Fashion, IT, movie, music creative businesses should leverage CIFI for funding

Date:

Share post:

The Creative Industry Financing Initiative (CIFI) was created last year May via the collaboration of the Central Bank of Nigeria and the Bankers Committee. With a seed fund of N22.9 billion in its kitty, the initiative aims to boost job creation among Nigerian youths by supporting entrepreneurial efforts in the creative industry comprising mainly fashion, Information Technology, movie, and music.

Although not many entrepreneurs are aware of this, the fund is still being administered. Entrepreneurs with valid business proposals aimed at taking advantage of the specified creative fields are taking advantage of it.

In scope, the administration of the CIFI covers:

a. Existing enterprises in the creative industry;

b.Start-ups engaged in the creative industry; and

c. Students of higher institutions engaged in software development.

Creative businesses which fall within coverage of the initiative can access between N3 million and N500 million loans. While all registered commercial banks in Nigeria are considered as Participating Financial Institutions (PFIs), interested entrepreneurs are expected to submit proposals with clear business plan, execution, model, and amount needed, to the closest bank. The bank will scrutinize the proposal. If it finds the business proposal good enough it then sends it to the Central Bank which will make the fund available to the particular bank for disbursement. This is after terms of repayment have been agreed though.

Since funding has been one of the banes of entrepreneurship development in Nigeria, if your business falls with the specified sub-sector and scope, you should approach your bank to get more insight.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

HBR: Four (4) Approach to Diversifying Your Business – Graham Kenny

Summary: Although conventional wisdom suggests that companies should look for growth opportunities close to their core businesses and...

HBR: How to Become a Super Communicator at Work

by Charles Duhigg Summary.    We’re not born knowing how to communicate effectively. Rather, great communication is a skill that nearly anyone...

Opportunities: Orangle Corner Nigeria dangles 40,000 Euros funding before young entrepreneurs

Applications are now open for the 10th cohort of the Orange Corners Nigeria Incubation Programme. The Orange Corners...

Demography key factor in Nigeria’s real estate sector’s evolution – Bartholomew Egbochie

Despite the challenges in the operating environment, experts are projecting growth in the real estate sector. Mr Bartholomew...