The Federal Government of Nigeria has on Monday, September 21, 2020, opened an online portal for interested persons to register for the N75billion survival fund for micro, small and medium enterprises (MSMEs).
The News Agency of Nigeria reports that the survival fund is a conditional grant to support vulnerable Micro, Small and Medium Scale Enterprise who has been hit by the COVID- 19 pandemic in other for them to meet their payroll obligations and safeguard jobs.
As the portal for registration of prospective beneficiaries of #SurvivalFundNG opens today, interested Nigerians in the Payroll Support scheme are to note that the site will be opened from 10pm Monday September 21, 2020.
Registration for #PayrollSupport will start with educational institutions at 10pm on Monday Sept 21, 2020, and will be followed by businesses in the hospitality industry on Friday September 25 beginning from 12am.
The portal will also be opened to other categories of small businesses from 12am, on Mon Sept 28, 2020
Note that the scheduling of registration for prospective beneficiaries is to ensure that the process is seamless & hitch free.
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 3 months.
– Formalisation 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.
– 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 Off-take Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
MSME Survival Fund
The MSME Survival Fund is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and 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.
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.
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%.
A. Employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian
Self-employed Individuals in the following categories
A. Service providers in the transportation sector, i.e: Bus drivers, Taxi drivers, Ride share drivers (Uber, Bolt, etc) and Mechanics.
B. 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.
Visit www.survivalfund.ng to register.
The Director General, Small and Medium Enterprises Development Agency of Nigeria, Dikko Umaru Radda, also took to his twitter handle to announce this scheme and also noted that members of SMEDAN will be given much consideration. See tweet below;