In an effort to promote entrepreneurship and reduce the unemployment rate, the CBN introduces N500K grant for Nigerian graduates. The loan grant is developed under the Tertiary Institutions Entrepreneurship Scheme (TIES), in collaboration with polytechnics and universities in Nigeria to harness the potential of graduate entrepreneurs in Nigeria.
The Tertiary Institutions Entrepreneurship Scheme (TIES) is an initiative targeted at empowering graduates of Nigerian Polytechnics and Universities with entrepreneurial skills for Entrepreneurship development, economic development, and job creation.
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.
In this article, we have provided detailed information about the CBN N500K loan grant. This includes the eligibility criteria and how to access the CBN N500K grant for undergraduates and graduates without any hindrance.
So if you are a graduate or an entrepreneur looking for a loan to finance your business, then this is the time to take action. All you need to apply for is your contact details along with relevant qualifications.
The CBN has now enabled the application portal for the N500k Grants for both graduates and undergraduates. So if you are willing to apply, then take this article seriously as it is provided with sole information reasons. Below are the eligibility criteria.
Eligibility Criteria for CBN N500,000 Grant
- Applicants under the Scheme shall be graduates of Nigerian Polytechnics and Universities:
- 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 top five (5) Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:
| 1 | First place | N250.0 million; |
| 2 | Second place | N150.0 million; |
| 3 | Third place | N100.0 million; |
| 4 | Fourth place | N75.0 million; and; |
| 5 | Fifth place | N50.0 million. |
The grants shall be in the following areas:
- Science and technology
- Information technology
- Agribusiness and
- Creative industry
Note: The CBN will never charge you or ask you to pay to submit your loan application or to access the loan.
How to Apply for CBN N500K Grants
To apply for the grant, follow the procedures outlined below
- Visit the official portal at https://cbnties.com.ng.
- Read and follow the instructions carefully.
- Click on Proceed.
- Select Loan Type: (Either Tier 1 – Sole Proprietorship or Tier 2 – Small Company /Enterprise)
- Enter NYSC Callup Number / NYSC request might take a minute to go through
- Fill NYSC Certificate Number, Year Of NYSC Certificate, Year of Graduation
- Provide your personal details and click on validate.
- Verify your email and log in with your valid credentials.
- Fill CBN Grant Form and submit.
From time to time, we published the latest update regarding the CBN loan grants on this portal. So if you want to stay informed and never miss an update, then we advise you to visit this page regularly.
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