CBN N1,350,000 Creative Industry Financing Initiative (CIFI) Loan Scheme
Ondo State CBN Creative Industry Financing Initiative (CIFI) Loan Scheme
The Creative Industry Financing Initiative (CIFI) is a loan scheme developed in collaboration with the Central Bank of Nigeria (CBN) to provide access to long term and low interest financing for entrepreneurs in the creative industry such as, Fashion, Music, Movies, Gaming, Information Technology, and others.
To achieve this vision, Envivo Communications has partnered with CBN to run internship programs and all interns have to apply for the loan scheme to participate in any of these programs.
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As part of the program interns are mentored and taken through an incubation process leading to a tech venture or solution that will be taken to market. These ventures will also be seed-funded through another CBN loan, under the AGSMEIS program.
WHAT IS THE DURATION OF THE INTERNSHIP
The internship period is broken down into three parts
Training (6 months)
Mentorship and Ideation (3 months
Incubation, Development and Go to Market – 2 years.
When do I have to pay the loan back?
The loan repayment will commence after you have completed your internship program and this can be in one of two ways.
Start a venture which would be funded by AGSMEIS and your loan will be repaid from your funding.
You would be placed on projects internally or externally where you will earn income and repayment would be deducted from your income.
Is it compulsory to take employment offer by Envivo?
No
Can I still work and take on the internship?
It’s an intensive program but you can work part time as long as you can still commit at least 6 hours of your day to the program.
Is the Internship program offline and online?
The internship program not offline at all. It’s online but it’s a combination of self-paced and live virtual classroom.
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Do we get paid during the internship?
Yes. Interns will receive a stipend of N30,000 monthly for the first 9 months.
Why do I need to submit my certificate?
Certificates submitted will serve as a collateral to the bank (CBN) for the loan collected to cover the internship program- this is why original documents are required.
What happens if the need arises for personal use of my certificate?
If such a situation occurs where intern needs certificates for a short term after he/she has been documented, Envivo will make the document available with an understanding in place.
Can I withdraw from the Internship?
If an intern decides to withdraw from the programme prior to disbursement of the loan but after registration, they must follow the following steps
Payment of N20,000.00k Administration Fee
Refund all allowances collected to date of withdrawal
Pay for any registered courses
Payment for device (laptop or Note)
If the intern decides to withdraw after loan disbursement then they must repay the loan fully prior to withdrawal and collection of original documents
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How much is the loan?
N1,350,000.00k (One Million, Three Hundred and Fifty Thousand Naira only)