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The Central Bank of Nigeria (CBN) introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides university students and graduates with a platform to access credit. and technological ideas from polytechnic schools and universities.
TTIES aims to move undergraduate and graduate students away from job search for white-collar workers to a culture of business development for economic development and job creation.
Who is eligible for TIES loan?
Only people with a Nigerian polytechnic or university degrees might be considered. Also, Priority might be given to modern entrepreneurial sports with excessive potentials for export, task introduction and transformational impact.
The documents listed below will confirm your eligibility.
- First-degree certificate (BSc/HND/ or it’s 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.
How undergraduates can apply
Undergraduates would be able to apply for grants through the scheme’s development component.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal (https://cbnties.com.ng), outlining brief details of the project, potential impact and evidence of originality of project;
How it works
For the biennial regional and national entrepreneurship competitions, the CBN would choose a Body of Experts (BoE) from the corporate and governmental sectors to assess entrepreneurial and technology innovations submitted by Nigerians.
The BoE will review the submitted applications through engagements that feature undergraduates competing by pitching entrepreneurial and technology innovations at regional levels, with finalists progressing to the national event for final consideration and ranking by the BoE.
The showcasing programs will be shown on channels such as social media and national television stations for four (4) weeks to assist showcase the benefits of entrepreneurship and influence attitudes and social perceptions about it.
On the recommendation of the BoE, the grant will be awarded to the top five (5) entrepreneurial and technological innovations at the national level; and the grant will be disbursed in 55:45 ratio tranches directly to a dedicated account opened for the grant by Nigerian polytechnics and universities, subject to approved milestones.
How graduates can apply
Graduates of Nigerian polytechnics and universities shall be eligible to participate under the Term Loan Component of TIES.
The Term Loan Component consists of two tiers for individuals and companies.
In a national entrepreneurship competition held every two years, the development component in the form of prizes would be distributed to Nigerian technical colleges and universities.
The competition aims to increase university students’ awareness and visibility of high impact business / technology concepts and encourage the search for entrepreneurial talent in Nigerian colleges and universities. , and promotion of commercially viable and transformative technologies Interested Nigerian technical colleges and universities should apply via a special online portal (https://cbnties.com.ng) to participate in the biennial national entrepreneurship competition, in which brief details about the project and potential impacts are described and evidence of the originality of the project;
How it works
For the biennial regional and national entrepreneurship competitions, the CBN would choose a Body of Experts (BoE) from the corporate and governmental sectors to assess entrepreneurial and technology innovations submitted by Nigerians.
The BoE will review the submitted applications through engagements that feature undergraduates competing by pitching entrepreneurial and technology innovations at regional levels, with finalists progressing to the national event for final consideration and ranking by the BoE.
The showcasing programs will be shown on channels such as social media and national television stations for four (4) weeks to assist showcase the benefits of entrepreneurship and influence attitudes and social perceptions about it.
On the recommendation of the BoE, the grant will be awarded to the top five (5) entrepreneurial and technological innovations at the national level; and the grant will be disbursed in 55:45 ratio tranches directly to a dedicated account opened for the grant by Nigerian polytechnics and universities, subject to approved milestones.
How graduates can apply
Graduates of Nigerian polytechnics and universities shall be eligible to participate under the Term Loan Component of TIES.
The Term Loan Component consists of two tires for individuals and companies
Tier 1/ Individual projects
The maximum loan amount in this category is N5.0 million, with a 5-year repayment period. The current interest rate on the loan is 5% per year, however, it will increase to 9% on March 1, 2022. In addition, the loan has a maximum 12-month moratorium on principal and interest.
Documentation Collateral Requirements:
The applicant 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);
- First-degree certificate (BSc/HND or its equivalent);
- National Youth Service Certificate (NYSC) discharge or exemption certificate; and
- Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training.
Collateral Requirements
- Duly signed Global Standing Instruction (GSI); and
- Third-party guarantee from a senior federal/state civil or public servant (not below level 10 and not having less than 5 years to retire from service), clergy of note and reputation or recognized traditional ruler.
Tier 2 – Partnership / Company projects
The loan limit for company projects is N25.0 million, with a 5-year term. The loan’s current interest rate is 5% per year, however, it will climb to 9% on March 1, 2022. In addition, the loan has a maximum 12-month principal and interest moratorium.
Documentation Collateral Requirements
The partnership or company shall apply as a registered business with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.
Each member of the partnership or company shall also submit:
- Bank Verification Number (BVN)
- 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.
Collateral Requirements Requirements
- Duly signed Global Standing Instruction (GSI) by a member of the partnership or company; and
- Third-party guarantee from a senior federal/state civil or public servant (not below level 10 and not having less than 5 years to retire from service), clergy of note and reputation or recognized traditional ruler.
Award of Grants
Five (5) top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
- 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 – 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
- Any other activity as may be determined by the CBN from time to time.
Note: that the Scheme shall be operated for a period of 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.
To apply kindly visit the link below to get Started.
