The Nigerian government plans to expand access to the Micro, Small, and Medium Enterprise (MSME) Survival Fund, initially established to support businesses. So far, over 1,258,183 people have benefited from this fund.
About the MSME Survival Fund
The MSME Survival Fund is a conditional grant designed to help vulnerable micro and small enterprises meet their payroll obligations and protect jobs within the MSME sector. The scheme aims to save at least 103 million jobs nationwide and directly impact over 35,000 individuals per state.
Key Details of the Scheme
Duration: The scheme will run for an initial period of three months to provide immediate economic relief from the pandemic’s impact.
Target Beneficiaries: The scheme targets two main groups: employees of MSMEs and self-employed individuals. It also includes provisions for 45% female business participation and 5% participation for individuals with special needs.
Application Requirements for the MSME Survival Fund
To qualify for the Survival Fund, you must meet the following requirements:
1. For Employees of MSMEs:
The company must be registered in Nigeria with the Corporate Affairs Commission (CAC).
The company CEO must have a Bank Verification Number (BVN).
The company must have a minimum of three employees.
The company must be Nigerian-owned.
2. For Self-employed Individuals:
Eligible service providers in the transportation sector include bus drivers, taxi drivers, ride-share drivers (such as Uber, Bolt, and Taxify), and mechanics.
Artisans like electricians and plumbers are also eligible.
How to Register for the Survival Fund
Currently, the application form is closed.
Here’s the portal link – https://survivalfund.gov.ng/
However, you can register for updates to be informed immediately about the Survival Fund Grant, application form availability, screening process, and payment information.
Steps to Register for Updates:
1. Click the “Bell icon” button.
2. Enter Your Email: Use the text box to input your email address.
Upcoming Registration Announcement
The government will soon announce the reopening of the registration process. If you have not yet registered, you will be prompted to do so. Ensure you have a CAC (Corporate Affairs Commission) registration if required.
How the Survival Fund Process Works
Step 1: Onboard
After registering, you will need to provide information about your company, banking details, and staff.
You will receive a confirmation number via phone to activate your profile.
Step 2: Register Your Organisation
After logging in, register your company using basic information, including your CAC registration form.
Step 3: Get Paid
Once your application is verified and meets the criteria, you will be considered for payment.
Summary
The Nigerian government’s MSME Survival Fund aims to support small businesses and transport operators. To stay updated and know when the registration reopens, follow the steps above to register your email for notifications. This scheme is crucial in safeguarding jobs and providing economic relief to millions of Nigerians during challenging times.