Q: What is the CBN Creative Industry Financing Initiative (CIFI)?
A: The Creative Industry Financing Initiative (CIFI) is an on-lending scheme developed by the CBN in collaboration with the Bankers’ Committee to boost job creation in Nigeria by providing loans at cheaper rates to the Fashion, Information Technology, Movie and Music sector.
Q: Who is eligible for this loan?
A: Businesses in the selected sector.
Q: What are the selected areas in the Movie Industry?
- Movie production
- Movie distribution - Cinemas
- Movie production - Equipment Financing
Q: What is the tenor for the product?
A: The tenor differs based on tiers but the maximum tenor is 10 years.
Q: What is interest rate on the product?
A: The interest rate is 9 % (all charges inclusive).
Q: How does one apply for the loan?
A: You can contact your Account Officer, Contact Centre or visit any Access Bank branch close to you.
Q: Can Non- Nigerian owned businesses benefit from this initiative?
A: No, it is for strictly 100% Nigerian owned businesses.
Q: Do I have to be a customer of Access Bank to benefit from this initiative?
A: No, a non-customer can also benefit from this initiative if they are willing to open an account with the bank and meet the requirements.
Q: Is there be a moratorium period for this initiative?
A: Yes
Q. What documents do I need to submit to the Bank in support of my application?
A: Detailed business plan including financial plan, economic benefits and three years’ financial projections. This will also include proposed loan disbursement and repayment details.
Q: Do I need to submit audited accounts in support of my application?
A: Yes, 3 years audited accounts for existing companies and Statement of Affairs for start-ups and companies with less than 3 years of existence.
Q: Do I need to submit audited accounts in support of my application?
A: Yes, 3 years audited accounts for existing companies and Statement of Affairs for start-ups and companies with less than 3 years of existence.
Q: Can a borrower with a bad credit report apply?
A: The borrower must have a clean/satisfactory credit history. At least 2 Credit Reports for the company and each director.
Q: What is the proposed security for the loans?
The security structure is designed to be flexible and include Legal Mortgage, All Assets Debenture and Personal Guarantee.
Q: What is the expected minimum equity contribution?
A: The borrower will be required to make at least 30% equity contribution and evidence must be provided at the point of forwarding the application to the CBN.
Q: How do I prepare a business plan to meet the expected standard?
The Bank has made arrangements for consultants to assist our customers in preparing their business plans to meet the minimum standard at discounted rates.
Q: Will the loan be processed and approved by the Bank before forwarding to the CBN?
A: Yes, the loan has to be approved by the Bank before forwarding to the CBN. The application to the CBN will be accompanied by the complete loan documents including an offer letter executed by the customer issued by the Bank.