Loan application process infomedia nigeeria

Banks Where You Can Apply For Creative Industry Financing Initiative Loan

Last updated on August 6th, 2023 at 06:40 am


You’ve heard about CBN’s CIFI loan and wondering how to access it? We’ve compiled here the Nigerians banks where you can easily submit your application to access the loan.

Purpose of the loan

It is an on-lending scheme designed by Nigeria’s apex bank in collaboration with the Bankers’ Committee. It’s designed to boost job creation in Nigeria. It’s among the six loans funded by the CBN.

They want to achieve this by providing loans at cheaper rates to the Fashion, Information Technology, Movie and Music sector.


A few months ago, the Central Bank of Nigeria (CBN) released an application for creative minds, students and individuals on how to access funds for their creativity.

If you’re creative and have the requirements outlined by the apex bank, we’ll reveal to you some of the Nigerians banks where you can access the loan.

How does Creative Industry Financing Initiative Loan work?

According to CBN those who can benefit from the loan include:

  • Fashion designers
  • Information Technology expert
  • Movie Producers
  • Movie Distributors
  • Musicians
  • Music producers
  • Software Engineering Student Loan

But before you can access CIFI loan, you must first prepare a business plan, a must for anyone who wants to access government loan in Nigeria and part of the world.

The business plan must contain how much you want for your business.

Also Read:  How to Apply For National Automotive Loan In Nigeria (It's Covered By Vehicle Purchase Credit Scheme)

So you’ve been wondering how much you could get, right? Here is what’s in for each of the categories:

  • Software Engineering Student can access up to N3 million
  • Movie Production owners could get up to N30 million
  • N500 million is available for Movie Distribution business

Why you should apply for this loan

  • It is a low cost-single digit funding for your business
  • It has a flexible structure and repayment plans
  • It’s designed to enable you to achieve your long term business goals considering the tenor with a maximum tenor is 10 years.

Can wait to apply? You need to know the conditions for the funding.


The eligibility requirements to access the loan are

  • Business Plan (very important)
  • 3 Years Financial Projections (in terms of profit)
  • Must have a clean/satisfactory credit history.
  • 3 years audited accounts for existing companies (new business is exempted from this)
  • Economic benefits to Nigeria’s economy
  • 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 (CAC)
  • Brief on Directors
  • Tax Identification Number (TIN)
  • Bank Verification Number (BVN)

Others include:

  • Previous /Current Management Position
  • Shareholding
  • At least 2 Credit Reports for the company and each Director
  • Proposed schedule of fund disbursement
  • Proposed schedule of fund repayment (how do you plan to repay?)
  • CBN Intervention(s) which the project is Currently Benefiting from
  • Outstanding Amount(s) in respect of 12 above
  • Minimum Equity Contribution-30% of total project cost
  • Provide evidence of any of the following: Legal mortgage, All asset debenture or Personal Guarantee


Also Read:  Statistics Show Bank Loan Terms, FG Policies Affect Youths Access To Credit Facility in Nigeria

The requirements vary. For instance, to access the Student Software Development Loan, some of the eligibility requirements you must fulfil include:

  • University Degree,
  • NYSC Certificate,
  • Credible Guarantor,
  • Personal Guarantee
  • Must gain admission into a training organisation that has job placement contracts.
  • No bad credit history with CRMS or any commercial bank in Nigeria bank
  • Preference for areas with low IT penetration

It’s time to apply…

How to submit your application

Step 1: Prepare your business plan

Step 2: Go to any of the participating banks with the documents listed above

Step 3: Approach the Relationship Officer at the bank

Step 4: You’ll be contacted for further discussion

Participating banks

Usually, all Nigerians banks are supposed to participate, but we’ve discovered that the most active financial institutions that where you can apply for the Creative Industry Financing Initiative Loan are:

  • NIRSAL (CBN owned bank)
  • Guaranty Trust Bank (GTBank)
  • Access Bank
  • Zenith Bank
  • Polaris

Repayment Mode:

The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.

The repayment period is a maximum of:

a) 3 years for Software Engineering Student Loans

b) 10 years for Movie Production & Distribution, Fashion, Information Technology and Music

How to prepare a business plan for this loan

We prepared a sample of a 2-page business plan summary in one of our publications. The good news is that some of the banks are ready to guide applicants on how to draft a catchy and winning business template.

One of them is Access Bank.

Access Bank stated that it made “arrangements for consultants to assist our customers in preparing their business plans to meet the minimum standard at discounted rates.”

Application portal for Creative Industry Financing Initiative Loan

The application form can be obtained from the participating banks. While some of them make the form available manually, some simplified the application process designing a portal to submit your application online.

Also Read:  How To Apply For Lagos State Employment Trust Fund (LSETF Loan)

If you are applying for CIFI loan through GT Bank, there is an online form to submit to begin the process.


If the loan isn’t for you, don’t worry, we’re coming up with more CBN/Government loans you can apply for.


  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top