{"id":53249,"date":"2021-10-21T18:23:37","date_gmt":"2021-10-21T17:23:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=53249"},"modified":"2021-10-21T18:23:37","modified_gmt":"2021-10-21T17:23:37","slug":"up-to-n25m-loans-for-graduate-entrepreneurs-75000-jobs-cbn-unveils-guidelines-for-ties-programme","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/up-to-n25m-loans-for-graduate-entrepreneurs-75000-jobs-cbn-unveils-guidelines-for-ties-programme\/","title":{"rendered":"Up To N25m Loans For Graduate Entrepreneurs, 75,000 Jobs \u2014 CBN Unveils Guidelines For TIES Programme"},"content":{"rendered":"

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.<\/p>\n

The apex bank made this known on Wednesday in a document released and signed by Yusuf Yila Philip, CBN\u2019s director, development finance.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

It further noted that priority would be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.<\/p>\n

The apex bank explained that the scheme will be implemented through three components namely term loan, equity investment and developmental components.<\/p>\n

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)<\/p>\n

For partnership\/company projects, the loan is limited to N25 million.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cApplicants 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,\u201d the document reads.<\/p>\n

The CBN added that 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.<\/p>\n

Another component of the intervention is the developmental component which shall be disbursed in the form of grants to Nigerian polytechnics and universities in a national biennial entrepreneurship competition.<\/p>\n

The apex bank said it would award N500 million worth of grants to five top Nigerian polytechnics and universities with the best entrepreneurial pitches\/ideas.<\/p>\n

Only undergraduates of Nigerian polytechnics and universities are eligible to participate under the developmental component.<\/p>\n

\u201cFive top Nigerian polytechnics and universities with the best entrepreneurial pitches\/ideas shall be awarded as follows: first place \u2013 N150m; second place \u2013 N120m; third place \u2013 N100m; fourth place \u2013 N80m; and fifth place \u2013 N50m,\u201d the document adds.<\/p>\n

Interested applicants must apply on the dedicated online portal (https:\/\/cbnties.com.ng) and provide all the requisite documents to support the application.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":6,"featured_media":37880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[36,9129,551,9130],"coauthors":[2391],"class_list":["post-53249","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-cbn","tag-cbn-ties","tag-central-bank-of-nigeria","tag-graduate-entrepreneurs"],"yoast_head":"\nUp To N25m Loans For Graduate Entrepreneurs, 75,000 Jobs \u2014 CBN Unveils Guidelines For TIES Programme - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/up-to-n25m-loans-for-graduate-entrepreneurs-75000-jobs-cbn-unveils-guidelines-for-ties-programme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Up To N25m Loans For Graduate Entrepreneurs, 75,000 Jobs \u2014 CBN Unveils Guidelines For TIES Programme - 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