MSME Survival Fund (www.survivalfund.ng) - The COVID-19 pandemic has created severe Economic consequences for all countries around the world. Nigeria has also been very badly hit. The lockdowns have frozen economic activities, causing massive job losses and supply chain disruptions.
In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the Federal Government of Nigeria is set to commence nationwide implementation of two MSMEs initiatives namely, the MSME Survival Fund with the Payroll support track as the first scheme to rollout (60 Billion Naira) and the Guaranteed Offtake Scheme (15 Billion Naira) to help cushion the impact of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.
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.
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%.
The benefiting companies to meet the following criteria:
Self-employed Individuals in the following categories
Interested and eligible Nigerians should visit: www.survivalfund.ng
NOTE: Registration for Payroll Support Begins on 21st September 2020.
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