Survival Fund: FG is Crediting 500,000 MSMEs with N30,000 Each
Survival Fund: FG is Crediting 500,000 MSMEs with N30,000 Each: The Federal Government has started crediting 500,000 MSMEs with N50, 000 each-Free Grant in the Survival Fund Scheme for the period of three months
100,000 Businesses/Persons will get N50, 000 each as free grant to caution the effect of the covid-19 pandemic on businesses of SMEMS in the country
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
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”
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%.
General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
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
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
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”
Micro and Small businesses registered in Nigeria.
How To Register For Survival Fund