{"id":18685,"date":"2020-09-16T14:23:15","date_gmt":"2020-09-16T13:23:15","guid":{"rendered":"https:\/\/experts.ng\/blog\/?p=18685"},"modified":"2022-05-08T05:28:50","modified_gmt":"2022-05-08T04:28:50","slug":"apply-msme-survival-fund","status":"publish","type":"post","link":"https:\/\/www.experts.ng\/blog\/apply-msme-survival-fund\/","title":{"rendered":"MSME Survival Fund and Guaranteed Offtake Scheme"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">As a part of the federal government plan to sustain Micro, Small and Medium Enterprises most affected by the Covid-19 pandemic, President Buhari approved N60B for the MSME Survival Fund and N15B for the Guaranteed Offtake Scheme.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These two initiatives are to stabilize and help micro, small and medium businesses pay employees, which will, in return, save existing jobs, and also increase employment opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note:<\/strong> If you are more interested in the Nigerian Youth Investment Funds (NYIF), go to: <a href=\"https:\/\/experts.ng\/blog\/nigerian-youth-investment-fund-opens\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/experts.ng\/blog\/nigerian-youth-investment-fund-opens<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>MSME Survival Fund and Guaranteed Offtake Scheme are a part of the N2.3trn stimulus package of the&nbsp;<a target=\"_blank\" href=\"https:\/\/nairametrics.com\/2020\/06\/25\/fec-approves-nesps-n2-3-trillion-stimulus-plan\/\" rel=\"noreferrer noopener\">Nigerian Economic Sustainability Plan<\/a>&nbsp;(NESP).<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Nigerian Economic Sustainability Plan was set up by the Federal Government to combat negative economic impacts of the Covid-19 pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Suggested:<\/strong> <a href=\"https:\/\/smartentrepreneurblog.com\/grants-for-small-businesses-in-nigeria\/\" target=\"_blank\" rel=\"noreferrer noopener\">22 Verified FG &amp; International Grants for Small Businesses in Nigeria<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the FG is set to commence nationwide implementation of 2 MSMEs initiatives; the MSMEs Survival Fund (N60b) and Guaranteed Offtake Schemes (N15b). Read the details, register and RT. <a href=\"https:\/\/t.co\/hSa9llwMKu\">pic.twitter.com\/hSa9llwMKu<\/a><\/p>&mdash; Bashir Ahmad (@BashirAhmaad) <a href=\"https:\/\/twitter.com\/BashirAhmaad\/status\/1303984490478530561?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">September 10, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related:<\/strong> <a href=\"https:\/\/experts.ng\/blog\/nigerian-youth-investment-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">Nigerian Youth Investment Fund<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-msme-survival-fund\"><strong>MSME Survival Fund<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The MSME survival fund is not a loan, but a conditional grant given to Micro, Small and Medium Enterprises to retain employees and save employment.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Federal Government is targeting to save over 1.3 million jobs nationwide and to impact over 35,000 people per state directly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/experts.ng\/blog\/source-funding-nigeria-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sources of Funding for Small Business Owners in Nigeria<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-duration-of-the-fund\"><strong>Duration of the fund<\/strong>: <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This initiative is to provide immediate relief to businesses for three months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-beneficiaries-of-the-fund\"><strong>Beneficiaries<\/strong> of the fund: <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The focus of the MSME Survival Fund is to help two groups of people: MSMEs and self-employed individuals.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Both the MSME Survival Fund and Guaranteed Offtake Scheme have made provision of a 5% special need and 45% female business owners.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-registration-steps-and-requirements\">Registration Steps and Requirements<\/h3>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\" id=\"h-requirement-for-registration\">Requirement for Registration<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">To register, you must be the Founder\/Proprietor\/Administrator of the MSME that you are trying to register.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Register your personal details to start the payroll support application. Instructions at the top of the form will guide you on the required fields that need to be filled to complete the initial registration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On registration, an activation code would be sent to your phone and also your email to enable you to activate your account. On successful activation, you would be asked to log in to your account where you would see your registration progress and other profile details.<\/p>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\" id=\"h-step-1-personal-registration\">Step 1 &#8211; Personal Registration<\/h4>\n\n\n\n<div class=\"wp-block-ampblocks-image imw\"><div class=\"imc \"><img decoding=\"async\" class=\"im-t\" src=\"https:\/\/experts.ng\/blog\/wp-content\/uploads\/2020\/09\/FG-MSME-CRM-MIS-registration-form.png\" alt=\"\" title=\"\"><\/div><\/div>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\" id=\"h-step-2-register-your-organization\">Step 2 &#8211; Register Your Organization<\/h4>\n\n\n\n<div class=\"wp-block-ampblocks-image imw\"><div class=\"imc \"><img decoding=\"async\" class=\"im-t\" src=\"https:\/\/experts.ng\/blog\/wp-content\/uploads\/2020\/09\/FG-MSME-CRM-MIS-progress.png\" alt=\"\" title=\"\"><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note:<\/strong> You must register for your unique SMEDAN Unique Identification Number (SUIN) and you would need to fill in the details of your employees, but unfortunately, that form is not available until October 1, 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-guaranteed-offtake-scheme\"><strong>Guaranteed Offtake Scheme<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the goal of the MSME Survival Fund is safeguarding employment, the Guaranteed Offtake Scheme is to protect and sustain Micro and Small Enterprises\u2019 income from the adverse effects of the Covid-19 pandemic.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme will birth various initiatives geared towards boosting production capacities of micro and small businesses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-duration-of-the-guaranteed-offtake-scheme\"><strong>Duration<\/strong> of The Guaranteed Offtake Scheme<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme is to last for a period of 3 months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-beneficiaries-of-the-fund-1\"><strong><strong>Beneficiaries<\/strong> of the Fund<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">MSMEs registered in Nigeria<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-features-of-the-msme-survival-fund-and-guaranteed-offtake-scheme\"><strong>Features of the MSME Survival Fund and Guaranteed Offtake Scheme&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Payroll Support<\/strong>: For a period of 3 months, 500,000 MSMEs affected by the Covid-19 pandemic will be supported with N30, 000 &#8211; N50,000 per employees to pay their staff.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Free Business Registration<\/strong>: 250,000 new <a href=\"https:\/\/experts.ng\/blog\/sme-business-ideas\/\" target=\"_blank\" rel=\"noopener\">small businesses<\/a> will be provided with free <a href=\"https:\/\/experts.ng\/blog\/register-business-name\/\" target=\"_blank\" rel=\"noreferrer noopener\">CAC business name registration<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>General Grant<\/strong>: 100,000 MSMEs affected by Covid-19 are to be granted N50,000 each survival grant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Operations Grant<\/strong>: 333,000 transport business operators and artisans will be provided with N30,000 each to make up for their income loss during the Covid-19 pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Guaranteed Offtake Scheme<\/strong>: The federal government will bulk purchase products from over 100,000 businesses to keep these <a href=\"https:\/\/experts.ng\/blog\/grow-small-business-and-increase-reach\/\" target=\"_blank\" rel=\"noreferrer noopener\">small businesses functioning<\/a> and save jobs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-conditions-for-applicants\"><strong>Conditions for Applicants&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">1. Must be Nigerian owned business<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Business must be registered with the&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.cac.gov.ng\/\">CAC<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Business must have more than 3 paid employees<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. The CEO must have BVN<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. <strong>Self-employed individuals include the following:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A. Transportation business operators like Uber drivers, Bolt drivers, bus drivers, Taxi drivers<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B. Artisans like electricians, bricklayers, plumbers, etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Visit&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"http:\/\/www.survivalfund.ng\/\">www.survivalfund.ng<\/a> or <a href=\"https:\/\/www.survivalfundapplication.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.survivalfundapplication.com\/<\/a>&nbsp;for registration details<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"background-color:#f7cc62\" class=\"td_text_highlight_marker\">Note:<\/span><\/strong> Please ensure you register your business at&nbsp;<a href=\"http:\/\/www.smedanregister.ng\/\" target=\"_blank\" rel=\"noopener\">www.smedanregister.ng<\/a>&nbsp;before applying for the payroll support fund.<\/p>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-62774702ab168\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">What is the Take Off Date of the SME Survival Fund<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The take-off dates of the SME Survival funds have been scheduled based on the categories of the intending beneficiaries. They are as listed in the photo attached.<img decoding=\"async\" alt=\"Dates for SME survival funds\" src=\"https:\/\/experts.ng\/blog\/wp-content\/uploads\/2020\/09\/Dates-for-SME-furvival-funds.jpeg\" title=\"\"><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-62774702ab16a\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">What is the address of the SME Survival funds Portal<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The address of the SME Survival funds portal is <a href=\"http:\/\/www.survivalfund.ng\/\" rel=\"noreferrer noopener\" target=\"_blank\">www.survivalfund.ng<\/a>. But please ensure that you register your business at\u00a0<a href=\"http:\/\/www.smedanregister.ng\/\" target=\"_blank\" rel=\"noopener\">www.smedanregister.ng<\/a>\u00a0before applying for the payroll support fund.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Note:<\/strong> If you are more interested in the Nigerian Youth Investment Funds (NYIF), go to: <a href=\"https:\/\/experts.ng\/blog\/nigerian-youth-investment-fund-opens\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/experts.ng\/blog\/nigerian-youth-investment-fund-opens<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RECOMMENDED:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/experts.ng\/blog\/loans-without-collateral-in-nigeria\/\" target=\"_blank\" rel=\"noreferrer noopener\">Loans Without Collateral in Nigeria \u2013 ExpertsNG<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a part of the federal government plan to sustain Micro, Small and Medium Enterprises most affected by the Covid-19 pandemic, President Buhari approved N60B for the MSME Survival Fund and N15B for the Guaranteed Offtake Scheme.&nbsp; These two initiatives are to stabilize and help micro, small and medium businesses pay employees, which will, in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"video","meta":{"nf_dc_page":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_3899566575_3899566575":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[62,3331,822],"tags":[2129,3335,3334,3332,3333],"class_list":["post-18685","post","type-post","status-publish","format-video","category-news","category-business","category-startup","tag-covid-19","tag-fgn-intervention","tag-grants","tag-msms","tag-survival-fund","post_format-post-format-video"],"_links":{"self":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/posts\/18685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/comments?post=18685"}],"version-history":[{"count":0,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/posts\/18685\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/media?parent=18685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/categories?post=18685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/tags?post=18685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}