Apply/Register for CBN TIES Loan 2021

Tertiary Institutions Entrepreneurship Scheme (TIES) Loan 2021/2022 – An initiative targeted at empowering graduates of Nigerian Polytechnics and Universities with entrepreneurial skills for Entrepreneurship development, Economic development and Job creation.

Objectives

The broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas. Other specific objectives of the Scheme include:

1. Provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations for value creation in partnership with Nigerian polytechnics and universities for the purpose of economic development and job creation;
2. Fast track ideation, creation and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria;
3. Promote gender balance in entrepreneurship development through capacity development and improved access to finance;
4. Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and
5. Boost contribution of non-oil sector to the nation's GDP.

Eligible Activities (Areas of Business)

The activities to be covered under the Scheme shall include innovative start-ups and budding businesses owned by graduates of Nigerian polytechnics and universities in the following areas:

1. Agribusiness – production, processing, storage and logistics;
2. Information technology – application/software development, business process outsourcing, robotics, data management;
3. Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;
4. Science and technology – medical innovation, robotics, ticketing

NOTE: Trading activities shall not be eligible for financing under the Scheme.

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Available Loans

Tier 1 – Sole Proprietorship

Requirements

1. Bank Verification Number (BVN);
2. Verified first degree certificate (BSc/HND or its equivalent);
3. Verified National Youth Service Certificate (NYSC) discharge or exemption certificate;
4. Certificate issued by polytechnics and universities evidencing entrepreneurship training;
5. Duly signed Global Standing Instruction (GSI);
6. Third party guarantee: a senior federal/state civil or public servant, clergy, recognised traditional ruler, professionals (lawyers, doctors, accountants etc.), confirmed staff of established companies.

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Tier 2 – Small Company / Enterprise

Requirements

The group shall apply as a business entity registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.

1. Bank Verification Number (BVN);
2. Verified first degree certificate (BSc/HND or its equivalent);
3. Verified National Youth Service Certificate (NYSC) discharge or exemption certificate;
4. Certificate issued by polytechnics and universities evidencing entrepreneurship training;
5. Duly signed Global Standing Instruction (GSI);
6. Third party guarantee: a senior federal/state civil or public servant, clergy, recognised traditional ruler, professionals (lawyers, doctors, accountants etc.), confirmed staff of established companies.

Repayment: Interest and principal repayment shall be made monthly on instalment basis by the obligor to the PFIs according to the approved repayment schedule.

How to Apply/Register for Tertiary Institutions Entrepreneurship Scheme (TIES) Loan 2021/2022

Click https://cbnties.com.ng/  to begin creating and managing your TIES Loan Applications online.

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