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2022 CBN Tertiary Institutions Business Loan For Young Nigerians – Apply Now

Looking for how to obtain business loan for your business idea if yes then read about the Tertiary Institutions Entrepreneurship Scheme (TIES) a Central Bank of Nigeria (CBN) initiative to address rising youth unemployment and underemployment. TIES application form 2021 is now available on the TIES portal.

CBN developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

The Scheme shall be implemented through three (3) components:

Term Loan Component;
Equity Investment Component; and
Developmental Component
Details
Tertiary Institutions Entrepreneurship Scheme (TIES) 2021 is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation. The Scheme thus aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.

Activities to be covered under the Scheme shall include innovative start-ups and existing 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 systems, traffic systems, renewable energy, waste management; and v. Any other activity as may be determined by the CBN from time to time.
Note: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

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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:

Provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations;
Fast track ideation, creation and acceleration of a culture of innovationdriven entrepreneurship skills among graduates of polytechnics and universities in Nigeria;
Promote gender balance in entrepreneurship development through capacity development and improved access to finance;
Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and
Boost contribution of non-oil sector to the nation’s GDP.
Requirements
Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:

First degree certificate (BSc/HND/ or its equivalent);
National Youth Service Certificate (NYSC) discharge or exemption certificate;
Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
Not more than 7 years post-NYSC.
The beneficiary shall:

Apply on the dedicated online portal and provide all requisite documentation to support the application;
Present for verification original copies of submitted certificates and documents;
Submit business proposal and other documentation requirements
Adhere strictly to the terms and conditions of the Scheme and avoid any forms of plagiarism in the project idea;
Utilize the funds for the purpose for which it was granted;
Present the business and its location for mapping/tagging, as well as monitoring and evaluation;
Maintain accurate and up-to-date records available for inspection/verification by the CBN and Monitoring Team; and
Adhere strictly to the terms and conditions of the Scheme.
Reward
Five (5) top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:

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First place – N150.0 million;
Second place – N120.0 million;
Third place – N100.0 million;
Fourth place – N80.0 million; and
Fifth place – N50.0 million.
The grants shall be in the following areas:

Agribusiness;
Information technology;
Creative industry; and
Science and technology.
Required Documents
To apply, candidates must be ready to submit the following documents;

First degree certificate (BSc/HND/or its equivalent);
National Youth Service Certificate (NYSC) discharge or exemption certificate;
Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training;
Letter confirming the applicants’ deposit of required certificates from PFI;
Projected Statement of Income, Statement of Affairs, and cash flow projections for start-ups and businesses with less than 3 years of operations;
Business plan outlining details, financials and economic benefits of the projects.
Method of Application
Interested and qualified applicants should use the link below to apply.

APPLY HERE

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