technology (IT) and Music

For more information on the Creative Industry Loan, please visit: www.cbn.gov.ng.

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