CBN develops creative Industry Financing Initiative

Image result for CBN develops creative Industry Financing InitiativeThe Central Bank of Nigeria has developed a Creative Industry Financing Initiative to allow beneficiaries get N500 million loan at nine per cent interest rate.

The CBN said the creative industries include fashion, Information Technology, movie production, movie distribution, music and software engineering student loan.

The apex bank stated that Software engineering student will get a loan of N3 million, movie production N30 million and N500 million for movie distribution business, rentals and others.

Interested applicants in the creative industry are to submit applications to their banks for approval and disbursement.

The loans repayment will be on period of 3 years for software engineering student and 10 years for movie production while 10 years for fashion , music and others.

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