What is MSME Survival Fund and Guaranteed Off-take Stimulus Scheme A-Z Information

What is MSME Survival Fund and Guaranteed Off-take Scheme A-Z Information

In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the Federal Government of Nigeria is set to commence nationwide implementation of two MSMEs initiatives namely, the MSMEs Survival Fund with the Payroll support track as the first scheme to rollout (60 Billion Naira) and the Guaranteed Offtake Scheme (15Billion Naira)

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Both schemes are at the core of the N2.3 trillion stimulus package (also known as the Nigerian Economic Sustainability Plan, NESP) being implemented by the Buhari administration to help cushion the impact of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.

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What is MSMEs Survival Fund?

MSMEs Survival Fund; the scheme is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector. The scheme is estimated to save not less than 1.3million jobs across the country and specifically impact on over 35,000 individuals per state.
Other details include;

Duration: The scheme will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.

Target Beneficiaries: The scheme targets two categories of beneficiaries namely, employees of MSMEs and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.

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1. Employees of MSMEs.

Benefiting companies are to meet the following criteria:

• Employees’ company Must be registered in Nigeria under the Corporate Affairs
  Commission, CÁC
• Must have BVN by company CEO
• Must have a staff strength of no less than 3
  persons
• Must be owned by a Nigeria

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2. Self-employed Individuals in the following categories

• Service providers in the transportation sector, i.e. Bus drivers, Taxi drivers, Rideshare
  drivers,(Uber, Bolt Taxify etc) and Mechanics.
• Artisans, Electricians Plumbers etc.

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Guaranteed Off-take Stimulus Scheme

This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID-19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as the provision of grants.

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The main objective of this particular scheme is to boost the production capabilities of small businesses with the view to ensuring that they remain in business.

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Duration

The duration of implementation will be the same as the payroll support.

Target Beneficiaries:

• Micro and Small businesses registered in Nigeria.

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MSME Survival Fund and Guaranteed Off-take Stimulus Scheme Application Portal 

For further information and registration for the schemes kindly visit www.survivalfund.govv.ng Or contact the Project Delivery Office (PDO) at BOI House, Plot 256, Zone A, CBD Abuja FCT. Email: [email protected] Tel: 08076563797/08060503742

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