How to Apply FG N75Bn MSME Survival Fund 2020/2021 Application Form & Portal
Are you willing to apply for the federal government FG N75Bn MSME Survival Fund? In this article you shall learn all the detailed guidelines that will see you wall through with a fund to support your business.
Are you an Self Employed, Transporters or even Artisans? Then you must not miss this FG N75Bn MSME Survival Fund as long as you are a Nigerian and your business is located in Nigeria, all you have to do now is to keep reading this guide from A to Z.
Due to the downward movement of the economy and the adverse effects it has on Nigerians and small, medium sized enterprises and business, the federal government has concluded plans that will see Nigerian businesses getting some relief funds from the government.
This funds will come into phases as we are meant to understand namely :
MSME Survival Fund with the Payroll support track
- MSME Survival Fund : 60 Billion Naira available fund.
- Payroll support track : 15 Billion Naira.
These funds are or will be provided to help Nigerian businesses bounce back to life after massively being impacted by the Covind-19 pandemic.
The federal government is banking heavily on this funds as they believe and claim it will help put smiles on the faces of Nigerians.
- Duration:a timely has been given and its to last doe 3 months or even more.
- Beneficiaries: Micro and Small businesses registered in Nigeria.
How to Apply FG N75Bn MSME Survival Fund Application Form & Portal
- Payroll Support: the federal government targets to assist about 500,000 MSMEs. This will help them have liquid cash to pay staff salaries etc.
- Formalisation Support: a Window is open here to see that over 250,000 unregistered business get registered free of charge.
- General Grant: 50,000 naira will be given to identifiable businesses that are massively affected by the pandemic.
- Artisan/Transport Support: Artisan and Transport Support operators are not left out because over 333,000 will receive support of 30 thousands naira.
- Guaranteed Offtake Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
MSME Survival Fund
The federal government is launching a new site. that will help see Nigerian businesses pull through the current economic storm. Here MSME that are at the point of collapse will get a Survival Fund that is just like the youwin conditional grant.
You might ask, why is the federal government providing this funds? The federal government knows that in no distance time most employers of labor are going to lay off their workers and this will have a negative multiplier effect on the economy.
To prevent the imminent job loss the federal government had to step in, to save the situation by helping save 1.3million jobs across the country.
- Duration: this scheme might come in stages but the first stage is going to last for just 3 months. There might be an extension but don’t worry we are going to inform you more on this.
- Target Beneficiaries: employees of MSMEs and Self-employed individuals are highly likely to receive this funding
FG N75Bn MSME Survival Fund Application Requirements.
- Employees’ or beneficiary’s company should be in Nigeria and also registered with the Corporate Affairs Commission, CAC
- To fast track the disbursements of funds beneficiaries Must have BVN
- Employers of labour must show prove that they have a staff strength of not less than 3 persons
- Business must be functional and should be owned by a Nigerian
Self-employed Individuals :
- You should actively be involved in the provision of Services under the transportation sector, i.e. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
- Artisans, Electricians Plumbers etc.
N75Bn MSME Survival Fund Registration Period.
The starting date of FG N75Bn MSME Survival Fund is 21st September 2020. We are going to update this page if the closing date is announced.
How to Apply for N75Bn MSME Survival Fund
- Here is the website to register www.survivalfund.ng
- You have to scroll a little to the registration link button and click on it for a smooth registration.
- You will have to fill all necessary information and details you are asked.
- Make a print out of your acknowledgement slip to proof that you actually register.
Key point to note :
- Payroll support: target over 500,000 vulnerable MSMEs that are at the point of collapse as this will help them meet necessary obligations in their businesses. At least each business will have funds to pay N30,000 to N50,000 per employee salaries in a space of 3 months.
- Formalization Support: there will be free business registration as this will help the federal government increase it revenue base in future time.
- General Grant: Not less than 100,000 business will greatly benefit from this funds, they are going to receive 50,000 or more.
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this articles was written by a team of bloggers for youwin.org.ng, the writer is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).
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