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 FCMB Bank 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 partnership with FCMB Bank, 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 9 percent per annum, making it one of the most affordable options for emerging entrepreneurs and young professionals.
Mr. Joseph Umoibom, Program Lead, TAFTA, stated that this 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 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 500,000 Naira, while businesses have the opportunity to access up to 1,000,000 Naira in financial assistance.
The initiative is poised to revitalize, strengthen, and expand both existing and new businesses, contributing to economic recovery and growth. This opportunity is also open to applicants who are not FCMB customers, showcasing the commitment of both institutions to support educational and creative pursuits.
