In this vital article, you will get details about the Federal Government’s N75bn MSMEs Survival Fund scheme for the Self Employed, Transporters, Artisans etc. and how to successfully apply for the grant. We advise you to read through this page very carefully to get all the necessary information as it has to do with FG’s N75bn MSMEs Survival Fund Scheme.
The Federal Government of Nigeria has officially flagged off the nationwide implementation of two MSMEs initiatives, namely: the N60 billion Micro, Small and Medium Enterprises (MSME) Survival Fund and Payroll Support Scheme and the N15bn Guaranteed Offtake Scheme to help cushion the impact and consequent effect of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.
Features of the Scheme:
- Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over a period of 3 months..
- Formalization Support: provide free Corporate Affairs Commission (CAC) Business Name registration for 250,000 new businesses.
- General Grant: Support the survival of 100,000 MSME businesses most affected by the COVID-19 pandemic with N50,000 each.
- Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss.
- Guaranteed Offtake Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood.
The MSME Survival Fund
The FG MSMEs Survival Fund is a conditional grant designed to support the most vulnerable micro and small enterprises in meeting their payroll obligations and to safeguard jobs in the MSMEs sector. The scheme is estimated to save not less than 1.3million jobs across the country and specifically impact on over 35,000 individuals per state.
1. Duration: The scheme will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.
2. Target Beneficiaries: The scheme targets two categories of beneficiaries namely; employees of MSMEs and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
FG N75Bn MSMEs Survival Fund Scheme Application Requirements.
- Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission (CAC).
- Must have BVN by company CEO.
- Must have a staff strength of no less than 3 persons.
- Must be owned by a Nigerian.
Self-employed Individuals in the following categories:
- Service providers in the transportation sector, i.e. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
- Artisans, Electricians Plumbers etc.
Guaranteed Off-take Stimulus Scheme
This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID–19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as provision of grants.
The main objective of this particular scheme is to boost production capabilities of small businesses with the view to ensuring that they remain in business.
- Duration: The duration of implementation will be same as the payroll support Target
- Beneficiaries: Micro and Small businesses registered in Nigeria.
N75Bn MSMEs Survival Fund Registration Period.
The Registration for Payroll Support Begins on 21st September 2020.
How to Apply for N75Bn MSME Survival Fund.
- To begin your registration, visit www.survivalfund.ng
- Scroll to the bottom and click on “Register“
- Fill out the information necessary and proceed with your registration.
- NB: Don’t forget to print out your application form after submission. Then make sure you are able to SHARE THIS PAGE using the share buttons provided here. This will help others get informed.
How we are helping MSMEs;
Payroll support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months.
Formalization Support: Provide free CAC Business Name registration for 250,000 new businesses.
General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each.
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