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FG MSME Survival Fund For Nigerian MSMEs To Survive Covid-19

MSME Survival Fund

The Federal Government of Nigeria is now receiving applications for the FG MSME Survival Fund, a payroll support scheme for industries affected by the Covid-19 pandemic.

See Also: The New Economy Booster Program For Entrepreneurs In Ghana And Nigeria

The objective of the FG MSME CRM & MIS Platform is to help with the digital registration, onboarding, and monitoring of Micro, Small, and Medium Enterprises for the Federal Government Survival Fund Program.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

The program includes Payroll Support, Guaranteed Offtake and MSME Grant. The CRM & MIS Platform will also enable the inventory management of the Guaranteed Offtake Scheme. This program is part of the Economic Sustainability Plan, which aims to support and protect businesses from the potential vulnerabilities brought about by the COVID-19 pandemic.

About FG MSME CRM & MIS Platform

The COVID-19 crisis and its attendant restriction on movement of people and border closures are 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.

See Also: YLEAD Virtual Fellowship 2020 For Aspiring Young Leaders In Nigeria

How It Works

Register

First, register to be part of the Federal Government Survival Fund Program with your business and(or) personal information.

Onboard

After registering on the platform, complete the onboarding process, by adding your Organisation, bank and the employee details.

Get Paid

Once your application has been successfully verified, you are then eligible to get paid under the scheme applied for.

See Also: TecXposition Pitch 2020 For African Startups – Apply Now

How To Apply For The FG MSME Survival Fund

User Onboarding

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

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, more so, your mobile number should be available.

  • Register on CRM_MIS Platform
  • Receive an Activation Code
  • Log in to Your Profile

Register Organisation

Once you have successfully onboarded, you can register your Organisation. You will need basic information like CAC registration information to complete this.

Get Paid

Following verification of the information submitted during your registration and have met the selection criteria, your application will be eligible for payment as specified under the scheme applied for.

See Also: Itanna Accelerator Programme 2020 For Early-Stage Tech-Enabled Startup

The deadline for application for the FG MSME Survival Fund will continue up until Thursday, October 15, 2020. However, the education sector application starts, on Monday 21, 2020; For Hospitality, Friday, 25th 2020; and for General (All Sector) Monday, 28, Sept. 2020.

So, you can apply using this link; https://www.survivalfundapplication.com/auth/register

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