FG ₦75bn MSME Survival Fund: Just before you apply

by Joan Aimuengheuwa September 28, 2020

Launched by the Federal Government of Nigeria, the ongoing MSME Survival Fund scheme has attracted huge response from individuals and small businesses. Massive applications continue to roll in day by day, but then, lots of people are still in the shadows on how to go about this application.

The scheme is targeted at the sustained growth of MSMEs, to tackle some of the effects caused by the Covid-19 pandemic on the livelihood of the people, and in statistics, the fund is targeted at 1.7 million individuals and small businesses, in which 45% are female-owned enterprises and 5% are enterprises owned by those with special needs.

The scheme, which kicked off on Monday, September 21, 2020, was programmed into three phases, including; education (private schools), hospitality, and all other sectors, but the lack of this knowledge has made some sectors and individuals give up on the application as they kept being shut out.

Here’s all you need to know just before applying for the scheme which began on Monday, September 21, 2020 in this order:

Payroll support

This is targeted at 500,000 beneficiaries across the nation, with a goal to pay salaries of employees in qualifying small and medium businesses for three months. Not more than 10 employees in one business can benefit from this.

Corporate Affairs Communications (CAC) discounted business registration

250,000 business names would be formalised freely for MSMEs who wish to register their businesses.

Transport and artisan grant

One off grant of ₦30,000 to each 333, 000 artisans and transporters are also given to support their businesses in this scheme.

MSME grant

100,000 businesses outside the above sectors, affected by the pandemic, would get ₦50,000 one off grant.

Food producers and manufacturers are not left out, 300, 000 of this category are also targeted, and two million farmers across the country have already been certified to benefit from the programme. One of the goals being to create jobs and guarantee food sufficiency.

Eligibility

The following requirements should be taken into consideration:

Business must be Nigerian owned
Already registered businesses must be under the Corporate Affairs Commission, CAC
Business’ CEO must have a BVN
Business must have a staff strength of no less than three persons
Business’ bank account details
Business registration details, including; CAC number, SMEDAN number, and registration number
Annual turnover for the last 12 months
Employees account numbers and BVNs
Proof of last three salaries paid to employees

Be among the 1.3 million beneficiaries under the Survival Fund, apply immediately while it’s still ongoing. Application deadline is Thursday, October 15, 2020.

Got a story worth telling? Shoot us an email with SUBJECT — “Story Worth Telling” — to [email protected].