CIFI: Access Bank Plc opens window for N20bn credit facility

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Access Bank Plc has opened its window of disbursing loans to beneficiaries, under the Creative Industry Financing Initiative (CIFI) of the Central Bank of Nigeria (CBN).

In a statement sent to Nairametrics, a lender revealed that Nigerians that operate in the creative industry should take advantage of this opportunity, as the CBN initiative offer loans at 9 per cent that can be paid within a period of ten years.

Sectors classified under the creative industry: Sectors that the CIFI will consider to give loans to include: Music, Movies, Fashion, and Information Technology.

[READ MORE: Wigwe felicitates with Access team over recent win at the Africa CEO Forum.]

Why Access Bank is opening its doors for Nigerians to take the loans: Access Bank noted that the CIFI would create job opportunities and stimulate growth of SMEs in the identified industries.

The lender also said that the initiative affords one to access a credit facility at a cheaper interest rate, with more flexible repayment period.

The CBN initiative, according to Access Bank, will also enhance capacity building.

[READ ALSO: Access Bank pledges ₦1Billion to promote SMEs in the health sector.]

Requirements: To qualify for the credit facility, the potential beneficiaries of the credit facility must provide the followings:

• business plan;
• financial plan;
• cconomic benefits;
• 3 years audited accounts for existing companies;
• statement of affairs for start-ups and companies with less than 3 years of existence;
• copies of duly executed offer documents between the bank and loan applicants;
• certificate of incorporation;
• directors’ profile;
• BVN;
• Tax Identification Number (TIN);
• previous/current management position;
• shareholding structure;
• at least, 2 credit reports for the company and each director;
• proposed schedule of loan repayment;
• Board Credit Committee Report (Where applicable);
• CBN intervention(s) which the project is currently benefitting from (CIFI);
• outstanding obligations from other CBN interventions; and
• provision of evidence of Minimum equity of contribution (30 per cent), Legal mortgage, all asset debenture, and personal guarantee.

How CBN is approaching the CIFI: CBN is collaborating with the Bankers’ Committee in order to boost job creation and drive engagement, particularly among the youths.