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
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 the 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.
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.
- 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.
For more info on how to apply, click the link: https://cbnties.com.ng/
