How to Access MSME Survival Fund for Self Employed, Transporters and Artisans (Complete Guide)

Filed in Loan by on November 5, 2020 0 Comments

This guide on How to Access MSME Survival Fund explains in detail the major objective of the fund programme, how you can benefit, and requirements to access funds, and all other important information you may need to know. Please, stay tuned.

The Federal Government of Nigeria (FGN), commenced nationwide implementation of two MSMEs initiatives namely, the MSME Survival Fund with the Payroll support track as the first scheme to rollout (60 Billion Naira) and the Guaranteed Offtake Scheme (15 Billion Naira) 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.

Programme Features

  1. Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30, 000 to N50, 000 per employee over 3months
  2. Formalization Support: provide free CAC Business Name registration for 250,000 new businesses
  3. General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50, 000 each
  4. Artisan/Transport Support: 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: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood

RELATED: How to Get Approved for NIRSAL CBN AGSMEIS Loan for SMEs and AGRIC-Businesses

MSME Survival Fund

The MSME Survival Fund was established as 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.

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%.

How to Access MSME Survival Fund?

Requirements

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

Self-employed Individuals in the following categories

A. Service providers in the transportation sector, le. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc.) and Mechanics

B. Artisans, Electricians Plumbers etc.

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.

Duration: The duration of implementation will be same as the payroll support Target Beneficiaries: Micro and Small businesses registered in Nigeria.

How to Apply for MSME Survival Fund?

Registration for Payroll Support Begins on 21st September 2020. Visit MSME Survival Fund portal: www.survivalfund.ng to register.

Do you have any queries on MSME Survival Fund application? Please feel free to let us know so we can assist you with any information you will need on the MSME Survival Fund.

We hope this article has been of help? If yes, then do not hesitate to share it with friends, colleagues and relatives whom you know may be in need of this kind of information. Thanks for caring and do have a nice one ahead!

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