Access Bank Creative Sector Loan…What you need to know.

Access bank has adopted the CBN initiative designed for entrepreneurs in the creative industry in Nigeria to fund their businesses by making available low cost-single digit funding, thereby improving the economy. The following categories of business are considered:

• Fashion
• Information Technology
• Movie production
• Movie distribution
• Music
• Software engineering student loan

How to apply

• Prepare your business plan or statement
• Visit any Access bank branch with the required documents or apply through the creative sector loan portal
• Submit your business plan and all other required documents
• Following submission of your business plan and other required documents, a relationship officer from Access bank will contact you for further discussion and process of your loan request.
• Upon successful application, an offer letter should be issued to you by the bank stating the amount of loan which you will be given and the payable interest rate and period of repayment

Eligibility requirements

• Business plan
• Economic benefits
• 3 years financial projection
• 3 years audited accounts for existing companies
• Statement of Affairs for start-ups and companies with not less than 3 years of existence
• Copies of duly executed offer documents between the bank and loan applicants
• Certificate of incorporation R.C
• Brief on Directors
• BVN
• Tax Identification Number (TIN)
• Previous/current management position
• Shareholding
• At least two credit reports for the company and each Director
• Proposed schedule of fund disbursement
• Proposed schedule of fund repayment
• Any current intervention from CBN you are benefitting from
• Outstanding amount from existing CBN intervention you are benefitting from, if any
• Minimum equity contribution – 30% of total project cost
• Evidence of any of the following:

1. Legal mortgage
2. All asset debenture
3. Personal guarantee

Kindly note that for individual applicants not all the above requirements are related. Hence, of the above listed, those that do not specifically indicate ‘for companies’ should be considered.
Other benefits of this initiative concerning the business loan available include:

• Flexible structure and repayment plans
• Opportunity to achieve your long-term goals
• Excellent financial advisory services

Note: Maximum interest rate of 9% per annum (all charge inclusive) is applicable on all loans.
The repayment period is a maximum of

1. 3 years for software engineering student loans
2. 10 years for movie production, distribution, fashion, information technology and music.

For further information and verification, please visit www.accessbankplc.com/creativesectorloan
Thank you for reading and please comment if this has been helpful.