Survival Fund: 10 Facts about the National Survival Fund You Don’t Know
See Survival Fund: See How to Register Your Company and Get CAC
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
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
- 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
Beneficiaries:
Micro and Small businesses registered in Nigeria.
Duration:
The duration of implementation will be same as the payroll support Target