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
FeaturesStudent Software Development LoanMovie ProductionMovie Distribution
Single Obligor LimitN3millionN50millionN500million
Interest Rate9% per annum9% per annum9% per annum
Tenor3 years10 years10 years
Moratorium9 months from date of disbursement24 months from date of disbursement24 months from date of disbursement
RepaymentMonthlyQuarterlyQuarterly
Security ArrangementMinimum Equality Contribution (0%), University Degree, NYSC Certificate, Credible Guarantor, Personal GuaranteeMinimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal GuaranteeMinimum Equality Contribution (30%), Legal Mortgage, All asset debenture, Credible Guarantor, Personal Guarantee
Other ConditionsMust 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 penetrationMinimum 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 StructureMinimum Equity Contribution (0%). DMB (Term Loan) – 100%Minimum Equity Contribution (30%). DMB (Term Loan) – 70%Minimum Equity Contribution (30%). DMB (Term Loan) – 70%
See also  Guaranty Trust Bank Mobile App
  • Fashion, Information Technology (IT) and Music
FeaturesFashionInformation TechnologyMusic
MonetizationEquipment Purchase, Rental/Service feesEquipment Purchase, Rental/Service feesEquipment Purchase, Rental/Service fees
Interest Rate9%9%9%
Tenor10 years10 years10 years
Moratorium36 months from date of loan disbursement36 months from date of loan disbursement36 months from date of loan disbursement
RepaymentQuarterlyQuarterlyQuarterly
Security ArrangementMinimum 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 ConditionsAt 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 StructureMinimum 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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