MSME SurvivalFund – A Federal Government intervention with the goal of ensuring that small businesses survive the economic disruptions caused by the COVID-19 pandemic.
Target Beneficiaries: The scheme targets two categories of beneficiaries namely: employees of MSMEs and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
1. 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.
2. 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.
How is the MSME Survival Fund helping MSMEs
PAYROLL SUPPORT – 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 – Provide free CAC business name registration for 250,000 businesses.
GENERAL GRANT – Support the survival of 100,000 businesses most affected by the covid-19 pandemic with 50,000 Naira each.
The application starts on the 21st of September 2020. Interested Nigerians should go ahead and visit the website for more information at https://survivalfund.ng/