Friday, July 05, 2019

Creative Sector: AccessDiamond commences loan disbursement - ITREALMS

In line with the Creative Sector Loan, under the Creative Industry Financing Initiative of the Central Bank of Nigeria (CBN), AccessDiamond Bank Plc, has commenced disbursement of loans to beneficiaries in the technology and innovation sector, reports ITREALMS.

The bank disclosed this Wednesday in Lagos at a forum aimed at capacity building and employment creation for individuals and businesses currently into fashion, Information Technology, movie production and distribution, music and student software engineering.

On essence of the initiative, Zonal Head Banking of the  bank at Lekki, Mr. Abidemi Adeboye, said the loan allows for low cost-single digit funding for businesses, flexible structure and repayment plans, opportunity to achieve long term business goals, and excellent financial advisory service.

“The CBN wants to create jobs, develop local capacity, build tech-hubs. We need to bring shared facility to Nigerians. It must be creative jobs for you to secure the loan. If you are planning for the loan, it must be for creative jobs. And you don’t need to be an existing customer of Access Bank to access the loan,” he said.

He noted that the loan is open to tech Start-ups as the aim is to finance tech hubs that will contribute to building the country’s economy, adding that all a loan applicant needs to do is to ensure that they keep record of their business transactions.

Adeboye further explained that those who would access the loans should come up with business plan or statement, must be registered and should be doing what had economic benefits. Such people he said, must have ideas and must have registered business name of their company.

He said that students are free to access the loan for the building of tech Startups and noted that the forum was organized to get more ideas from stakeholders in the technology sector on how best they could disburse the funds to them, and the documents they would need to access the loan.

“Prepare your business plan or statement on how much you want for your business. Go to any Access bank branch with the required document or apply online through Access Bank Creative sector loan portal. Our Relationship officers will contact you for further discussion and process your loan request,” Adeboye said.

Also on the loan repayment structure, he said beneficiaries of the loan have a 3 to 10-year repayment plan to choose from, stressing that the loan comes with zero collateral.

"There is a repayment period of three years for Software Engineering Student Loans, and 10 years for those in Movie Production and Distribution, Fashion, Information Technology and Music," he said.

Adeboye noted that the maximum interest rate of 9 per cent per annum (all charges inclusive) is applicable on all loans in the Creative Sector.

Chuks Egbune/Editor

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