The MSME Survival Fund is an initiative by the Federal Government of Nigeria, the MSME Survival fund registration is aimed to help the vulnerable effected by the ravaging of the novel COVID-19 pandemic.
The Nigerian Government launching of the two new MSMEs initiative which are worth 75 Billion Naira will boost the country’s economy and create non-existing jobs opportunities.
Brandnewsday understands that the nationwide implementation of two MSMEs initiatives namely, the MSME Survival Fund with the Payroll support track as the first scheme to rollout (60 Billion Naira) and the Guaranteed Offtake Scheme (15 Billion Naira) to help cushion the impact of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.
MSMe Classification: Features
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 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
Nigeria’s Q2-2020 GDP Contracted by -6.10% How to Apply for Government N75Bn MSME Survival Fund
MSME Survival Fund Registration
The MSME Survival Fund (MSME meaning) 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.
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.
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%.
- 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, le. Bus drivers, Taxi drivers, Rideshare drivers. (Uber, Bolt Taxify etc) and Mechanics.
- Artisans, Electricians Plumbers etc.
MSME Fund: GUARANTEED OFF-TAKE STIMULUS SCHEME
This scheme (MSME Survival Fund) 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 the 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.
The duration of implementation will be the same as the payroll support Target Beneficiaries: Micro and Small businesses registered in Nigeria.
MSME Survival Fund Registration Portal
Registration for Payroll Support Begins on 21st September 2020.
To apply for the MSME survival portal, follow the below steps:
- visit www.survivalfund.ng
- Then, you will see the three categories, they are, Payroll support, Formalization support, General Grant.
- Proceed by clicking on the Payroll support (for CEOs)
- Follow the prompts message and proceed to register.