The COVID-19 pandemic has created severe Economic consequences for all countries around the world. Nigeria has also been very badly hit. The lockdowns have frozen economic activities, causing massive job losses and supply chain disruptions.
The N75bn Covid-19 survival fund promise by Nigeria government to empower affected (MSMEs had started, portal for the registration of prospective beneficiaries is open
The Survival Fund is in different categories of grants that will support vulnerable Micro, Small and Medium Enterprises (MSMEs) in meeting their payroll obligations and safeguard jobs losses.
The scheme, which seeks to ameliorate the impact of the COVID-19, targets an average of 35,000 individuals per state.
The categories are:
1. Payroll Support
2.Business formation registration with CAC
3.General Grant to support vulnerable Micro, Small and Medium Enterprises (MSMEs)
5.Guarantee off take scheme
Under the Scheme, 500,000 vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.
Registration for Payroll Support will start with educational institutions on Monday (today) and will be followed with businesses in the hospitality industry on Friday, September 25 beginning from 12 A.M.
Business formation support
The scheme will provide Micro, Small and Medium Enterprises with C.A.C BUSINESS NAME REGISTRATION for 250,000 new businesses.
Grant will be given to support survival of 100,000 businesses most affected by covid-19 pandemic with N50,000 each
The sheme will provide 333,000 artisans and transportation business operators with N30,000 operations grant to reduce the effect of income loss.
Guarantee off take scheme
The scheme will provide bulk purchase of products from 100,000 Micro, Small and Medium Enterprises (MSMEs) to protect jobs and livelihoods
Who can Apply for Covid 19 Survival Fund
Business owner must have a BVN
Staff strength of not less than 10 for Payroll Support and 3 for GoS.
To qualify for Survival Fund Nigeria, applicants must meet the following criteria:
For employers of MSMEs
All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
Must have staff capacity of not less than 3 persons,
All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
Must have BVN.
Self-Employed Individuals in the following categories
Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
Artisans: Electricians, Plumbers, etc
How to Apply for Nigeria government Covid 19 Survival Fund
To apply for covid19 survival fund copy this url to your browser and apply. https://survivalfund.ng