Thursday, September10, 2020 / 06:05 PM / by MSME Survival Fund / Header ImageCredit: Twitter; @SurvivalFund_ng
In keeping to it's promise to support businessesovercome challenges posed by the COVID-19 pandemic, the Federal Government, isset to commence nationwide implementation of two MSMEs initiatives namely; theMSMEs Survival Fund with the Payrolt support track as the first scheme torollout (60Billion Naira) and the Guaranteed Offtake Scheme (15Billion Naira).
Both schemes are at the core of the N2.3 trillionstimulus package (also known as NigerianEconomic Sustainability Plan, NESP) being implemented by the Buhari administrationto help cushion the impact of the COVID-19 pandemic with a view to boosting the economy bysaving existing jobs and creating new job opportunities.
Related Link: Nigeria'sEconomic Sustainability Plan 2020 In Response to COVID-19
MSMEs Survival Fund
The scheme is a conditional grant to supportvulnerable micro and small enterprises in meeting their payroll obligations andsafeguard jobs in the MSMEs sector.
The scheme is estimated to save not less than1.3million jobs across the country and specifically impact on over 35,000individuals per state.
Other details include:
Duration:The scheme will be implemented over an initial period of three months in orderto provide immediate relief from the economic impact of the pandemic.
Target Beneficiaries: The scheme targets two categories of beneficiaries namely; employeesof MSMEs and Self-employed individuals, both schemes have made provision for a45% female business participation and special needs participation of 5%.
1. Employees of MSMEs. The benefiting companies tomeet the following criteria:
A. Employees' company Must be registered in Nigeriaunder the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3persons
D. Must be owned by a Nigerian.
2. Self-employed Individuals in the followingcategories.
A. Service providers in the transportation sector, i.e. Bus drivers, Taxi drivers, Ride share drivers,(Uber, Bolt Taxify etc) and Mechanics.
B. Artisans, Electricians Plumbers etc.
Guaranteed Off-takeStimulus Scheme
This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID-19 pandemicthrough the implementation of various initiatives aimed at boosting theproduction capacities of the small businesses as well as provision of grants.
The main objective of this particular scheme is toboost production capabilities of small businesses with the view to ensuringthat they remain in business.
Duration:The duration of implementation will be same as the payroll support.
Target Beneficiaries: Micro and Small businesses registered in Nigeria.
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