The 75bn 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. It is estimated to save over 1.3million jobs across the country and specifically impact about 35,000 individuals per state.
This government intervention features:
1. Payroll Support: To support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months
2. Formalisation Support: To provide free CAC Business Name registration for 250,000 new businesses.
3. General Grant: To support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each.
4. Artisan/Transport Support: To provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss.
5. Guaranteed Offtake Scheme: For bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood.
Application starts 21st September, 2020.
www.survivalfund.ng
Qualifications :
A. Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian.
E. Provision for a 45% female business participation and 5% for special needs participation.
A. Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian.
E. Provision for a 45% female business participation and 5% for special needs participation.
Duration:
To be implemented over an initial 3 month period in order to give immediate relief from the harsh economic conditions of the pandemic.
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