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Frequently Asked Questions
The Creative Industry Financing Initiative (CIFI) is an on-lending scheme developed by the CBN in collaboration with the Bankers’ Committee to boost job creation in Nigeria by providing loans at cheaper rates to the Fashion, Information Technology, Movie and Music sector.
Businesses in the selected sector.
The tenor differs based on tiers but the maximum tenor is 10 years.
The interest rate is 9 % (all charges inclusive).
You can contact your Account Officer, Contact Centre or visit any Access Bank branch close to you.
No, it is for strictly 100% Nigerian owned businesses.
No, a non-customer can also benefit from this initiative if they are willing to open an account with the bank and meet the requirements.
Detailed business plan including financial plan, economic benefits and three years’ financial projections. This will also include proposed loan disbursement and repayment details.
Yes, 3 years audited accounts for existing companies and Statement of Affairs for start-ups and companies with less than 3 years of existence.
The borrower must have a clean/satisfactory credit history. At least 2 Credit Reports for the company and each director.
The security structure is designed to be flexible and include Legal Mortgage, All Assets Debenture and Personal Guarantee.
The borrower will be required to make at least 30% equity contribution and evidence must be provided at the point of forwarding the application to the CBN.
The Bank has made arrangements for consultants to assist our customers in preparing their business plans to meet the minimum standard at discounted rates.
Yes, the loan has to be approved by the Bank before forwarding to the CBN. The application to the CBN will be accompanied by the complete loan documents including an offer letter executed by the customer issued by the Bank.