Only Businesses Registered With CAC Can Access N75bn MSMEs Grant – FG

Beginning from 10pm on Monday night, Micro, Small and Medium Enterprises will be able to apply for the Federal Government support fund, which includes a payroll support targeted at 500,000 vulnerable Micro, Small and Medium Enterprises.

This is part of the N75bn MSME survival fund by the Federal government, which is a component of the N2.3trn Nigeria Economic Sustainability Plan.

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The Federal Government’s tweet on monday read, “As the portal for registration of prospective beneficiaries of #SurvivalFundNG opens today, interested Nigerians in the Payroll Support scheme are to note that the site will be open from 10pm Monday September 21, 2020.

“The portal will also be open to other categories of small businesses from 12am, on Monday September 28, 2020. Prospective beneficiaries are expected to access the portal via http://survivalfund.ng.”

As contained in the survival fund website there will be formalisation support that will allow for free business name registration for 250,000 new businesses.

There will also be provision of small grants of N50,000 to support the survival of 100,000 businesses most affected by the COVID-19 pandemic.

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Artisans and transporters are not left out, as 333,000 beneficiaries are expected to receive N30,000 operations grant to reduce the effects of income loss.

To benefit, prospective businesses must be Nigerian-owned; registered by the Corporate Affairs Commission; the business owner must have a Bank Verification Number; and staff strength should not be less than ten for Payroll Support and three for guarantee off-take scheme.

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