First City Monument Bank (FCMB) Plc has teamed up with Terra Academy for the Arts (TAFTA) to launch a new credit facility aimed at providing crucial financial support to students and small business owners across Nigeria. This initiative, designed to benefit individuals in various sectors, especially the creative industry, offers soft loans with flexible terms.
Key features of this credit facility include a competitive annual interest rate of just 9%, flexible repayment options ranging from 1 to 12 months (with the possibility of extension based on individual circumstances), a streamlined application process with minimal documentation requirements, and expedited loan processing for timely assistance. Individuals can apply for loans of up to N500,000, while businesses have the opportunity to access up to N1 million in financial assistance.
One noteworthy aspect of this initiative is that it is not exclusive to FCMB customers, reflecting a shared commitment by both FCMB and TAFTA to support educational and creative endeavors in Nigeria.
Joseph Umoibom, the Program Lead for TAFTA, highlighted the critical role of funding for creative entrepreneurs, underscoring that this easy access to finance will empower students and alumni to successfully launch creative businesses. This initiative aligns with the overarching goal of nurturing artistic talents, fostering educational excellence, and promoting entrepreneurship in key sectors.
The collaborative effort between FCMB and TAFTA is poised to bridge the funding gap for creative individuals and businesses, enabling them to acquire essential assets and equipment necessary for creative productions. This partnership marks a significant milestone in supporting Nigeria’s emerging talents and fostering economic growth through entrepreneurship.
[Source: MSME Africa Online]
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