By Adedapo Adesanya
On Monday, the Nigerian government opened the registration portal that will allow micro, small, and medium enterprises (MSMEs) and startups get a part of the N75 billion support fund to help businesses affected by the coronavirus pandemic.
The portal was created for companies with more than three employees and are duly registered with the Corporate Affairs Commission (CAC) to apply for the loan in line with establishments of the Economic Sustainability Plan (ESP).
Interested applicants are to log on to www.survivalfundapplication.com to register with their business and(or) personal information.
Upon registration, the party will receive an activation code on the registered mobile number, and they will activate their account by entering the activation code.
The person/business must ensure that a password that can be remembered easily is used, while the mobile number should be available.
Once this has been successfully onboarded, then they can register the organisation. This will involve the use of basic information, like CAC registration information, to complete this.
After verification of the information submitted during the registration and having met the selection criteria, the application will be eligible for payment as specified under the scheme applied for.
The Nigerian government projected a three-month timeline for the disbursement of these funds which would be given through microfinance banks and fintech credit providers.
It was disclosed that at least 500,000 jobs in 50,000 MSMEs, in critically affected sectors like hospitality, creative industries, road transport, tourism, and schools, will be granted the support.
A N50 billion payroll support was initially planned to support these businesses and a separate N10 billion to support private transport companies and workers.
It is important to note that the disbursement of the survival funds will be implemented through the Steering Committee on the MSME Survival Fund, the Federal Ministry of Industry, Trade, and Investment, and the Bank of Industry (BoI).
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