Guaranty Trust Bank The Creative Industry Financing Initiative

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Guaranty Trust Bank The Creative Industry Financing Initiative

Benefits

  • Improve access to low-cost and sustainable financing by entrepreneurs and investors in the Nigerian creative and information technology (IT) sub sectors.
  • Boost job creation, particularly among the youth
  • Harness the entrepreneurial potentials of youths within the Nigerian Creative and information technology (IT) sub sectors for economic development
  • Complement other development finance initiatives of the CBN to accelerate financial inclusion

What’s in it for You

  • Up to N500 Million for your creative business.
  • Low Interest of 9% per annum
  • Flexible repayment plan spread over 10 years

Who Can Apply

Entrepreneurs in the following creative industry:

  • Fashion (Designers)
  • Music (Music Production & Distribution)
  • Movie (Movie Production & Distribution)
  • Information Technology (Information Technology & Student Software Development Loan)

Eligibility

  • Your business is duly registered with Corporate Affairs Commission
  • Your Business Proposal
  • Business must have a clean Credit Bureau Report with no unpaid obligations.
  • Business must be among the creative industry
  • Business must have a satisfactory CRMS report of owners, sponsors and directors.

Features

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  • Software Development and Movie
Features Student Software Development Loan Movie Production Movie Distribution
Single Obligor Limit N3million N50million N500million
Interest Rate 9% per annum 9% per annum 9% per annum
Tenor 3 years 10 years 10 years
Moratorium 9 months from date of disbursement 24 months from date of disbursement 24 months from date of disbursement
Repayment Monthly Quarterly Quarterly
Security Arrangement Minimum Equality Contribution (0%), University Degree, NYSC Certificate, Credible Guarantor, Personal Guarantee Minimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee Minimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee
Other Conditions 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 Minimum of 3 years relevant experience. No bad credit history with CRMS or any commercial bank in Nigeria bank. Preference for areas with low cinema penetration. Minimum of 3 years relevant experience. No bad credit history with CRMS or any commercial bank in Nigeria bank. Preference for areas with low cinema penetration.
Funding Structure Minimum Equity Contribution (0%). DMB (Term Loan) – 100% Minimum Equity Contribution (30%). DMB (Term Loan) – 70% Minimum Equity Contribution (30%). DMB (Term Loan) – 70%
  • Fashion, Information Technology (IT) and Music
Features Fashion Information Technology Music
Monetization Equipment Purchase, Rental/Service fees Equipment Purchase, Rental/Service fees Equipment Purchase, Rental/Service fees
Interest Rate 9% 9% 9%
Tenor 10 years 10 years 10 years
Moratorium 36 months from date of loan disbursement 36 months from date of loan disbursement 36 months from date of loan disbursement
Repayment Quarterly Quarterly Quarterly
Security Arrangement Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment. Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment. Minimum Equity Contribution (20%), Mortgage Debenture, Legal Mortgage, Lien on stock of trade and items of equipment.
Other Conditions At least three (3) referrals from recognised sponsors or bodies or organisation, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria. At least three (3) referrals from recognised sponsors or bodies or organisation, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria. At least three (3) referrals from recognised sponsors or bodies or organisation, Minimum of three years (3) relevant experience, No bad credit history with CRMS or any commercial bank in Nigeria.
Funding Structure Minimum Equity Contribution (20%). DMB (Term Loan) – 80% Minimum Equity Contribution (20%). DMB (Term Loan) – 80% Minimum Equity Contribution (20%). DMB (Term Loan) – 80%
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