Federal Government MSMES Survival Fund Program

The Federal Government has started rolling out the MSMEs Survival Fund, In line with its pledge to help companies overcome the obstacles posed by the COVID-19 epidemic, with the Payroll Support Track being the first program to go live (50 Billion Naira) The Buhari Administration established the MSMEs Survival Fund to assist mitigate the effects of the COVID-19 epidemic, intending to strengthen the economy by preserving existing jobs and generating new ones.

The program is a conditional grant designed to assist vulnerable micro and small businesses in completing their payroll responsibilities and protecting their assets. MSMEs have a lot of job opportunities. The program is expected to save a total of 103 million jobs across the country, affecting approximately 35,000 people in each state.

The plan will be launched during a three-month trial period in order to give immediate relief from the pandemic’s economic effect.

The plan is designed to benefit two groups of people: workers of MSMEs and self-employed persons. Both programs have a 45 percent female business participation rate and a 5% special needs participation rate.

Eligibility For FG MSMES Survival Fund Program

i. The companies that would profit must satisfy the following criteria:

Employees’ business Must be registered with the Corporate Affairs Commission in Nigeria (CAC)

Must have a BVN issued by the company’s CEO and a workforce of at least three people.

A Nigerian must be the owner.

ii.  Individuals who work for themselves in the transportation industry, such as bus drivers, taxi drivers, rideshare drivers (Uber, Bolt, Taxify, and so on), and mechanics. Artists, electricians, plumbers, and other trades-people.

This programme is divided into 3 sectors;

a. General Grant

To provide N50,000 each to 100,000 companies most impacted by the COVID-19 epidemic in order to help them survive.

b. Artisan/ Transport Support

To offer a N30,000 operations grant to 333,000 artisans and transport company owners in order to mitigate the impact of income loss.

c. Guaranteed Offtake Scheme

To help safeguard employment and livelihoods by purchasing items in bulk from 100,000 MSMEs.

PROS

Interest rates are low.

There will be no collateral.

Within 48 hours, funds will be disbursed.

CONS

A little amount

A great deal of paperwork is necessary.

How To Register/Apply For FG MSMES Survival Fund Program

The Survival Fund NG Portal is where you can register.

To get started, go to survivalfundapplication.com on your phone or PC. To begin, click “Sign Up.”

Decide on the type of registration you want.

The next step is to select your registration type when your account has been activated. To continue, click “Payroll Support Register.” The Payroll Support Scheme is the only one that is presently accepting applications. The MSME Grant and Guaranteed Offtake programs are not yet accepting applications.

Fill in your details.

Enter your personal information, including your email address and cell phone number (last 10 digits, except the initial “0”), accurately at this step. Enter your date of birth and residence address information after creating a secure password that you can easily remember.

Make sure you check the special requirements box if you have any. To complete your registration, you must accept the terms and conditions.

Activate your account by clicking the “Activate Account” button.

You must now activate your account using the 6-digit activation code provided to your cellphone number and email address after you have successfully finished your registration. To activate your account, enter the code.

The website will load your profile page after your account has been officially authorized.

Conclusion

  • On September 21, 2021, the N60 billion MSME Survival Fund and the N15 billion Guaranteed Offtake Scheme, which are at the heart of the N2.3 trillion Nigerian Economic Sustainability Plan’s stimulus package, were launched.
  • The Federal Government launched the two MSMEs programs as part of its efforts to assist companies in overcoming obstacles created by the Covid-19 epidemic.
  • The MSMEs Survival Fund is a conditional grant program designed to help vulnerable micro and small businesses fulfill their payroll commitments and keep jobs in the MSMEs sector.
  • The plan is anticipated to save at least 1.3 million jobs across the country, with over 35,000 people in each state benefiting.

Recruitbros would never ask for registration fees for this grant/loan, we are in no way affiliated with the Federal Government MSMES Survival Fund Program.

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