Survival Fund: 100,000 Businesses Will Get N50, 000/333,000 Businesses will get N30, 000-FG
Survival Fund: 100,000 Businesses Will Get N50, 000/333,000 Businesses will get N30, 000-FG: “The Federal Government of Nigeria is set to commence 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.
The site survivalfund.ng would be opened for Nigerians who have MSMEs, Nigerians who are Transport workers, artisans, plumbers, electricians, private school teachers, and all other kinds of categories that Nigerians can benefit from.
A good portion of the sustainability plan would be happening at the state level, for example we have 30 -35 thousand slots earmarked for each state to benefit from the payroll support.
As for the Agric section you mentioned, we already have about 12 – 15 states that are in agreement to make additional land available to farming, so that the plan to bring in about 5million jobs is already making progress, Mr. Akande added”.
35,000 Per State, 1.3 Million jobs to be saved in the survival fund scheme
Survival Fund: 100,000 Businesses Will Get N50, 000/333,000 Businesses will get N30, 000-FG
Facts About the National Survival Fund
- The scheme is estimated to save not less than 1.3million jobs across the country
- Over 35,000 individuals per state
- 100,000 Businesses/Persons will get N50,000 each-Free Grant
- 333,000 artisans and transport business operators will get N30, 000 each-Free Grant
- 100,000 MSMEs to protect jobs and livelihood
- 500,000 vulnerable MSMEs will get N30,000 to N50,000 per employee over 3 months
- 250,000 new businesses to get free CAC Business Name registration
- What are you waiting for? Apply now
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
- Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
Features
- 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
- 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
Requirements
- Must have a staff strength of no less than 3 persons
- Must be owned by a Nigeria
- Employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC
- Must have BVN by company CEO
Self-employed Individuals in the following categories
- Artisans, Electricians Plumbers
- Service providers in the transportation sector-Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
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”
Beneficiaries:
Micro and Small businesses registered in Nigeria.
Duration:
The duration of implementation will be same as the payroll support Target
Registration for Payroll Support Starts 21st September 2020
Click here to start registration www.survivalfund.ng