The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, has urged Nigerians to apply for the MSME Survival Fund when the portal for applications open on Monday, September 21, 2020.
She also disclosed that the Federal Government is set to provide financial support for 1.7 million MSMEs in the next three months.
“The Federal Government is fully committed to empowering Nigerians; more so in the face of the COVID-19 Pandemic.
“In this regard, the government, through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.
“These programmes include among others, the N75 billion MSME Survival Fund and Guaranteed Off-take Schemes of which I have the honour to chair the Steering Committee for the effective implementation of the projects.
“The project, which will run for an initial period of three months, is targeting 1.7million entities and individuals and has provisions for 45 per cent female-owned businesses and five per cent for those with special needs.
“The registration portal for the schemes is set to open on Monday 21st September, 2020 and I urge you all to take full advantage of the schemes,” she said.
She said that the scheme is at the core of the N2.3 trillion stimulus package also known as the Nigeria Economic Sustainability Plan (NESP) being implemented by the Federal Government.
The minister made this known at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small and Medium Enterprises (MSMEs) tagged: “Eko Fashion Hub” in Lagos on Friday.
According to her, the initiative is borne out of the Federal Government’s continued commitment to help cushion the impact of the COVID-19 pandemic on the economy by saving existing jobs and creating new job opportunities.
She said that President Muhammadu Buhari’s administration, through the Economic Sustainability Committee, had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.
– Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months
– Formalisation Support: provide free CAC Business Name registration for 250,000 new businesses
– General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
– Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss
– Guaranteed Offtake Scheme: Bulk purchase of products from 100,000 MSMEs 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 on over 35,000 individuals per state.
Duration: 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.
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%.
A. Employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian
Self-employed Individuals in the following categories
A. Service providers in the transportation sector, le. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
B. Artisans, Electricians Plumbers etc.
Guranteed Offtake 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 particular scheme is to boost production capabilities of small businesses with the 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.
Visit www.survivalfund.ng to register.