The Tertiary Institutions Entrepreneurship Scheme (TIES) for Nigerian Graduates is an initiative targeted at empowering graduates of Nigerian Polytechnics and Universities with entrepreneurial skills for Entrepreneurship development, Economic development and Job creation.
The Tertiary Institutions Entrepreneurship Scheme was initiated by the Central Bank of Nigeria as a component of its overall endeavor to stimulate economic expansion and cut down on unemployment rates among graduates of universities and polytechnics in Nigeria. The Scheme’s goal is to inspire today’s college students and recent grads to abandon their focus on traditional career paths in favor of those that foster innovation, economic growth, and social responsibility.
Sponsor: Nigerian Government
Eligible Country: Nigerians
Application Closing Date: On-going
This shall be in the form of soft business loans. Only graduates of Nigerian polytechnics and universities that have undergone entrepreneurship training shall be eligible to participate under this Component.
- Tier 1 – Individual projects: Loan limit of N5Million for a tenor of 5 years
- Tier 2 – Partnership / Company projects (with maximum 5 individual partners) : Loan limit of N25 million for a tenor of 5 years
- All loans are 5% interest rate
- There is a maximum of 12 months moratorium on principal and interest.
- 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.
Eligible Business Sectors
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
- NOTE: Trading activities shall not be eligible for financing under the Scheme.
- Applicant’s business must fall under the eligible business sectors
- Applicants under the Scheme shall be graduates of Nigerian Polytechnics and Universities:
- 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
- Not more than 7 years post-NYSC.
The collateral acceptable under TIES are:
- The applicant’s first-degree certificate
- Bank Verification Number (BVN)
- NYSC discharge or exemption certificate
- Duly signed Global Standing Instruction (GIS) by the applicant
- 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.
- Third party guarantee from senior civil or public servant, clergy of repute, lawyer, accountant, banker, medical doctor, etc.
*1-3 will be registered on the National Collateral Registry (NCR)
*1-4 shall be uploaded in the TIES portal
* All assets financed under the scheme will also be registered on the NCR
- (Applicants will not be required to submit hardcopies of original documents for either custody or sighting at any stage of the process).
Interested applicants are to check the official website for the proper Application procedures. Visit the official announcement page for more details. To start your application, Click the apply now button below.