The Tertiary Institutions Entrepreneurship Scheme (TIES) is a CBN project aimed at reducing youth unemployment and underemployment. On the TIES portal, the TIES application form 2021 is now available.
To leverage the potential of graduate entrepreneurs (gradpreneurs) in Nigeria, the CBN launched the Tertiary Institutions Entrepreneurship Scheme (TIES) in collaboration with Nigerian polytechnics and universities.
Three (3) components will be used to carry out the Scheme:
Components of Term Loans,
Equity Investments, and
Developmental Components
Summary
Host: Central Bank of Nigeria (CBN)
Category: Undergraduate | Graduate Loan
Eligible Country: Nigeria
Reward: 500 Million Naira
Deadline: Not Specified
Details
The Tertiary Institutions Entrepreneurship Scheme (TIES) 2021 aims to shift undergraduates and graduates away from white-collar occupations and toward a culture of entrepreneurship development for economic growth and job creation. As a result, the Scheme aspires to provide an innovative financing mechanism that will assist economic growth and development while also creating jobs and enhancing the entrepreneurial ecosystem.
Innovative start-ups and existing enterprises owned by graduates of Nigerian polytechnics and universities would be covered by the Scheme in the following areas: Production, processing, storage, and logistics are all aspects of agribusiness.
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 v. Any other activity as may be determined by the CBN from time to time.
Note: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.
The Scheme's overall goal is to make it easier for undergraduates and graduates of Nigerian polytechnics and universities with breakthrough entrepreneurial and technology concepts to get funding. The Scheme's other specific goals are as follows:
Create an environment that encourages co-creation, mentoring, and the development of entrepreneurial and technology breakthroughs;
Fast-track ideation, creation, and acceleration of an innovation-driven entrepreneurship culture among Nigerian polytechnic and university graduates;
Promote gender equality in enterprise growth by building capacity and improving access to capital;
Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and
Boost contribution of non-oil sector to the nation’s GDP.
Requirements
Applicants 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.
The beneficiary shall:
Apply on the dedicated online portal and provide all requisite documentation to support the application;
Present for verification original copies of submitted certificates and documents;
Submit business proposal and other documentation requirements
Adhere strictly to the terms and conditions of the Scheme and avoid any forms of plagiarism in the project idea;
Utilize the funds for the purpose for which it was granted;
Present the business and its location for mapping/tagging, as well as monitoring and evaluation;
Maintain accurate and up-to-date records available for inspection/verification by the CBN and Monitoring Team; and
Adhere strictly to the terms and conditions of the Scheme.
Reward
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;
Information technology;
Creative industry; and
Science and technology.
Required Documents
To apply, candidates must be ready to submit the following documents;
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;
Letter confirming the applicants’ deposit of required certificates from PFI;
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.
Method of Application
Interested and qualified applicants should use the link below to apply.
Best wishes
.jpeg)
0 Comments