This TIES N25M Loans is for Graduate Entrepreneurs and it ranges from N5 million for individual/sole proprietorship/small company projects, to N25 million for partnerships/company projects.
The loan has an interest rate of five per cent per annum from now to February 2022, and nine per cent from March 1, 2022. Repayment has to be completed in five years.
The Central Bank of Nigeria (CBN) has issued guidelines for the implementation of its Tertiary Institutions Entrepreneurship Scheme (TIES) to harness the potential of graduate entrepreneurs.
The apex bank made this known on Wednesday in a document released and signed by Yusuf Yila Philip, CBN’s director, development finance.
The CBN said the objective of the TIES is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
The scheme is targeted at financing 25,000 gradpreneurs annually, which will, in turn, create an additional 75,000 sustainable jobs annually, according to the bank.
The CBN said that start-ups and existing businesses in areas such as agribusiness, information technology, creative industry, as well as science and technology are eligible for financing under the scheme.
It further noted that priority would be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.
The apex bank explained that the scheme will be implemented through three components namely term loan, equity investment and developmental components.
Only undergraduates of Nigerian polytechnics and universities are eligible to participate under the developmental component.
Under the term loan component, an individual project can access a maximum loan of N5 million with a five-year tenor and interest rate of five percent per annum (nine percent effective from March 1, 2022, or as may be prescribed by the CBN).
How to Apply
Interested applicants must apply on the dedicated online portal (https://cbnties.com.ng) and provide all the requisite documents to support the application.