All is now set for the Federal Government of Nigeria to rollout a nationwide implementation of two Micro, Small and Medium Enterprises (MSMEs) initiatives. These are the MSME Survival Fund starting with the Payroll Support (60 Billion Naira) track; and followed by the Guaranteed Off-take Scheme (15 Billion Naira).
The MSME Survival Fund APPLICATION Starts September 20th, 2020.
Click HERE to APPLY Now!
The objective of the initiative is to help cushion the impact of the COVID-19 pandemic; boost the economy by saving existing jobs, as well as creating new job opportunities.
FEATURES OF THE SURVIVAL FUND
To support 500,000 vulnerable MSMEs in meeting their payroll obligations of between ₦30,000 to ₦50,000 per employee over 3 months.
To provide free CAC Business Name registration for 250,000 new businesses.
To support the survival of 100,000 businesses most affected by the COVID-19 pandemic with ₦50,000 each.
To provide 333,000 artisans and transport business operators with a ₦30,000 operations grant to reduce the effects of income loss.
Guaranteed Off-take Scheme
The bulk purchase of products from 100,000 MSMEs so as to protect jobs and livelihood.
MSME Survival Fund
The MSME Survival Fund is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector. The scheme is estimated to save not less than 1.3million jobs across the country and specifically impact over 35,000 individuals per state.
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.
WHO IS THIS FOR?
The scheme targets two categories of beneficiaries namely:
1) Employees of MSMEs and
2) Self-employed Individuals in the following categories:
a) Service providers in the Transportation Sector – Mechanic, Bus drivers, Taxi drivers, Ride share drivers such as Uber, Bolt, Taxify, etc.
b) Artisans such as Electricians, Plumbers, Brick Layers, etc.
1. Employees' company must be registered in Nigeria under the Corporate Affairs Commission (CAC)
2. Must have BVN by company CEO
3. Must have a staff strength of not less than 3 persons
4. Must be owned by a Nigerian
Guaranteed OFF-TAKE Stimulus Scheme
This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID-19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as provision of grants.
The main objective of this scheme is to boost production capabilities of small businesses with a view to ensuring that they remain in business.
Duration: The duration of implementation will be same as the payroll support.
Target Beneficiaries: Micro and Small businesses registered in Nigeria.
Both schemes made provisions for 45% female business participation; and 5% special needs participation.
The MSME Survival Fund APPLICATION Opens September 20th, 2020 .
Click HERE to APPLY Now!
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© Jay Onwukwe