CBN N500k Grants Opens for Graduates, Undergraduates 2022/2023

CBN N500k Grants Opens for Graduates, Undergraduates 2022/2023

Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities to exploit the potential of graduate entrepreneurs in Nigeria..

Pex Bank said TIES aims to increase access to finance for Nigerian polytechnic and university graduates and graduates with innovative business and technological ideas.

To reduce unemployment, the Central Bank of Nigeria has developed grants for graduates and students. Visit cbnties.com.ng portal for CBN N500k grants registration.

The Supreme Bank said the creation of the TIES aims to address the trend of white-collar job seekers and focus on job creation.

Eligibility Criteria / CBN presents N500 scholarships to graduates
Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:

First-degree certificate (BSc/HND/ or it is equivalent);

ii. National Youth Service Certificate (NYSC) discharge or
exemption certificate;

iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and

iv. Not more than 7 years post-NYSC

Is TIES a grant?

  • The Term Loan Component is NOT a grant but a loan repayable over an agreed tenor for a specific purpose with clear terms and conditions.
  • The Equity Investment Component shall be in the form of injection of fresh capital for start-ups, expansion of established businesses or reviving of ailing entrepreneurial businesses. The Component shall be implemented under the AGSMEIS Equity window.
  • The Development Component of TIES is in form of grants to Nigerian Polytechnics and Universities after participating and coming top in a National biennial (ie. once in 2 years) entrepreneurship competition.
  • The competition is aimed at raising awareness and visibility of high[1]impact entrepreneurial/technological ideas among undergraduates, promote entrepreneurial talent hunts in Nigerian polytechnics and universities, as well as encourage innovations that are commercially viable and with transformational impact.

Who is eligible to apply for TIES?
Graduates of Nigerian Polytechnics and Universities shall be eligible to participate under the Term Loan Component.

What is the interest rate for TIES?
5% from now to February 2023 ( and 9% from March 2023).

How will the loan repayment be scheduled?
Interest payment and principal repayment shall be made on monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.

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