The Federal Government has unveiled the N75 billion survival fund which is a conditional grant to support vulnerable Micro and Small enterprises in meeting their payroll obligations and safeguard jobs in MSMEs from the shock of the COVID- 19 pandemic.
The Survival Fund scheme according to FG is aimed at saving at least 1.3 million jobs across the country, while targeting an average of 35,000 individuals per state.
To make registration seamless, the Federal Government has released a timetable when categories of businesses can register.
According to a statement released by the Project Delivery Office, “Registration for Payroll Support will start with educational institutions on Monday (today) and will be followed with businesses in the hospitality industry on Friday, September 25 beginning from 12 A.M.
“The portal will also be open to other categories of small businesses from 12 A.M., on Monday, September 28, 2020,” the statement said.
The office of Ministry of Trade and Investment led by Amb. Mariam Yalwaji Katagum, will co-ordinate the Fund.
Under the Scheme, vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.
The Federal Government aims to help MSMEs in three ways:
- 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 registration for 250,000 new businesses
- General Grant: Support the survival of 100,000 businesses most affected by the COVID pandemic with N50,000 each.
Survival Fund Registration
To benefit from National MSMEs Survival Fund, your business must:
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.
Who can Apply
To qualify for Survival Fund Nigeria, applicants must meet the following criteria:
- For employers of MSMEs
- All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
- Must have staff capacity of not less than 3 persons,
- All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
- Must have BVN.
- Self-Employed Individuals in the following categories
- Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
- Artisans: Electricians, Plumbers, etc.