Today we are going to enlighten you about the Nigerian Federal Government MSMEs Survival Fund Program. The program is a scheme created by the federal government of Nigeria to aid vulnerable micro and small enterprises to keep up with their business and as well as their staff payrolls.
This program was initiated to aid those businesses and individuals that have been affected one way or the other by the ongoing Covid19 pandemic that has shaken the economy of the world at large.
The scheme is estimated to save at least 103 million jobs across Nigeria and specifically have a positive impact on over 35,000 individuals per state.
Other Things You Need To Know About MSME Survival Fund
Below are other things you need to know about the first Federal Government scheme (MSMEs Survival Fund) to roll out 50 Billion Naira to support the masses. Here are other things you need to know about the scheme below:
Target Beneficiaries: This program concentrates on two categories of beneficiaries namely: Self-employed individuals, and employees of MSMEs, both schemes have made provision for 45% female business participation and special needs participation of 5%.
Duration: The scheme will only support or aid your business or an individual (Self-employed) for a duration of three months. This is done in order to provide individuals and businesses with immediate relief from the economic impact of the Covid19 pandemic.
PAYROLL SUPPORT – The program supports 500,000 thousand MSMEs in meeting payroll obligations of between 30 thousand Naira to 50 thousand Naira per employee over the period of three (3) months.
FORMALISATION SUPPORT – The scheme also provide free CAC business name registration for 250,000 businesses.
GENERAL GRANT – The scheme also aids the survival of 100,000 businesses most affected by the covid-19 pandemic with 50,000 Naira each.
REQUIREMENTS FOR THE MSMEs SURVIVAL FUND SCHEME
1. Employees of MSMEs (Micro, Small, and Medium Enterprises): The benefiting companies are to meet the following criteria:
- Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission (CAC).
- Must have a staff strength of no less than 3 persons.
- Must have BVN by company CEO.
- Must be owned by a Nigerian.
2. Self-employed Individuals in the following categories:
The beneficiary must be providing service within the following sector:
- The transportation sector (i.e. Bus drivers, Taxi drivers, Rideshare drivers (Uber, Bolt, Taxify etc).
- Plumbers, etc.
HOW TO APPLY FOR MSME SURVIVAL FUND
Interested individuals and organizations can register for Payroll Support at the official FG Survival Fund website:=>> https://survivalfund.ng.