Due to the COVID-19 Pandemic, Businesses around the world have suffered a setback and incurred a lot of losses. In order to help Micro, Small and Medium enterprises (MSMEs) survive, the Federal government of Nigeria came up with a solution to support and protect these businesses from the potential vulnerabilities brought about by the COVID-19 Pandemic.
The Program includes the following schemes:
- Payroll support: This is exclusively for business owners who have not been able to pay their workers salary for the past 3 months.
- MSME Guaranteed Offtake: A scheme of the Federal government’s economic support channel in assisting micro and small businesses impacted by the COVID-19 Pandemic. The scheme is currently not active at the time of this report.
- MSME Grant: The provision of credit support to MSMEs and key sectors affected by the COVID-19 Pandemic with the purpose of enabling increase in production. The scheme is currently not active.
- Formalization Support: This is focused on the registration process of 250,000 new business names with Corporate Affairs Commission (CAC). The Nigerian government will provide free CAC business name registration for 250,000 businesses. The scheme is currently not active.
The program is part of the Economic Sustainability plan geared towards supporting 500,000 vulnerable MSMEs with grants in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months. The Program was officially started on September 21, 2020 and will come to an end on October 15, 2020.
To apply, all business (es) should visit https://www.survivalfundapplication.com