The MSME Survival Fund is implemented by the Buhari administration and fully funded 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.
In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the Federal Government has initiated nationwide the implementation of MSMEs Initiative namely; the MSMEs Survival Fund with the Payroll support track as the first scheme to rollout (50 Billion Naira) and the Guaranteed Off take Scheme (15 Billion Naira).
Are you or your business is being affected by the COVID -19 Pandemic? Do you want to take your business to another higher level? Are you seeking for where to raise funds to uplift your business? This is the right opportunity for you; apply for the MSME Survival Fund initiated by the Federal Government of Nigeria to empower Micro, Small and Medium Enterprises (MSMEs).
This loan application scheme will kick start from September 21, 2020, when the application portal will be opened. This is for all Nigerian Entrepreneurs and all that are doing Micro, Small and Medium Enterprises (MSMEs).
How MSME Survival Fund can benefit MSMEs
This scheme by the Federal Government can be beneficial to MSMEs through the following as detailed below:
- Support 500,000 vulnerable MSMEs in meeting payroll obligation of between N30,000 TO 50,000 per employee in 3 months
- Provide free CAC Business name registration for 250,000 new businesses
- Support the survival of 100,000 business most affected by COVID-19 Pandemic with N50,000 each.
More About The MSME Survival Loan Fund
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.
The scheme targets two categories of beneficiaries namely:
- Employees of MSMEs
- Self-employed individuals
Both schemes have made provision for a 45% female business participation and special needs participation of 5%.
- Employees of MSMEs.
The benefiting companies to meet the following criteria:
- 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 follownng categories.
- Service providers in the transportation sector. i.e. Bus drivers, Taxi drivers, Ride share drivers,(Uber, BoltTaxnfy etc) and Mechanics.
- Artisans, Electricians Plumbers etc.
To apply/Register for MSME Survival Fund Scheme
Registration and application for the MSME Survival Fund starts with the Payroll Support, which will commence from 21st of September, 2020. Click apply here to start your application.