Newsonline reports that the Central Bank of Nigeria, pursuant to the CBN Act, 2007 and 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.
OBJECTIVES OF THE SCHEME
The broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
Other specific objectives of the Scheme include:
REQUIREMENTS
Some of the key requirements of this loan include:
ELIGIBLE ACTIVITIES (AREAS OF BUSINESS)
The activities to be covered under the Scheme shall include innovative start-ups and budding businesses owned by graduates of Nigerian polytechnics and universities in the following areas:
LOAN CATEGORIES
There are two Loan Categories in the Scheme. They are Sole Proprietors and Small Company / Enterprise TIES Loan.
2. Small Company / Enterprise: Group-owned businesses must be registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.
CONCLUSION
CBN graduate loan is a great step in the right direction at addressing the rising youth unemployment and underemployment. This scheme aids in boosting innovating finance model that will boost job creation, enhance entrepreneurship development and support economic growth.
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