The TIES (Tertiary Institutions Entrepreneurship Scheme) of the Central Bank of Nigeria is a program designed to shift undergraduates and graduates of Nigerian polytechnics and universities away from seeking white-collar jobs and toward entrepreneurship. In addition, the scheme aims to provide an innovative financing model that will promote job creation, entrepreneurship development, and economic growth.
Given the country’s high unemployment rate, this program is extremely important to the country’s economy. Recognizing that every business requires capital for startup, the CBN is offering a 500 million naira grant to those who meet its criteria. Continue reading to learn how to get the CBN TIES loan.
How can I apply for the CBN TIES Loan – ₦500M Grant
Before you can apply for a TIES loan, you must first meet the requirements. You simply must have graduated from any Nigerian university or polytechnic within the last seven (7) years and have an entrepreneurial interest.
What type of businesses can apply?
- Agribusiness: Harvesting, processing, storage as well as logistics.
- Information technology: Software/application development, data management, robotics, business process outsourcing.
- Creative industry: Entertainment, publishing, artwork, culinary/event management, photography, fashion, beauty/cosmetics.
- Science and technology: Medical innovation, ticketing systems, robotics, renewable energy, traffic systems, waste management
* Trading activities shall not be eligible for financing under the scheme.
- Going to https://cbnties.com.ng/.
- Click “Apply Now.”
Provide the information and documents required, such as:
- First-degree and NYSC discharge (or exemption certificate);
- Valid mobile phone number (linked to your NIN), BVN, NIN, TIN, and email address;
- Evidence of business registration (certified true copies of relevant CAC documents); and
- Corporate bank account number of business.
Priority will be given to entrepreneurial activities that are innovative and have a high potential for export, job creation, and transformational impact. Female entrepreneurs are also encouraged to apply.
What is the maximum amount I can access under the TIES?
Here is a list of the loan amounts you can access TIES based on your level:
- Tier 1 (Individual projects): Your loan limit is 5 Million Naira with a tenor of only 5 years.
- Tier 2 (Partnership / Company projects with at most 5 individual partners): Your loan limit is 25 Million Naira for a tenor of only 5 years.
What is the TIES interest rate?
From then on, every graduate and undergraduate student who uses the TIES will receive a 5% interest rate until February 2023. It will, however, have risen to 9% by March 2023.
To apply for the CBN TIES loan, you must review the information provided above. It should also be noted that the scheme is only available to Nigerian university graduates and students, as well as Nigerian polytechnic students.
