Hey! It’s 2020 – and yes, the start of a new decade. You have got that spark, that rush of ideas to take your fashion business to the next level, but something seems to be holding you back. Funding? You are not alone.
Over the last few years the fashion industry in Nigeria and Africa as a whole has grown massively as designers continue to create fashion pieces using bold colours and awesome concepts.
The fashion concepts have seen Africa become a recognised hub for designers globally, while creating jobs for several people.
All these point to the fact that the industry of fashion is poised for greatness, however, the issue of financing still stands in its way.
If you are a designer in Nigeria, getting funding loans might not be so difficult as it seems.
Sometime last year, the Central Bank of Nigeria (CBN) in collaboration with Nigerian banks developed a Creative Industry Financing Initiative – in a move to drive job creation in the country.
These loans are available to people in the fashion industry among others to boost their business.
Entrepreneurs could get from N500,000 to N500 million in loan at a maximum interest rate of just 9% per annum. In order to make this loan easier for business owners, the repayment period could stretch for as long as 10 years.
To apply you will need to come up with and submit your business plan – this is to ensure that the business has economic benefits to people and is scalable.
Once all documentations are completed and your loan is approved, the loan is expected to be disbursed within two weeks – pretty fast too compared to the months it normally takes to secure loans of such huge amounts.
With financing out of the way, 2020 could just be on its way to getting lit for your business. You can head over to CBN’s site for directives here.