Tertiary Institutions Entrepreneurship Scheme (TIES) – The Central Bank of Nigeria, as part of its effort to boost economic growth and reduce unemployment among graduates of Nigeria Polytechnics and Universities, introduced the Tertiary Institutions Entrepreneurship Scheme.
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 Central Bank of Nigeria(CBN) therefore developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with the academia (Universities and Polytechnics) to unleash the potential of the Nigeria 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.
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:
• 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
NOTE: Trading activities shall not be eligible for financing under the Scheme.
Focal Components of TIES;
The Scheme shall be implemented through three (3) components:
• Term Loans;
This shall be in the form of soft business loans. Only graduates of Nigerian polytechnics and universities that have undergone entrepreneurship training shall be eligible to participate under this Component.
Tier 1 – Sole Proprietorship;
Description:
For sole proprietorship businesses, limited liability companies and small companies as defined by CAMA
Tenor:
• 5 years
Loan Limit:
• N5 million
Interest Rate:
• 5% from now to February 28, 2022 ( and 9% from March 1, 2022).
Moratorium:
Maximum of 12 months (dependent on type of business)
Requirements;
• 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, recognised traditional ruler, professionals (lawyers, doctors, accountants etc.), confirmed staff of established companies.
The top five (5) Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
• First place N250.0 million;
• Second place N150.0 million;
• Third place N100.0 million;
• Fourth place N75.0 million; and
• Fifth place N50.0 million.
The grants shall be in the following areas:
• Agribusiness;
• Information technology;
• Creative industry; and
• Science and technology
• Interested Nigerian polytechnics and universities shall apply on a dedicated online portal with brief details of the project, likely impact and evidence of originality of project.
How To Apply
Interested and qualified applicants should Click Here To Apply
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