The Federal Government, on Monday, opened an online portal for interested persons to register for the N75 billion survival fund for micro, small and medium enterprises (MSMEs).
The portal opened 10pm on Monday and application has already started.
Important Facts About Survival Fund
The COVID-19 crisis and its attendant restriction on movement of people and border closures is causing all components of aggregate demand to fall. The fall in household consumption in Nigeria stems from restrictions on movement, thus causing consumers to spend primarily on essential goods and services; low expectations of future income and the erosion of wealth and expected wealth.
Movement restrictions have not only reduced the consumption of nonessential commodities in general, but have affected the income-generating capacity of the population, thus reducing their own consumption expenditure.
Nigeria has a large informal sector which contributes about 65 percent of its economic output and a large proportion of the population is clustered around the poverty line thus making them highly vulnerable to falling into poverty due to shocks. The MSME Revolving Guaranteed Off-take Scheme is one of the Federal Government’s economic support measures to assist micro and small businesses affected by the pandemic.
The Payroll Support Scheme is aimed at MSMEs adversely affected by the pandemic. The scheme will provide Payroll Support to a maximum of 10 employees per qualifying MSME.
How To Apply For The Scheme
Go to portal www.survivalfundapplication.com
Once you are on the portal, by the far top right corner you will see Start Here, click on it and it will take you to where you will choose your registration type.
The Registration Types are three and it include:
1. MSME Payroll Support
The MSME Payroll Support Scheme is a survival fund that will make payroll support available to save jobs and sustain local production.
2. MSME Grant
The Credit Support to MSMEs and Priority Sector will provide affordable finance to key sectors impacted by the pandemic and enable an increase in manufacturing capacity in priority sectors.
3. Guaranteed Offtake
The MSME Guaranteed Offtake Scheme is one of the Federal Government’s economic support measures to assist micro and small businesses affected by the pandemic.
Steps For The Registration
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.
Activate your account
You will receive an activation code on the mobile number and email address you registered with. You will need this code to activate your account. Please ensure you have access to the phone number or email address you will register with in order to complete your initial registration.
After you have successfully activated your account, you will need to login and register your Organisation. To complete this stage, you will need your CAC Number, SMEDAN Number, Tax ID (optional) and the organisation’s bank account details.
Completing the payroll support application
You will receive an email address on the list of requirements needed to complete the application. These include the beneficiary employees details (not more than 10 employees), proof of previous salary payments to the beneficiary and all other supporting documents.
Upon registration, you will receive an activation code on the registered mobile number, you will be prompted to enter the activation code to activate your account. Ensure you use a password you can remember and your mobile number should be available.
Following verification of the information submitted during your registration and having met the selection criteria, your application will be eligible for payment as specified under the scheme applied for.
Dates For Registration
In order to ensure seamless registration process, the Project Delivery Office has designed a registration schedule.
Registration for Payroll Support will start with educational institutions on Monday and will be followed with businesses in the hospitality industry on Friday September 25 beginning from 12 A.M.
The portal will also be open to other category of small businesses from 12 A.M., on Monday September 28, 2020.