CBN Tertiary Institutions Entrepreneurship Scheme Application Portal Requirements and How to Apply @ cbnties.com.ng

Charbens Benedict

2 years ago

CBN Tertiary Institutions Entrepreneurship Scheme Application Portal Requirements and How to Apply @ cbnties.com.ng

The central bank of Nigeria (CBN) in a bid to tackle unemployment in Nigeria has launched the Tertiary Institutions Entrepreneurship Scheme (TIES) for polytechnic and university graduates with entrepreneurial skills for Entrepreneurship Development, Economic Development, and Job creation.

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What you Should Know About TIES in Summary

The Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship geared towards job creation, economic growth, and sustainable development.
The scheme is created by CBN in partnership with the academia( Universities and Polytechnics) to unleash the potential of the Nigerian graduate entrepreneurs (gradpreneurs) by providing re-orientation, training, and an innovative financing model that will enhance the entrepreneurial ecosystem with transformational impact on the economy.
The finance offered by the scheme is a loan, not a grant

Types of Businesses Eligible to Apply for TIES Loan

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

Categories Of Loan Available in TIES, Amount Offered and Interest Rate

The TIES loan have two major categories which interested applicants can apply for

Tier 1 – Sole Proprietorship
Tier 2 – Small Company / Enterprise

Sole Proprietorship

This is for sole proprietorship businesses, limited liability companies, and small companies as defined by CAMA.

Applicants under this category are eligible to get up to 5 million Naira with a repayment tenor of 5 years and a moratorium of 12 months(time before repayment starts depending on your type of business).

The interest rate is 5% from now to February 28, 2022 ( and 9% from March 1, 2022).

Small Company / Enterprise

This is for Partnerships businesses registered either as Limited Liability Companies and Small Companies as defined by CAMA.

The maximum amount under this category is 25 million Naira with a 5 years repayment tenor and a moratorium period of up to 12 months depending on your type of business.

The interest rate is 5% from now to February 28, 2022 ( and 9% from March 1, 2022)

Requirements for Sole Proprietorship Businesses in TIES Loan

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

Requirements for Small Company / Enterprise Businesses in TIES Loan

The group shall apply as a business entity registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.
Bank Verification Number (BVN);
Verified first-degree certificate (BSc/HND or its equivalent);
Verified National Youth Service Certificate (NYSC) discharge or exemption certificate;
Certificate issued by polytechnics and universities evidencing entrepreneurship training;
Duly signed Global Standing Instruction (GSI);
Third-party guarantee: a senior federal/state civil or public servant, clergy, recognized traditional ruler, professionals (lawyers, doctors, accountants etc.), confirmed staff of established companies.

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How to Apply for CBN Tertiary Institutions Entrepreneurship Scheme Loan

Interested candidates are to complete their application form online via the TIES loan application portal at https://cbnties.com.ng/

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