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CBN offers up to N500 million loans for start-up companies

THE Central Bank of Nigeria in collaboration with Bankers’ Committee recently announced that people in the creative and information industry (CIFI) will be granted start-up loans ranging from N3million to N500million.

The announcement which was made by the CBN through a press release on its websites notes that the scheme is hinged mainly on four pillars in the creative industry—fashion, movie, music and Information Technology.

The initiative is designed to target youth empowerment in order to reduce unemployment in the nation.

Although the total sum allocated to the scheme was not mentioned by CBN, Student of Software Engineering are eligible to receive up to N3million, while people interested in movie Production gets N30 million and N500 million for movie distributors.

“Interested applicants in the creative industry are hereby advised to submit applications to their banks for approval and disbursement,” the statement read.

The apex bank also gave a maximum of 10 years for repayment of loans excluding Software Engineering students loans, as they are expected to refund the loan within three years.

“A maximum interest of 9 per cent is applicable to all loans received,” said the CBN.

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