Survival Fund Guaranteed Off Take Fund Stimulus Scheme
As a part of the federal government plan to sustain Micro, Small and Medium Enterprises most affected by the Covid-19 pandemic, President Buhari approved N60B for the MSME Survival Fund and N15B for the Guaranteed Offtake Scheme.
These two initiatives are to stabilize and help micro, small and medium businesses pay employees, which will, in return, save existing jobs, and also increase employment opportunities.
MSME Survival Fund and Guaranteed Offtake Scheme are a part of the N2.3trn stimulus package of the Nigerian Economic Sustainability Plan (NESP).
The Nigerian Economic Sustainability Plan was set up by the Federal Government to combat negative economic impacts of the Covid-19 pandemic.
The MSME survival fund is not a loan, but a conditional grant given to Micro, Small and Medium Enterprises to retain employees and save employment.
The Federal Government is targeting to save over 1.3 million jobs nationwide and to impact over 35,000 people per state directly.
Duration of the fund: This initiative is to provide immediate relief to businesses for three months.
Beneficiaries of the fund: The focus of the MSME Survival Fund is to help two groups of people: MSMEs and self-employed individuals.
Both the MSME Survival Fund and Guaranteed Offtake Scheme have made provision of a 5% special need and 45% female business owners.
Read – How to Register for FG/CAC Free 250,000 Business Name Registration for MSMEs Survival Fund 2020
On registration, an activation code would be sent to your phone and also your email to enable you to activate your account. On successful activation, you would be asked to log in to your account where you would see your registration progress and other profile details.
Read – How to Register Your Business/ Company with Corporate Affairs Commission (CAC)
While the goal of the MSME Survival Fund is safeguarding employment, the Guaranteed Offtake Scheme is to protect and sustain Micro and Small Enterprises’ income from the adverse effects of the Covid-19 pandemic.
This scheme will birth various initiatives geared towards boosting production capacities of micro and small businesses.
Duration of the Guaranteed Offtake Scheme: This scheme is to last for a period of 3 months.
Payroll Support: For a period of 3 months, 500,000 MSMEs affected by the Covid-19 pandemic will be supported with N30, 000 – N50,000 per employees to pay their staff.
General Grant: 100,000 MSMEs affected by Covid-19 are to be granted N50,000 each survival grant.
Read – Project Grow 100/ Tiimafrica $5,000 Registration Portal 2021 is Open – Apply
Operations Grant: 333,000 transport business operators and artisans will be provided with N30,000 each to make up for their income loss during the Covid-19 pandemic.
Guaranteed Offtake Scheme: The federal government will bulk purchase products from over 100,000 businesses to keep these small businesses functioning and save jobs.
Conditions for Applicants
For MSME Grant Applicants, Visit: https://survivalfund.gov.ng/auth/msme-grant
For Guaranteed Offtake Scheme Applicants, visit: https://survivalfund.gov.ng/auth/guaranteed-offtake
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