Program for FG MSME Survival
Savings fund – Objectives The Federal Government has started registering the MSMEs Survival Fund” of N60 billion ($156.446 million) and Guaranteed Offtake Schemes of N15 billion ($39.111 million) to help businesses overcome obstacles brought on by the COVID-19 pandemic.
Interested Nigerians can apply for the programs below via the Survival Fund Portal.
Program for MSMEs Survival Fund
Payroll support is provided to 500,000 MSMEs over the course of three (3) months to help them satisfy their payroll responsibilities, which range from $30,000 to $50,000 per employee.
FORMALISATION SUPPORT – Offer 250,000 firms free CAC business name registration.
ARTISAN/TRANSPORT SUPPORT – Provides a 30,000 operation grant to 333000 artisans and transport business owners to lessen the impact of revenue loss.
GENERAL GRANT: Provide 50,000 Naira apiece to help the 100,000 enterprises most impacted by the COVID-19 outbreak survive.
In order to immediately alleviate the financial effects of the epidemic, the program will initially last for three months.
Target Beneficiaries: The program focuses on two groups of beneficiaries, including MSMEs’ employees and self-employed people. Both programs have provisions for a 45% female business participation rate and a 5% special needs participation rate.
1. MSMEs’ personnel.
The following requirements must be met by the benefiting businesses:
Workers’ company Must have a BVN issued by the firm CEO Must be registered with the Corporate Affairs Commission (CAC) in Nigeria Must employ at least three people
Owned by a Nigerian only.
2. People who are self-employed in the following categories.
providers of services to the transportation industry. drivers of buses, taxis, ride-sharing vehicles (Uber, BoltTaxnfy, etc.), and mechanics, for example.
Electricians, plumbers, artists, etc.
GUARANTEED OFFTAKE SCHEME: To safeguard jobs and livelihoods, a large-scale purchase of goods from 100,000 MSMEs is made.
Through the implementation of numerous initiatives aimed at increasing the production capacities of the small businesses as well as the provision of grants, this scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVlD-19 pandemic.
The major goal of this specific Guaranteed Offtake Scheme is to increase small firms’ production capacities in order to keep them in operation.
Timeframe: The timeframe will last for three (3) months.
Micro and small enterprises that are registered in Nigeria are the target beneficiaries.
Application for a Survival Fund
Those who are interested should go to https://survivalfund.gov.ng/.
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