Do you have ideas or dreams that you wish to turn into a reality? Are you into fashion, information technology, movie production, movie distribution, music or a software engineering student and you need a loan to finance your business? Well we have some good news for you. Access Bank in conjunction with the Central Bank of Nigeria is using the Creative Sector Loans to help people like you.
What Is The Access Bank Creative Sector Loan
The Access Bank Creative Sector Loan is a loan by the Central Bank of Nigeria with a single digit interest plan that is aimed at helping talented, creative and business oriented Nigerians to start and grow their business. It’s main purpose is to create jobs and employment for individuals in the country.
You can apply for the Creative Sector Loan through Access Bank. If you are in any of the fields previously mentioned and need finances for your business you should consider this low interest loan to start and build your business.
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Nigerians have goals and both CBN and Access Bank understand this hence the introduction of the Creative Sector Loan. This loan is aimed at individuals within the creative sector who have business goals and feels he or she has what it takes to succeed.
If you don’t already have a business you can also apply for the Creative Sector Loan. Just draft out your business plan and submit it at any Access Bank branch close to you. If your business plan is good you might just get the business loan.
Features And Benefits Of The Access Bank Creative Sector Loan
- Loan to finance your business plans
- Helps to grow your existing business
- The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.
- Have a relatively long duration to make repayment.
- 3 years repayment time for Software Engineering
- 10 years for Movie Production & Distribution, Fashion, Information Technology and Music
- Access to millions of naira to finance your project
- Low cost-single digit funding for your business
- Flexible structure and repayment plans
- Opportunity to achieve your long term business goals
- Excellent financial advisory service
Who Can Apply For The Access Bank Creative Sector Loan
People who own a business in the following sector can apply. If you also have a good business plan in any of the following sector you can apply too.
- Information Technology
- Movie Production
- Movie Distribution
- Software Engineering Student Loan
How To Apply For The Access Bank Creative Sector Loan
- Prepare your business plan or statement on how much you want for your business.
- Go to any Access bank branch with the above mentioned document or apply online through our Creative sector loan portal
- Access bank Relationship officers will contact you for further discussion and process your loan request.
The interest rate of this loan is pegged at 9% per annum. This means that the loaned amount accrues a 9% increase every year until the loan is paid off. In a bit to clarify this we have done a simple calculation below.
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Assuming you got a Two million Naira loan with the Creative Sector Loans. The loan accrues a 9% increase as interest every year. Below is how it will look like for three years.
Loan amount = 2,000,000
Interest rate = 9%
Year one of Loan = 9 * 2 000 000
N18 000 000
18 000 000/100= N180 000
The above means that every year the total value of the loan increases by N180,000 as interest for N2,000,000. If the loan runs for lets say 3 years it means you’ll pay 180,000 * 3 + 2,000,000 = N2,540,000. At the end of 3 years the total money you are to return will be N2,540,000.
Follow the steps above to calculate for other amounts and duration of years. Its a pretty simple calculation that helps you understand how much you are to pay back at the end of the business loan.
Any Nigerian in the creative industry with a good business plan can apply for this business loan. It is meant to help create employment and jobs for Nigerians. Applying is easier than you think and you might just get the loan with a good business proposal.
The Access Bank Creative Sector Loan is a nice business loan for anyone who wishes to start a business. There might be someone who needs money to establish his or her business ideas and you can help by sharing this post on social media. Please use the share buttons below to share our posts on Facebook, Twitter and Pinterest.