The Federal Government of Nigeria has disclosed that the Registration for the Survival Fund will begin at 10:00pm on Monday 21st September 2020.
The registration will done online via the Survival Fund portal.
The start of the registration process has been scheduled in categories as follows;
- 10:00pm Monday 21 September 2020 – registration for education sectors (private schools)
- 12:00am Friday 25 September 2020 – registration for hospitality businesses
- 12:00am Monday 28 September 2020 – general registration for all sectors.
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Everyone intending to register is advised to follow the schedule for their respective sectors.
The government said the scheduling of registration for prospective beneficiaries is to ensure that the process is seamless and hitch free
The registration for every sector will continue until Thursday 15 October 2020.
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The survival fund program intends to help Micro Small and Medium Enterprises to cushion the impact of Covid-19 on businesses. Designated vulnerable sectors include: hotels, creative industries, road transport, tourism, private educational institutions, etc.
The projects under the Survival Fund according to the information on its website are;
Payroll support – will support 500,000 MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over a three month period.
Formalization support – will provide free CAC business name registration for 250,000 new business.
General grant – will support the survival of 100,000 most affected businesses by the Covid-19 pandemic with N50,000 each.
Artisan/Transport support – will provide artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss.
Guaranteed off-take scheme – will make bulk purchase of products from 100,000 MSMEs to protect jobs and livelihoods.
Requirements
According to the information available, the beneficiaries of the survival fund must be;
- Nigerian owned businesses
- Businesses registered with the Corporate Affairs Commission (CAC)
- The business owner must have BVN
- Minimum of 10 and maximum of 50 staffs for Payroll Support and minimum of 3 staffs for the Guaranteed Off-take Scheme.
- Self employed individuals in transportation sector such as bus driver or taxi drivers and mechanics.
- Artisans or Electricians, plumbers etc
About the Survival Fund
The Survival fund to designated sectors is part of recommendations issued for supporting small businesses in the Nigeria Economic Sustainability Plan (NESP).
This is coming three months after the NESP was presented to President Buhari by the Economic Sustainability Committee (ESC), which he set up on March 30, 2020. The ESC chaired by the Vice President Osinbajo, presented the NESP report to the President on 11 June 2020.
According to NESP, Payroll support will establish the SME Survival Fund to sustain at least 500,000 jobs in 50,000 SMEs. While the Guaranteed Off-take Scheme for MSMEs is to safeguard 300,000 existing jobs in 100,000 MSMEs. The recommended timeline for these programs were 0 – 3 months.
Visit Survival Fund more information and registration visit
Written by;
Ifunanya Ikueze
