Online portal for registration of interested persons to access the 75 billion naira survival fund for micro, small and medium enterprises (MSMEs) was launched today. Access to the portal will start from 10pm today, Monday September 21.
The survival fund is designed to aid Nigerian MSMEs in surviving the shock of COVID-19 and its adverse effect on the economy.
The survival fund is a conditional grant to support vulnerable Micro and Small enterprises in meeting their payroll obligations and safeguard jobs in MSMEs as a result of COVID- 19 pandemic.
The target for the survival fund includes a total of 1.7 million entities and individuals across the country. The beneficiaries of the fund will come from 45 percent female-owned businesses and 5 per cent for those with special needs. This program is part of the Economic sustainability plan, which aims to support and protect businesses from the potential vulnerability as a result of Covid-19 pandemic.
According to a statement released by the Project Delivery Office: “Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm Monday September 21, 2020.
In order to ensure seamless registration process, the Project Delivery Office has designed a registration schedule.
Registration for Payroll Support will start with educational institutions on Monday 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 category of small businesses from 12 A.M., on Monday September 28, 2020.”
Requirement to access the MSME survival fund
Beneficiaries of the fund must have a nigeria owned business with BVN and CAC registered for general grant and formalization support.
The support fund is in two pillars which includes:
Payroll support programme
General grant: to support 100,000 businesses with N50,000 each.
Payroll Support: for 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 to safeguard the jobs of a maximum of 10 employers over a three month period.
Formalisation Support: to cover the full business registration with Corporate affairs commission (CAC ) for 250,000 new businesses across Nigeria.
Guaranteed offtake scheme
The guaranteed offtake scheme covers the support of 100,000 individuals with businesses.
The other category for the Self-employed includes service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics and Artisans (Electricians Plumbers etc)
Artisan/Transport support: for 333,000 artisans and transport business operators to receive a N30,000 operations grant to reduce the effects of income loss caused by the COVID-19 pandemic.
For those interested in the fund should visit www.survivalfundappilaction.com. to register.
Deadline: 15th October 2020
All State in Nigeria including the FCT will benefit from this initiative. Lagos, Kano and Abia will receive special focus, on account of their status as leading MSME hubs.