Speaking with Punch in an interview monitored by Unmask NG, Afolayan admitted that his filmmaking career has not been a smooth as many people may have been perceiving. Rather, he said there have been many rough edges right from the moment he ventured into acting.

He said, “I am always having to borrow money from banks to actually do most of the things I do. And sometimes you when you have projections, you would have to find a way to ensure that your name is protected and find a way to pay back so that you can continue to enjoy those kinds of benefits and facilities.”

In the course of the interview, he also hinted that he was part of the beneficiaries of Creative Industry loan by the Central Bank of Nigeria (CBN), saying he used the secured loan to fund his projects.

While maintaining that he’s a filmmaker with entrepreneurship charisma, Afolayan noted that he has been faced with the responsibility of balancing his art and business.

Revealing why he featured First Bank Chairman, Ibukun Awosika, in his movie much-anticipated movie, Citation, and how he was able to secure her availability for the shooting of her roles, Afolayan said: “I saw her in my dreams. I’m a follower of her energy and what she stands for. She is a woman of integrity and high esteem, particularly, she is an advocate for gender equality, and dignity.

“Honestly, prior to the time I was inspired to want to work with her, I didn’t see it coming. Just like I said, I was talking to her in my dream about the movie. In the dream, I was explaining her role to her, and that was when it dawned on me that I had to feature this woman no matter what it takes. She’s however a very busy woman, and that was the only thing I had to contend with. Imagine locking her down for 5 days outside of Lagos. I think it took divine intervention.”

Meanwhile, Citation, which is Afolayan’s forthcoming movie, will on Tuesday, November 6, 2020, premier exclusively on streaming platform Netflix.

Watch the movie trailer below:

The post Kunle Afolayan: I Fund Most Of My Movies With Bank Loans appeared first on Business News in Nigeria.

Afolayan, in a recently-held interview, said it was difficult to finance the loan due to the lingering COVID-19 in the country, adding that he started financing the loan from the first month it was secured despite the pandemic.

His words; “The intervention fund is a loan by the Central Bank, and it’s called creative industry loan. So, we accessed the loan, and we managed to secure properties. We arranged to start developing because our rent had already due where we were. But the whole pandemic thing really set us back.

“We started paying interest from the end of the first month of accessing this loan, and there was no revenue coming in. And it’s not a small amount of money. You can imagine paying 800,000 as just interest without the principal, and you aren’t growing any revenue yet.

“I think a month after, there was a directive from the CBN that the loan should be reduced by a certain percentage, and the interest rate helped to some extent. But we are still not generating revenues, and we are still required to pay.”

Here’s what you should know

Recall that in May 2019, the apex bank collaborated with the Bankers’ Committee, a move aimed at enabling investors and entrepreneurs in the IT and creative industry, to access credit facilities up to the tune of N500 million.

According to a circular seen by Unmask NG, the initiative was targeted at boosting job creation in Nigeria, particularly among the youths.

To be eligible for the loan, the CBN stated that interested candidates must have businesses in areas of the followings;

• Fashion
• Information Technology
• Movie Production
• Movie Distribution
• Music and
  Software Engineering Student Loan

Having satisfied the requirements of having a business in any of the areas highlighted above, interested applicants were then required to prepare a business plan or proposal on how much is needed for such a business.

How to obtain the CIFI loan – According to CBN, loans accessible through CIFI is in the tune of N500m. Breakdown of loans accessible are listed below

• N3 million for Software Engineering Student
• N30 million for Movie Production business
• N500 million for Movie Distribution business
• Cover your rental/service fees for Fashion and Information Technology business
• Cover your training fees, equipment fees, and rental/service fees for Music business

Terms and conditions of loan request: In fufilment to its promise of a single digit interest rate, the CBN stated that loans can be accessed at any bank applicant’s choice with a maximum interest rate of 9% per annum (all charges inclusive) on all loans.

Repayment plan and period: The repayment plan and period differ across business sectors from software engineer to fashion and Information Technology.

• For Software Engineering Student Loan, it is a maximum of three years
• For Movie Production and Distribution, it is a maximum of ten years
• For Fashion, Information Technology (IT) and Music, it is a maximum of ten years

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