One of the reasons the Federal Government of Nigeria initiated the MSMEs Survival Fund Program was for Payroll Support purpose among many. Today in this article, we are going to show you how you can qualify to be among those that can eligibly apply for the MSME survival fund.
About MSMEs Survival Fund Program
The MSME Survival Fund is a program initiated by the Federal government of Nigeria. MSME survival fund which is also known as MSME grant is a fund for Micro, Small, and Medium Enterprises (MSME). The aim of this program is to alleviate the sufferings of the citizens of Nigerians caused by the Covid-19 pandemic.
The funds released by the federal government of Nigeria will be used by individuals and organizations to create new jobs, keep up with the Payroll Support, and also support vulnerable Micro, Small, and Medium Enterprises to stay in business.
Eligible candidates can be entitled to at least N50,000 from the fund. Keep reading to see how you can apply for the MSME payroll support.
What You Should Know About MSME Funds
- The MSMEs initiatives were introduced by the Federal Government of Nigeria as part of its efforts to aid businesses to overcome the challenges posed by the Covid-19 pandemic.
- The scheme has been estimated to save not less than 1.3 million jobs across the country and specifically impact over 35,000 individuals for each state.
- The MSMEs Survival Fund program is a conditional grant to support vulnerable micro and small enterprises to meet up with their payroll obligations and secure jobs in the MSMEs sector.
- The MSMEs survival fund was also created to assist CEOs with paying their employees.
- The Nigerian government has set aside more than N60 billion naira for the MSME Survival Fund program.
Requirements for MSMEs Survival Fund For Payroll Support
While the Nigerian government was still commenting about the MSME survival grant, they also mentioned some requirement and qualifications that makes eligible to access the fund. You can see them below:
- Businesses must have CAC registration.
- Business must be owned by Nigerians.
- Businesses must have a minimum of 10 and a maximum of 50 staffs.
- Must have verifiable BVN.
- The Scheme provides for 45% female participation and 5% Special Needs participation.
NOTE: We would love to inform all participants that registration for the MSME is free of charge. We also wish to admonish you to be careful about fraudsters.
How Do I Apply For the FG MSMES Survival Fund?
Below are the following steps that will guide you into successfully registering in the 2021 survival fund 2021 program;
- Visit the official Survival fund registration portal => survivalfund.gov.ng
- Click on the ‘Start Here’ button, and it will take you to the survival fund application form options
- Click on the category you want to apply for, either ‘Payroll Support Register’,
- Fill in your correct information in the form to avoid being disqualified during the verification state.
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