The Central Bank of Nigeria has created the Tertiary Institutions Entrepreneurship Scheme(TIES). This is done for Nigerian students and graduates who have just completed their studies and want to work in their businesses rather than going ahead with their jobs. The enrollment for the CBN N500k Grant has begun and the applicants who qualify can visit the portal for the application.
The main aim of this project is to diminish the unemployment rate by providing aid so that they can initiate their business. The application to get enrolled in the TIES scheme is straightforward and can be completed by following the mentioned steps. So, scrutinize all the points and guidelines to get approved for the CBN Grant.
What is CBN Grant?
The CBN grant is for all the graduates and undergraduates who want to begin a new business or want to expand an old one. This is done to plunge unemployment in the country. The Central Bank of Nigeria provides the grant to all the applicants that are qualified for the grant. This is done with an alliance with universities and polytechnics in Nigeria.
The grant is provided at a lower rate of interest and the applicant can make monthly or quarterly payments as he/she feels comfortable. An interest rate of 5% is charged till February and then the rate will be 9% charged from March 2024. All the details and guidelines are there on the TIES portal.
Who is Eligible for CBN Grant Application?
The applicants who accomplish the below-mentioned points are qualified for the CBN Grant application. These are as follows:
- The candidate must have graduated from any of the Nigerian polytechnics or universities.
- The applicant should have done a first degree and should have a certificate in BSc, HND, or any degree that is similar to this.
- Moreover, the candidate must have an exemption certificate or NYSC certificate.
- Evidence of entrepreneurship training is mandatory.
What are the Application Requirements?
There are a few prerequisites that are set by the authorities to scrutinize all the points to apply for the CBN Grant.
- The applicant should have completed graduation from Nigerian Polytechnics and universities.
- The candidate should have evidence of entrepreneurship training.
- The candidate should have a certificate that he/she has participated in polytechnics and universities.
- The applicant should have an NYSC certificate or exemption certificate.
- The candidate should have a first-degree certificate(BSc, HND, or anything that is similar to these courses).
How to Apply for CBN 500k grant 2024 Application?
A person can apply for the CBN 500k Grant 2024 by following the steps:
- Firstly, the applicant has to see the official portal i.e. https://cbnties.com.ng/ of the CBN TIES.
- Further, there will be guidelines for the tertiary institution’s entrepreneurship scheme guidelines. Scrutinize all of them with utmost care.
- Now, tap on the continue button
- Moving ahead, select the type of loan that a person wants to apply such as a Tier1 loan for sole proprietorship and a Tier 2 loan for those having a small business.
- Next, add your NYSC call-up number. Wait for a while now, as processing requests might take a little longer time.
- Additionally, if the NYSC certificate that the applicant has, the year the person graduated, and the year when the NYSC certificate was issued.
- Further moving, add all the obligatory personal information and tap on validate.
- Lastly, after adding all details and scrutinizing the complete form, see if you have added the correct email address, contact details, name, and all other information. Just submit the form.
There are several privileges that a person gets with the CBN Grant.
- This is support that the government is providing to all qualified applicants.
- As compared to other loans, the charges are quite low.
- The grant is given to all businesses that want to expand, or start a new business.
Is the CBN grant real?
The CBN grant is real and is given to applicants by the Central Bank of Nigeria for the betterment of the economy.
What is CBN Grant Application Portal?
The CBN Grant application portal is for Nigerian graduates that are having entrepreneurial skills for job creation and economic development.
Can you Apply Online for CBN Grant?
A person can get themself registered for the CBN Grant at the official portal of CBN.