MSME Survival Fund Registration Portal – The Minister of State for Industry, Trade and Investment, Mariam Katagum, has announced that the registration portal for the ₦75 billion Micro, Small and Medium Enterprises Survival Fund and Guaranteed Off-take schemes of the Federal Government will be opened on Monday 21st September 2020, Afriupdate reports.
According to her, the project, which would run for an initial period of three months, would be opened for 1.7 million entities and individuals across the country.
The minister disclosed this in a statement issued in Abuja on Saturday by the Assistant Director, Information, Federal Ministry of Industry, Trade and Investment, Oluwakemi Ogunmakinwa.
Katagum explained that the MSME Survival Fund and Guaranteed Off-take schemes were at the core of the ₦2.3tn stimulus package of the Federal Government.
The ₦2.3tn stimulus package, also known as the Nigeria Economic Sustainability Plan, is being implemented by the Federal Government to cushion the impact of the COVID-19 pandemic on the country’s economy.
Katagum said the implementation of the plan was with a view to boosting the economy by saving existing jobs and creating new job opportunities.
She was quoted as saying, “The project, which will run for an initial period of three months, is targeting 1.7 million entities and individuals and has provisions for 45 per cent female-owned businesses and fiver per cent for those with special needs.
“The registration portal for the schemes is set to open on Monday, September, 21, 2020, and I urge you (MSMEs) all to take full advantage of the schemes.”
Katagum, who chairs the steering committee for the effective implementation of the projects, said the initiatives came at a time when financial support was critical for MSMEs.
“Most of them have greatly been negatively impacted due to the economic downturn arising from the COVID-19 pandemic,” she stated.
She urged MSMEs to take full advantage of the Survival Fund and Guaranteed Off-take schemes to improve their businesses.
MSME Survival Fund Features
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
General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
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 Offtake Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
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.
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%.
MSME Survival Fund Requirements.
- 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
Self-employed Individuals in the following categories
- Service providers in the transportation sector, ie. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
- Artisans, Electricians Plumbers etc.
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 Federal Government ₦75Bn MSME Survival Fund
Registration for Payroll Support will commence on 21st September 2020.
Intrested and qualified applicants should visit the MSME Survival Fund Portal Here to start application.