If you are looking to get rich information about the government 75bn MSMEs survival fund, then you are lucky to be reading this article as we are going to tell you everything you need to know about the survival fund and how you can apply for it.
The federal government has announced that it will be implementing two MSMEs initiatives and they include: the MSMEs survival fund with the payroll support track as the first scheme which will give out N60 billion and then the offtake scheme of about N15 billion which will help people recover from the effect of the COVID-19 pandemic as it will help to preserve already existing jobs and also create new jobs.
The MSMEs Survival Fund
This is a conditional grant that will help to support vulnerable micro and small enterprises that have been affected by the COVID-19 pandemic. The MSMEs fund will help them meet up with their payroll obligations and also safeguard their jobs in the MSMEs sector.
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The scheme is estimated to save at least 1.3 million jobs across Nigeria.
The scheme is to last for a period of three months in order to provide immediate relief from the economic effect/impact of the pandemic.
There are two set of people that will benefit from the scheme and they are the Employers of MSMEs and also the Self-employed individuals. The scheme is said to have made provision for 45% of females.
The Features Of The MSMEs Survival Fund
· Payroll Support
It will help to support 500,000 vulnerable MSMEs in meeting payroll obligations between N30,000 to N50,000 for each employee every 3 months.
· General Grant
They will also help to support the survival of 100,000 businesses that are mostly affected by the pandemic with N50,000 each.
· Formalisation Support
This will help to provide free CAC business name registration for 250,000 new businesses.
· Artisan/Transport Support
They will help provide 333,000 artisan and transport business operators with N30,000 operation grants to reduce the effects of income loss.
· Guaranteed Offtake Scheme
They make a bulk purchase of products from 100,000 MSMEs in order to provide jobs and livelihood.
The Requirements For The 75bn MSMEs Survival Fund
For you to be eligible to apply for the fund you must meet the following requirements and they are:
- The company must be well registered in Nigeria under the Corporate Affairs Commission
- Must have BVN by the company CEO
- Must have at least 3 staff
Guaranteed Off-Take Stimulus Scheme
This scheme will provide and also sustain the income of the micro and small enterprise from the effect of the pandemic as it will bring out different initiatives and try to increase the production capacity of small businesses and also provide grants to make sure they remain in business.
Its duration is the same as the Payroll Support and it is targeted towards the micro and small businesses registered in Nigeria.
For more information about the survival fund, visit www.survivalfund.gov.ng/.There you get to register and apply for the fund.