In a bid to support students and small business owners, First City Monument Bank (FCMB) Plc has joined forces with Terra Academy for the Arts (TAFTA) to introduce a credit facility with flexible terms.
This initiative aims to provide access to soft loans for students and small business owners, particularly those in the creative industry.
TAFTA, a renowned provider of world-class creative education and career support, collaborated with FCMB to offer soft loans to emerging entrepreneurs and young professionals. These loans are not limited to the creative industry but extend to agriculture, the digital economy, education, and other sectors.
Key highlights of the credit facility include a competitive interest rate of 9% per annum, flexible repayment tenures ranging from 1 to 12 months (extendable based on individual circumstances), simplified application processes with easy documentation, 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.
The initiative is not limited to FCMB customers, demonstrating a commitment to support educational and creative pursuits from both institutions.
Joseph Umoibom, the Program Lead for TAFTA, emphasized the importance of funding for creative entrepreneurs, stating that this easy access to finance will empower students and alumni to launch creative businesses successfully. The initiative aligns with the goal of nurturing artistic talents and educational excellence while promoting entrepreneurship in pivotal sectors.
This collaborative effort between FCMB and TAFTA aims to bridge the funding gap for creative individuals and businesses, allowing them to acquire essential assets and equipment for creative productions. It represents a significant step in supporting Nigeria’s emerging talents and promoting economic growth through entrepreneurship.