Tertiary Institution Entrepreneurship Scheme Application Form 2022

Apply For The Tertiary Institution Entrepreneurship Scheme - TIES

Tertiary Institution Entrepreneurship Scheme (TIES) is now open for application from interested graduates.

Apply for this loan offer from CBN of Nigeria right away if you’re a creative graduate entrepreneur looking for a means to support or finance your already established firm.

If you are a recent graduate with creative ideas or start-ups, this is a fantastic opportunity for you to grow your company.

About Tertiary Institution Entrepreneurship Scheme

The Central Bank of Nigeria, as part of its policy measures to address rising youth unemployment and underemployment, 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 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.

TIES thus aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.

Apply For Graduate Entrepreneurship Form

Activities Covered Up by the Tertiary Institution Entrepreneurship Scheme

The scheme is going to cover innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the following areas:

  1. Agribusiness – production, processing, storage and logistics;
  2. Information technology – application/software development, business process outsourcing, robotics, data management;
  3. Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;
  4. Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management;
  5. Any other activity as may be determined by the CBN from time to time.

Eligibility/Requirements for Participation

  1. Applicants under the Scheme shall be graduates of Nigerian Polytechnics and Universities:
  2. Holders Of First degree certificate (BSc/HND/ or its equivalent);
  3. Must Posses a National Youth Service Certificate (NYSC) discharge or exemption certificate;
  4. Certificate of Participation issued by Polytechnics and Universities evidencing entrepreneurship training.
  5. Not more than 7 years post-NYSC.
  6. Projected Statement of Income, Statement of Affairs, and cash flow projections for start-ups and businesses with less than 3 years of operations.
  7. Business plan outlining details, financials and economic benefits of the projects.

Focal Components of  Tertiary Institution Entrepreneurship Scheme (TIES)

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

Term Loans

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 – 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 2023 ( and 9% from March 2023)
Moratorium: Maximum of 12 months (dependent on type of business)

Tier 2 – Small Company / Enterprise

Repayment: Interest and principal repayment shall be made monthly on installment basis by the obligor to the PFIs according to the approved repayment schedule.

Developmental Component

The Developmental Component shall be disbursed in the form of Grants. The Grant shall be accessible by Nigerian polytechnics and universities through a biennial national entrepreneurship competition aimed at raising awareness and visibility of high-impact start-up ideas among undergraduates, promote entrepreneurial talent hunts in Nigerian polytechnics and universities and encourage innovations that are commercially viable and with transformational impact.

Equity Investment Component

The Equity Investment Component shall be in the form of injection of fresh capital for start-ups, expansion of established businesses or reviving of ailing entrepreneurial businesses. The Component shall be implemented under the AgSMEIS Equity window.

Federal Mortgage Loan Application

Collateral Required for Tertiary Institution Entrepreneurship Loan

The collateral acceptable under TIES are:

  1. The applicant’s first-degree certificate
  2. NYSC discharge or exemption certificate
  3. Duly signed Global Standing Instruction (GIS) by the applicant.
  4. Third party guarantee from senior civil or public servant, clergy of repute, lawyer, accountant, banker, medical doctor, etc.
  5. 1-3 will be registered on the National Collateral Registry (NCR)
  6. 1-4 shall be uploaded in the TIES portal
  7. All assets financed under the scheme will also be registered on the NCR

How To Apply For TIES Loan?

The submission and processing of TIES loan application or any other CBN intervention is totally FREE. No payment is required.

CBN do not have any agent for its interventions including TIES.

Applicants are to personally submit their loan application via the approved online portal: https://cbnties.com.ng

Frequently Asked Questions On TIES

How can I apply for TIES?

Apply through https://cbnties.com.ng

How many components does the TIES have?

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

  1. Term Loan Component;
  2. Equity Investment Component;
  3. Developmental Component

Is TIES a grant?

The Term Loan Component is NOT a grant but a loan repayable over an agreed tenor for a specific purpose with clear terms and conditions.
The Equity Investment Component shall be in the form of injection of fresh capital for start-ups, expansion of established businesses or reviving of ailing entrepreneurial businesses.
The Development Component of TIES is in form of grants to Nigerian Polytechnics and Universities after participating and coming top in a National biennial entrepreneurship competition.

Can I apply for TIES as an undergraduate?

No, the Scheme is for graduates of Nigerian Universities and Polytechnics that have successfully completed their NYSC and have collected their Discharge or Exemption Certificate.

Who is eligible to apply for TIES?

Graduates of Nigerian Polytechnics and Universities shall be eligible to participate under the Term Loan Component.

What businesses are eligible to apply for TIES?

Activities 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;
  • Any other activity as may be determined by the CBN from time to time.

What are the Eligibility Criteria for Participation for the Term Loan Component under TIES?

  1. Applicants under the Scheme shall be graduates of Nigerian Polytechnics and Universities:
  2. First degree certificate (BSc/HND/ or its equivalent);
  3. National Youth Service Certificate (NYSC) discharge or exemption certificate;
  4. Certificate of Participation issued by Polytechnics and Universities evidencing entrepreneurship training; and
  5. Not more than 7 years post-NYSC.

How much should I pay for the online application?

No payment is required for submission and processing of TIES loan application or any other CBN intervention.

Are there agents that can help applicants to apply for the loan?

No, CBN does not have any agent for its interventions including TIES. Applicants are to personally submit their loan application via the approved online portal url: https://cbnties.com.ng

What type of Collateral can I use to apply for TIES?

The collateral acceptable under TIES are:

  1. The applicant’s first-degree certificate
  2. NYSC discharge or exemption certificate
  3. Duly signed Global Standing Instruction (GIS) by the applicant
  4. Third party guarantee from senior civil or public servant, clergy of repute, lawyer, accountant, banker, medical doctor, etc.

What is the maximum amount I can access under the TIES?

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

What is the interest rate for TIES?

5% from now to February 2023 ( and 9% from March 2023).

How long is the moratorium on TIES?

There is a maximum of 12 months moratorium on principal and interest.

What are the documents needed to apply for TIES?

  1. First degree certificate (BSc/HND/or its equivalent);
  2. National Youth Service Certificate (NYSC) discharge or exemption certificate;
  3. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training;
  4. Projected Statement of Income, Statement of Affairs, and cash flow projections for start-ups and businesses with less than 3 years of operations;
  5. Business plan outlining details, financials and economic benefits of the projects.

How will the loan repayment be scheduled?

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.

As a trader, can I apply for TIES?

Trading activities shall not be eligible for financing under the Scheme. Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

What is the maximum loan tenor for TIES?

5 years

What is the deadline for TIES?

The Scheme shall be operated for a period of 10 years (not exceeding 31st December 2031) depending on the complexity of the project.

Can I Use A Third-Party CAC Registration Documents?

No. Use of third-party company documents not belonging to the applicant is not allowed and proposed business must be in line with Object Clause.

Apply For Nigerian Youth Investment Fund

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