FEDERAL GOVERNMENT MSME SURVIVAL FUND
In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the Federal Government has commence nationwide implementation of MSMEs Initiative namely; the MSMEs Survival Fund with the Payroll support track as the first scheme to rollout (50 Billion Naira) The MSMEs Survival Fund is implemented by the Buhari Administration 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.
ABOUT MSME SURVIVAL FUND
The scheme 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 103 million jobs across the country and specifically impact on over 35,000 individuals per state.
OTHER DETAILS INCLUDE:
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 and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
1. Employees of MSMEs:
The benefiting companies to meet the following criteria:
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
2. Self-employed Individuals in the following categories:
Service providers in the transportation sector, i.e. Bus drivers, Taxi drivers, Ride share drivers, (Uber, Bolt, Taxnfy etc) and Mechanics. Artisans, Electricians Plumbers, etc.
HOW IS THE MSME SURVIVAL FUND HELPING MSMEs
PAYROLL SUPPORT – Supports 500,000 thousand MSMEs in meeting payroll obligations of between 30 thousand Naira to 50 thousand Naira per employee over the period of three (3) months.
FORMALISATION SUPPORT – Provide free CAC business name registration for 250,000 businesses.
GENERAL GRANT – Support the survival of 100,000 businesses most affected by the covid-19 pandemic with 50,000 Naira each.
HOW TO APPLY FOR MSME SURVIVAL FUND
Registration for Payroll Support Begins on 21st September 2020. To apply visit : https://survivalfund.ng