Union Bank Creative Industry Funds – The Creative Industry Funding is an initiative of the Central Bank to finance entrepreneurs in the creative and information technology space.
The funding is focused on the following sub-sectors:
- Music:
- Fashion
- Movie production and distribution
- Information technology
You can only access the fund if you have an existing business in the creative space, a start-up in the creative space or if you’re a student of higher institutions developing a software.
Loan Benefits
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- Flexible repayment structure
- Financial support to achieve your business goals
Loan Requirements
You’ve got a bright idea? Great, you will need the following requirements to access this funding to bring your idea to life.
- Business plan
- Personal Guarantor
- The proposed source of repayment
- At least three referrals from a recognised body, sponsor or association
- At least three years of relevant experience
- Evidence of Legal Mortgage
- Evidence of asset debenture
- Minimum equity contribution – 20% – 30%.
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How The Loan Works
- Walk into any union bank branch
- The relationship officers explain the documentation process for your application
- Your bank will discuss your request and provide you with the money in due time.
- The maximum interest rate for all loans is 9.0% per annum (all charges inclusive)
- The period for repaying the loan is as follows:
- A maximum of three years for the Software Engineering Student Loan
- A maximum of ten years for Fashion, Movie Production and Distribution and Music
How to Apply
Interested individual should visit Application Portal to apply.
