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How to Apply for CBN Ties Loan 2022 – 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.
Moreover, CBN Ties Grant 2021 with website cbnties.com.ng is a youth empowerment program initiated by the Central Bank of Nigeria to help foster the nation’s economic growth sustainable development.
Eligible Industries that can apply for the CBN ties Loan 2022
Activities to be 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; and
- Any other activity as may be determined by the CBN from time to time.
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How to Apply for CBN Ties Loan 2022
- To apply for the CBN Ties loan, kindly visit the official website via https://cbnties.com.ng
- Click on the “APPLY NOW” Button
- Click on “Proceed”
- Ensure you use a valid and working email address
- Once you are done filling the form, kindly submit and wait for approval mail.
Note: Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.
Trading activities shall not be eligible for financing under the Scheme.
CBN Ties Loan or Grant Application?
The CBN Ties opportunity is a grant and also a loan respectively, this simply means, if you fall into the category of the grant, you will not pay back the fund given to you. However, if you fall into the loan category scheme, you are going to pay back the money with minimal or no interest after being successful in the application process.
The take-off capital will be sourced from both the Agribusiness / Small and Medium Enterprise Investment Scheme (AgSMEIS) and Micro, Small and Medium Entrepreneurship Development Fund (MSMEDF).
Types of CBN Ties Loan Application
The Scheme shall be implemented through three (3) application types:
- Term Loan Component;
- Equity Investment Component; and
- Developmental Component
Term Loan Component
Graduates of Nigerian polytechnics and universities shall be eligible to participate under the Term Loan Component, which shall be implemented as detailed below:
Eligibility Criteria for Participation
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.
Interest payment and principal repayment shall be made on a monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.
Participating Financial Institutions
The PFIs under this Scheme shall be deposit money banks (DMBs) and other financial institutions as may be approved by the CBN.
Other Features of the CBN Ties Loan 2021
- Focus shall be on both start-up and existing projects in ratio 40:60, respectively.
- To promote gender equality, 50 per cent of the Term Loan Component of the Scheme shall be earmarked for female-led or -owned projects.
- Facilities accessed under the Term Loan Component shall be revolving, as upon full repayment, beneficiaries shall be eligible to apply for additional and or increased funding to ensure sustainability of financing support to projects.
- The facility shall be disbursed in tranches and subject to approved terms and milestones.
- The tenor of projects financed under the Scheme shall be determined in relation to its cash flow and life of the underlying collateral.
- All movable assets financed under the Scheme or used as collateral
- to secure the loan shall be registered with the National Collateral Registry (NCR).
- Risk sharing (including recoveries) shall be in ratio 80:20 between the Central Bank of Nigeria and the PFI for the amount in default after all recoveries have been made.
- In the event of three (3) consecutive monthly repayment defaults by any beneficiary, the CBN and PFI shall review the repayment schedule with the beneficiary with recovery notification issued to that effect.
- Beneficiaries of other CBN’s interventions shall be eligible to participate under the Scheme upon full repayment of amount outstanding under the other earlier accessed intervention facility.
- This facility could be used for the refinancing of existing projects subject to Management’s special approval.
How to Apply for CBN Ties Grant 2021
Interested applicants should visit the registration site via https://cbnties.com.ng/register