Terra Academy for the Arts (TAFTA), a leading provider of world-class creative education, career support and entrepreneurial opportunities, has announced a strategic partnership with First City Monumental Bank (FCMB) to provide soft loans with flexible terms to support students and businesses in various sectors.
Through this, TAFTA continues to establish itself as a prominent institution committed to nurturing artistic talents and educational excellence.
The academy said the partnership with FCMB, with the support of Mastercard Foundation, aims to extend financial assistance through soft loans, enabling students and businesses to thrive.
It will focus on critical sectors, including agriculture, the digital economy, education and the creative industry. The loans come with a competitive interest rate of nine percent per annum, making it one of the most affordable options for emerging entrepreneurs and young professionals.
Mr Joseph Umoibom, Programme Lead, TAFTA, stated that the partnership showcases TAFTA’s commitment to empowering individuals and enterprises in these pivotal sectors.
He said, “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 camera and other equipment used in creative productions.”
The loans offer an array of benefits including flexible repayment tenure ranging from one 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.
The initiative is poised to revitalise, strengthen and expand both existing and new businesses, contributing to economic recovery and growth. The opportunity is also open to applicants who are not FCMB customers, showcasing the commitment of both institutions to support educational and creative pursuits.
READ ALSO FROM NIGERIAN TRIBUNE
and then