You have to apply for CBN CIFI GTBank Loan 2021 through gtbank.com -Creative Industry Financing Initiative. But there are some of you who do not know how to apply for CBN CIFI GTBank Loan 2021.
And want to know the right guidelines to clear this dilemma and apply for the loan on gtbank.com. To end this dilemma, this post will help you if you read it completely.
If you work in the creative industry or want to start your own creative industry, a scheme called the Creative Industry Financing Initiative (CIFI) is available to you.
You can get up to N500 million for this industry which is supported by GTBank and funded by the Central Bank of Nigeria.
About CBN CIFI GTBank Loan
This loan scheme has been developed in collaboration with the Central Bank of Nigeria (CBN). Which is called Creative Industry Financing Initiative (CIFI). This scheme is available to entrepreneurs in the creative industry including fashion, music, cinema at low interest with long tenure.
There is more than 500 million Naira available for the business of the beneficiaries which they get to use in the business as it is a loan, not a free grant.
The annual rate on CBN CIFI GTBank Loan is 9% which is a good and low-interest rate. Flexible repayment plans spread over 3 to 10 years.
How to Get Creative Industry Financing Initiative (CIFI) Loan
- Are you wondering “How do I get a loan from the Central Bank of Nigeria?”
- Do I have to go to the central bank to apply for the loan?
You can get the loan, and for this, you do not even need to go to the central bank, because there is a partner bank available for the same.
This article explains how you can get a Creative Industry Financing Initiative (CIFI) loan directly from CBN through GTBank.
But before that must know the benefits of the CBN CIFI loan from GTBank.
Benefits of CBN CIFI Loan from GTBank
- 3 million loans is available for software engineering students.
- N500 million is available for business related to movie distribution businesses.
Requirements for CBN CIFI GTBank Loan
The CBN will have to fulfill the under-listed requirements before proceeding on the CIFI loan application portal:
- You are a Nigerian citizen. (Get your Voter Card, NIN, International Passport, etc.)
- You run a business that operates in the following categories:
and information technology
- Your business must be recognized by law (must be registered with the Corporate Affairs Commission (CAC))
- Must have a clear business plan
- an email address and phone number
- Your business should be free of any kind of debt at the time of registration.
- Credit bureau reports with unpaid obligations.
How to Apply for CIFI Loan:
Interested and suitably eligible candidates should click here to apply online.
- After clicking on the apply button, add your business and personal information to the application form. Quote: Business name, location, phone number, etc.
- Select the bank where your business account is held and input your bank details such as account number.
- Enter the email address and re-enter to confirm.
- You will use the drop-down menu to select your category of business (Fashion, Movie Production/Distribution, IT, Music or Student Software Development).
- Do complete revision once before clicking on submit button.
This loan is to increase employment between the youth and Nigeria. Those who wish to use this loan are expected to pay the repayments and interest stipulated in the loan agreement.
They also need to prove that their businesses are sustainable and profitable which takes their business to great heights.
Any business that does not have the ability to stand the test of time will not be eligible.
In our view, this loan is not for everyone, it is specific to existing businesses that already have a foothold in the creative industry.
If you don’t have a chance to get this loan right now, don’t worry. The better thing is that you can grow your business further so that it can qualify in the near future.