Are you looking for guidelines on how to register and qualify for CBN ties loan grant easily? If yes, you are at the right. Please carefully go through the information here to avoid making any mistake when applying for the CBN Ties loan.
The Central Bank of Nigeria, CBN TIES is a fantastic initiative that equips Nigerian college graduates with the knowledge they need to launch into their own enterprises is the CBN TIES Loan. This promotes economic expansion and job creation.
Every young person in Nigeria today needs to hunt for employment on their own due to the high unemployment rate. However, money is necessary for self-employment to succeed. This is the purpose of loans. Every Nigerian graduate who wants to start their own firm can do so with the TIES loan.
TIES intends to encourage college graduates and undergrads to launch their own enterprises rather than take on white-collar positions in order to generate employment and support economic growth.
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University and polytechnics in Nigeria collaborated on the creation of this award especially institutions that are business and technology oriented.
How to Register and Qualify for CBN Ties Loan Grant Easily
The government would only consider applicants who hold a degree from a Nigerian university or polytechnic, therefore graduation from college is the first and most important requirement for applicants. Additionally, they will prioritize entrepreneurial ventures that are innovative and have a great deal of potential for export, job growth, and transformational impact.
Innovative start-ups and emerging firms owned by Nigerian university and polytechnic graduates in the following fields listed below are the focus of the this grant. Hence, graduate who have business idea or establish a business in the area of focus of TIES will be considered faster compare to their counterparts with other business ideas.
Here are the area of interest for the grant program
1. Production, processing, storage, and logistics in the agribusiness;
2. The creative industries, which include entertainment, fine art, publishing, catering and event planning, fashion, photography, and cosmetics;
3. Information technology, including data management, robotics, business process outsourcing, and application/software development;
4. Science and technology: robotics, automated ticketing, and medical innovation
It is necessary to note that Submission and processing of TIES loan applications, as well as any other CBN assistance, are free of charge so that you will not for into the hands of fraudster.
There are basically two tiers that are available for this grant and each of them have the minimum loan amounts that they can access through TIES for graduate level.
This minimum loan amounts are as follows:
1. Tier 1 (Individual projects): You have a loan limit of N5 Million with a 5-year term.
2. Your loan limit is N25 million for a 5-year term if you are applying for Tier 2 (Partnership / Company projects with a maximum of 5 individual partners).
What is the interest rate on TIES?
As of present until February 2023, all graduate and undergraduate students who utilize the TIES will get a 5% interest rate. However, the interest rate will have risen to 9% by March 2023.
How to Apply Online
You can apply for CBN TIES by visiting www.cbnties.com.ng
Conclusion
The TIES loan program is a novel form of funding established in order to expand employment opportunities as well as to help entrepreneurs who are either recent graduates or undergraduate students, this strategy’s main goal is to encourage the expansion of entrepreneurial ventures in order to create more employment opportunities.
