The Federal Government (FG) has released the guidelines to access the N75 billion Micro, Small and Medium Enterprises ( MSME Survival Funds and Support Initiatives, which took effect from September 21, 2020.
The scheme, which is the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan includes the N60 billion MSME Survival Fund and the N15 billion Guaranteed Offtake Schemes.
This disclosure was made in an official statement by the Federal Government through a series of tweet posts on its official Twitter handle.
The statement from FG concerning the MSME survival funds read, “As the portal for the registration of prospective beneficiaries of MSME Survival Funds opens, interested Nigerians in the Payroll Support Scheme are to note that the site will be open from 10 pm Monday, September 21, 2020.”
The statement says that the MSME survival funds registration for the payroll support will start with the educational institutions at 10 pm Monday, September 21, 2020, and will be followed by businesses in the hospitality industry by 12am Friday, September 25, 2020.
The portal will also open for other categories of small businesses from 12am, Monday, September 28, 2020. It should be noted that the scheduling of the registration for prospective beneficiaries is to ensure that the process is seamless and hitch-free. The registration of every sector is to continue until Thursday, October 15, 2020.
To register for this initiative, the Federal Government has also provided a portal for entry. Potential beneficiaries are advised to log on to https://survivalfund.ng to complete their registration.
Below are the steps to apply for the MSME survival funds;
Steps to apply for MSME survival funds
1: Register Through the MSME survival funds NG Portal
First, go to survivalfundapplication.com on your mobile phone or personal computer. Click on “Sign Up” to start.
2: Select Your Registration Type
After your account has been activated, the next step is to choose your registration type. Click “Payroll Support Register” to proceed. The Payroll Support Scheme is the only scheme currently open for registration. The Guaranteed Offtake and MSME survival funds Grant schemes are not yet open for application.
3: Fill in your Details
At this stage, correctly enter your personal information including your email address and mobile number (last 10 digits, don’t include the initial “0”). Choose a secure password you can easily remember then enter your date of birth and residential address details.
If you have special needs, ensure you tick the special needs box. Accept terms and conditions to complete your registration.
4: Activate your Account
Now that you have successfully completed your registration, you have to activate your account using the 6-digit activation code sent to your mobile number and email. Enter the code to activate your account.
Once your account has been successfully activated, the portal will load your profile page.
5: Input your Organisation and Bank Account Details
Now that you can view your profile and track your application progress, fill in your company and bank account details. The asterisked (*) parts such as your company name and headquarters must be filled. Also select your business type – limited liability, non-profit or sole proprietor.
Enter your Corporate Affairs Commission (CAC) number, Tax Identification Number (TIN) and Value Added Tax (VAT) number. You are required to enter your Small and Medium Enterprises Development Agency SMEDAN Unique Identity Number (SUIN). Go to www.smedanregister.ng to get your SUIN.
Fill in your bank account details and input your Bank Verification Number (BVN). Complete other parts of the form and double-check your entries to ensure there are no errors.
Final Step: Get Your Documents Ready
All the steps already listed here make up the first stage of your application. You are required to prepare scanned copies of the following supporting documents/information to be submitted online from Thursday, 1st October 2020.
- Company Registration Details (RC No., TIN)
- Annual Turnover/Turnover for the past 12 months
- Employee Account Numbers and BVNs
- Proof of last three (3) salaries paid to your employees.