Access Bank has commenced disbursement of loans to beneficiaries in the creative industry. This is under the Creative Industry Financing Initiative of the Central Bank of Nigeria.
The first tranche of the CIFI loans would be worth N20bn and made easily accessible to borrowers in the sector.
Bidemi Adeboye, a staff of Access Bank said stakeholders in the creative industries such as fashion; information technology; movie production; movie distribution; music and software engineering student could access the loans.
Adeboye says that the Bank ensures that beneficiaries get the funds as soon as possible. They get the funds within two weeks of completion of documentation and approval of loans.
“The CBN wants to create jobs, develop local capacity, preserve foreign exchange and ensure empowerment in the entertainment industry.
“It is more interested in providing infrastructure funding such as film house, equipment, studio, and auditorium. Hence, these will make it easier for the entertainers to operate at a lower cost and be able to make a profit,” Adeboye added.
Also, Adeboye stated that these loans have a maximum interest rate of nine percent per annum and a repayment period of up to 10 years.
According to Adeboye, it is expected that those who want to access the CIFI loans come up with a business plan or proposal; they must be registered for doing what has economic benefits.
Executive Director, Business Banking at Access Bank Plc, Mrs. Chizoma Okoli, said the CBN Creative Industry Financing Initiative Fund (CIFI) was established in conjunction with the Bankers’ Committee and will enable businesses in the industry to obtain loans of up to N500 million.
Even more, she said the initiative is targeted at boosting job creation in Nigeria, particularly among the youths.
Okoli said the bank decided to organize a forum with the stakeholders in the entertainment industry, to get more ideas from them on how best they could disburse the funds to them, and the documents that would be needed.
Musician, Oladapo Oyebanjo, also popularly known as D’banj, urged the bank to make the loans easily accessible as promised.
“Most times when we apply for loans, it usually takes up to six months for us to get such. This will be a good development if we can access the loans within two weeks.” D’banj said.
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