This is good news!!
The has been announced that the federal government of Nigeria is about to start the nationwide implementation of two MSMEs initiatives which includes. The MSME survival fund with the payroll support track as the first scheme which is set to roll out (60 billion naira ) and also guaranteed offtake scheme of about (15 billion ) naira which is believed to help eradicate the effect of the COVID19 pandemic with the purpose of increasing the Economy by preserving the already existing jobs and creating new jobs.
- PAYROLL SUPPORT: it will help to support 500,000 vulnerable MSME In meeting payroll obligations between ₦30,000 to ₦50,000 for each employee every 3 months.
- FORMALISATION SUPPORT: will help provide free CAC business name registration for 250,000 new businesses.
- GENERAL GRANT: they will also help to support the survival of 100,000 businesses that are mostly affected by the pandemic with ₦50,000 each
- ARTISAN/TRANSPORT SUPPORT: they will help provide 333,000 artisan and transport business operators with ₦30,000 operation grants to reduce the effects of income loss.
- GUARANTEED OFFTAKE SCHEME: they make a bulk purchase of products from 100,000 MSMEs in other to provide jobs and livelihood.
ABOUT THE MSME SURVIVAL FOUND:
This is just a conditional grant which helps to help/support vulnerable micro and small enterprises. The MSME will also help them in meeting up their payroll obligations and also safeguard their jobs in the MSME sector. This particular scheme is evaluated to save not less than 1.3million jobs across the country.
DURATION: the scheme is scheduled to last over an initial period of 3 months in order to provide immediate relief from the economic effect/impact of the pandemic.
BENEFICIARIES: they scheme is set to benefit two sets of people, they are; Employees of MSMEs and Self employed individuals. The scheme is said to have made provision for 45% of females.
- Must have a BVN by the company CEO.
- Must be owned by Nigeria
- Must have not less than 3 staffs
- Employees company must be well registered in Nigeria under the cooperate Affairs Commission.
GUARANTEED OFF-TAKE STIMULUS SCHEME:
The scheme will provide and also sustain the income of the vulnerable micro and small enterprise from the effect of the pandemic by bringing out different initiatives with the aim of increasing the capacity of productions of small businesses and also providing grants making sure that they remain in business.
DURATION: it will be just the same as the payroll support Target Beneficiaries micro that is for micro and small businesses registered in Nigeria.
TIME: registration for the payroll support starts on the 21st of Sep,2020
For all inquiries visit www.survivalfund.ng for registration details