FG N75bn MSMEs Survival Fund Loan Scheme Portal 2020 Apply here The MSME loan was fully funded, to cater for the Medium and small scales Businesses in the country, due to the economic bad and harsh effect on the People and Businesses.
In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the Federal Government has initiated nationwide the implementation of MSMEs Initiative namely; the MSMEs Survival Fund with the Payroll support track as the first scheme to roll-out (50 Billion Naira) and the Guaranteed Off take Scheme (15 Billion Naira).
If your Business was affected negatively by the pandemic, then this is for you, all you have to do is register for the loan the process is fast and simple.
This loan application scheme will kick start from September 21, 2020, when the application portal will be opened. This is for all Nigerian Entrepreneurs and all that are doing Micro, Small and Medium Enterprises (MSMEs).
This scheme by the Federal Government can be beneficial to MSMEs through the following as detailed below:
MSME Payroll Support
Table of Contents
- Support 500,000 vulnerable MSMEs in meeting payroll obligation of between N30,000 TO 50,000 per employee in 3 months
- Provide free CAC Business name registration for 250,000 new businesses
- Support the survival of 100,000 business most affected by COVID-19 Pandemic with N50,000 each.
Some information about the MSME LOAN FACILITY
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.
The scheme targets two categories of beneficiaries namely:
- Employees of MSMEs
- Self-employed individuals
Both schemes have made provision for a 45% female business participation and special needs participation of 5%.
- Employees of MSMEs.
The benefiting companies to meet the following criteria:
- Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
- Must have BVN by company CEO
- Must have a staff strength of no less than 3 persons
- Must be owned by a Nigerian.
- Self-employed Individuals in the follownng categories.
- Service providers in the transportation sector. i.e. Bus drivers, Taxi drivers, Ride share drivers,(Uber, BoltTaxnfy etc) and Mechanics.
- Artisans, Electricians Plumbers etc.
How To apply for the MSME loan/grant
If you need more information please kindly use the comment box below, and if you facing some challenges applying please use the comment box below.