By Modupe Gbadeyanka
A credit facility with flexible terms to support students and businesses in various sectors has been designed by First City Monument Bank (FCMB) Plc in partnership with Terra Academy for the Arts (TAFTA).
The leading provider of world-class creative education, career support, and entrepreneurial opportunities said it collaborated with the mid-level lender to enable students and small business owners, particularly those in the creative industry, to have access to funds.
Through this provision of soft loans, TAFTA hopes to further establish itself as a prominent institution committed to nurturing artistic talents and educational excellence.
The funds, which were also made possible through the support of the Mastercard Foundation, would also be given to players in agriculture, the digital economy, education, and the creative sectors.
The loans come with a competitive interest rate of 9 per cent per annum, making it one of the most affordable options for emerging entrepreneurs and young professionals.
The credit facility offers flexible repayment tenure ranging from 1 to 12 months, which can be extended based on individual circumstances. Monthly loan repayments are streamlined, allowing for ease of transfer or collection; the application process is simplified with easy documentation, and loan processing is expedited to ensure 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 process is streamlined and convenient with online applications.
A statement made available to Business Post indicated that this opportunity is open to applicants who are not FCMB customers, showcasing the commitment of both institutions to support educational and creative pursuits.
Commenting on the initiative, the Program Lead for TAFTA, Mr Joseph Umoibom, stated that this partnership showcases his company’s commitment to empowering individuals and enterprises in pivotal sectors.
“Creative People often have very profitable ideas, but their greatest obstacle is funding. This easy access to finance will afford our students and alumni the opportunity to launch their creative businesses by funding tangible assets like editing suites, video cameras and other equipment used in creative productions,” he said.
