MSME SURVIVAL FUND: What You Need To Know!
The Federal Government (FG) has released the guidelines to access the N75 billion ($193 million) Micro, Small and Medium Enterprises (MSME) Survival Fund and Support Initiatives, which took effect from September 21, 2020.
The programme, which is the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan includes the N60 billion MSMEs Survival Fund and the N15 billion Guaranteed Offtake Schemes.
This was made known in an official statement by the Federal Government through a series of tweet posts on its official Twitter handle. The statement read:
“As the portal for the registration of prospective beneficiaries of Survival Fund opens, interested Nigerians in the Payroll Support Scheme are to note that the site will be open from 10 pm Monday, September 21, 2020.”
MSME Payroll Support:
To support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months.
The timetable for Payroll Support is as follows:
|Monday, 21 Sept. 2020||10:00PM||Education (Private Schools)|
|Friday, 25 Sept. 2020||12:00AM||Hospitality|
|Monday, 28 Sept. 2020||12:00AM||General (All Sectors)|
The portal which is currently open to Education, will be open to Hospitality and other categories of small businesses from 12am, Friday, September 25, 2020 and Monday, September 28, 2020.
Please note that the scheduling of the registration for prospective beneficiaries is to ensure that the process is seamless and hitch-free.
The registration of every sector is to continue until Thursday, October 15, 2020.
Steps and requirement to fill and complete the Registration form?
Step 1: Personal Registration
Start registration using your personal details; first and last name, email, phone number, password, gender, date of birth, residential address, state of origin and local government and accept the Terms and Conditions to register
Step 2: Activate your account
- Applicants receive activation code on their phone number and email address
- Activate your account using the code
- Ensure your phone number or email address is accessible to enable you registration process
Step 3: Organisation registration
- After successfully activating your account, login and register your organization
- To complete this stage, you need your CAC Number, SMEDAN Number, Tax ID (optional)
- And organisation bank account details
Step 4: Completing the payroll support application
- Under the MSME Payroll Support, applicant will receive an email on the requirements for application completion
- Submit names of your employees (not more than 10 staff), proof of previous payments to the beneficiaries and other supporting documents.
Other features include
- Formalization Support
To Provide free CAC Business Name registration for 250,000 new businesses.
- General Grant
To support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each.
- Artisan/ Transport Support
To provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effect of income loss.
- Guaranteed Offtake Scheme