The MSME N75bn Survival Fund is an initiative launched by the Federal Government to give financial aid to businesses affected by the recent Covid-19 pandemic in Nigeria.
As an economic sustainability Plan, its aim is to support and protect businesses from vulnerabilities.
At present 1.7 Million Nigerian business owners will have the opportunity to take advantage of this fund by registering via the Government Portal https://survivalfund.ng which will be open from the 21st of Sept 2020.
Below are the various Support Funds available to access
- Payroll Support – This Fund is targeted at Entrepreneurs who are unable to meet up with their Payroll obligations for workers earning salaries in the region of N30,000- N50,000 for the last 3 months.
- Guaranteed Offtake-This fund is aimed at boosting the production capacity of small businesses registered in Nigeria as well as provision of grants which will help sustain incomes of vulnerable micro and small enterprises over a three-month period.
Requirements for the Registration process on the Portal are as follow’s
- Personal Registration Details
- Corporate Affairs Commission (CAC) Number
- Bank Verification Number (BVN)
- SMEDAN Number
- Tax ID
- Organisation Bank Account
The portal will open for different categories on the following dates
- Educational Institutions – 10am, 21st of September
- Business and Hospitality Industry – 12am ,25th of September
- Other Small Business Categories – 12 am, 28th of September
This is a great opportunity for Small Businesses to get the much needed financial support during this period where most businesses have been affected by the Covid-19 Pandemic.