How to Apply for the N75Bn MSME State Survival Fund [www.survivalfund.ng] – – The Nigerian federal government is expected to begin implementing two MSME initiatives nationwide, namely the MSME Survival Fund with the Payroll Support Track as the first rollout program (60 billion naira) and the guaranteed withdrawal system (15 billion naira) to cushion the impact of the COVID-19 pandemic with a view to stimulating the economy by saving existing jobs and creating new job opportunities.
– – Payroll: Support of 500,000 MSMEs in need of protection in fulfilling wage and salary obligations between 30,000 and 50,000 N per employee over a period of three months
– – Formalization support: Free CAC business name registration for 250,000 new companies
– – General Grant: Support the survival of 100,000 companies hardest hit by the COVID-19 pandemic, at 50,000 NN each
– – Craftsman / transport support: Grant a grant of N30,000 to 333,000 artisans and transport companies to help reduce the impact of loss of income
– – Guaranteed withdrawal scheme: Bulk purchase of products of 100,000 MSMEs to protect jobs and livelihoods
MSME SURVIVAL FUND
The MSME Survival Fund is a conditional grant to support vulnerable micro and small businesses in meeting their wage and salary obligations and to secure jobs in the MSME sector. It is estimated that the program will save no less than 1.3 million jobs across the country and specifically affect over 35,000 people per state.
Duration: The program will initially run over a three-month period to provide immediate relief from the economic impact of the pandemic.
Target beneficiaries: The system targets two categories of beneficiaries, namely: Employees at MSME and Self-employedBoth systems have 45% participation for women and 5% participation for special needs.
A. Company of Employees Must be registered with the Corporate Affairs Commission, CAC, in Nigeria
B. Must have BVN from the company’s CEO
C. Must have a staff of at least 3 people
D. Must belong to a Nigerian
Also Read: Access Up To N25M Targeted Credit Facility For COVID-19
Self-employed in the following categories
A. Service providers in the transport sector, le. Bus drivers, taxi drivers, passengers. (Uber, Bolt Taxify etc) and mechanics
B. Craftsmen, electricians, plumbers, etc.
GUARANTEED STIMULUS SCHEME
This program will protect and sustain the incomes of micro and small businesses at risk from the economic disruption of the COVID-19 pandemic by implementing various initiatives to increase small business manufacturing capacity and provide grants.
The main objective of this particular program is to upgrade small business manufacturing capabilities to ensure they stay in business
Duration: The implementation time corresponds to the payroll accounting Target beneficiaries: Micro and small businesses registered in Nigeria.
Registration for Payroll Support begins on September 21, 2020
visit www.survivalfund.ng for registration details.
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