How to Apply for a TIES Loan in 3 Easy Steps

How to Apply for a TIES Loan in 3 Easy Steps

How to Apply for a TIES Loan in 3 Easy Steps – Every young person in Nigeria now needs to look for self-employment due to the high unemployment rate. However, in order for self-employment to be successful, it needs funding. Herein lies the role that loans play. Every Nigerian graduate can get an instant loan to run their enterprises with the TIES loan.

An Overview of the Entrepreneurship Program at Tertiary Institutions (TIES)

Through the Tertiary Institutions Entrepreneurship Scheme (TIES), Nigerian graduates and students can receive financing. The program was launched in 2021 by the Central Bank of Nigeria (CBN) to assist recent graduates and undergraduates who might require funding to launch a business.

TIES aims to encourage graduates and undergrads to embrace entrepreneurship for job creation and economic development rather than opting for white-collar jobs.

How do I apply a TIES Loan application?

The steps to take if you want to apply are listed below:

  1. Click on this link to see their website right away: https://cbnties.com.ng
  2. Then click “Apply Now.”
  3. Next, complete the registration form with the correct information, verify your request, and then submit it. You’ll watch for their response before acting.

Who is qualified to receive a TIES loan?

Only those with degrees from polytechnics or universities in Nigeria will be given consideration by the government. They will also give priority to creative business ventures with strong potential for export, job growth, and transformative effects.

Which companies can apply for TIES funding?

The commercial activities covered by TIES include:

  1. Agribusiness, including harvesting, processing, and logistics
  2. Information technology, including business process outsourcing, data management, robots, and software/application development
  3. Creative industries, including the performing arts, publishing, visual arts, food and event management, photography, fashion, and cosmetics
  4. Science and technology – waste management, robotics, renewable energy, traffic systems, and ticketing systems

As a result, in order to qualify for TIES as a graduate or undergraduate, your company must fall under one of the categories listed above.

What documents do I need to submit a TIES loan application?
You need the following significant documents in order to apply for this timely loan:

  1. A first-degree diploma (BSc or HND or any of its equivalent)
  2. A discharge or exemption certificate for the National Youth Service Certificate (NYSC)
  3. The Certificate of Participation that your universities and polytechnics offer as evidence of your entrepreneurship education.
  4. Your Statement of Income, Statement of Affairs, and Cash Flow Projections for New Businesses and Businesses that Have Not Been in Business for More Than Three Years
  5. Business plan outlining specifics, finances, and the projects’ economic benefits

Note: You must be more than seven years past your NYSC.

How much may I access at the most under the TIES?
According to your level, these are the minimum loan amounts you can acquire through TIES:

Your loan ceiling for Tier 1 (individual projects) is N5 million with a 5-year term.

  1. Tier 2 (Company or Partnership Projects with a Maximum of Five Individual Partners): Your maximum loan amount is N25 million for a 5-year term.

What is the TIES interest rate?
From now until February 2023, the interest rate for every graduate or undergraduate using the TIES is 5%. However, starting in March 2023, it will rise to 9%.

What is the TIES (Tertiary Institutions Entrepreneurship Scheme) contact information?

You can reach us directly at https://cbnties.com.ng/contact. Enter your information and your query, then send it. Soon after, they’ll respond.

the website cbnties.com.ng

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To sum up

The TIES loan is a particular kind of loan created to support graduates and undergrads who run their own enterprises. This program’s main goal is to encourage entrepreneurship growth in order to create jobs. Review the material above to submit an application for the TIES. You must keep in mind, too, that the program is only open to students and graduates of polytechnics and universities in Nigeria.

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