The Federal government survival fund can do a lot for you whether you own a small or large-scale business in Nigeria.
You can consider this a youth empowerment fund that’ll help you combat the economic challenges posed by the devaluing fiat currency.
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The Federal Government survival fund is an initiative from the Central Bank of Nigeria to create an Economic Sustainability Plan.
Walk with us as we show you the latest Nigeria youth empowerment fund you can apply for and platforms you can keep track of to be informed on new ones.
We’ll also throw some light on certain criteria that enable you to be a beneficiary in the Federal Government survival fund.
Let’s get started!
What is Federal Government Survival Fund?
The Federal Government survival fund is an initiative from the Central Bank of Nigeria to create an Economic Sustainability Plan.
The Plan centers on supporting and protecting businesses that have been impacted by the COVID-19 pandemic.
MSMEDF was first launched in August 2013 and its aim is to encourage business owners who contribute immensely to the economy.
According to the information provided on the official CBN’s website,
“Ten (10) percent of the Fund has been devoted to developmental objectives such a grants, capacity building and administrative costs while ninety (90) percent commercial component will be released to Participating Financial Institutions(PFIs) at 2% for on-lending to MSMEs at a maximum interest rate of 9% per annum.”
On the other hand, the Fund will be targeted to specific niches in the economy.
The niches are:
- Artisans
- Services
- Cottage industries
- Trade and commerce
- Agricultural value chain
So, if you’re wondering, “Is federal government Survival Fund grant real?”
It most certainly is.
You can access the FG MSME CRM & MIS Platform to apply for the grant.
What’s more, the Bank of Industry (BoI) is also supporting the FG Survival Fund Program.
Criteria For Getting Approved for FG Survival Fund
There are certain criteria that have to be met before you’re approved to receive the Federal Government survival fund.
Some of the criteria include:
- Beneficiaries must either be employees of MSMEs or self-employed individuals.
- Beneficiaries must have made provision for a 45% female business participation and special needs participation of 5%.
Let’s take a quick look at the first criteria.
1. Employees of MSMEs:
A business or company can only receive the fund if it meets the following requirements:
- The company must be Nigerian-owned.
- The company must be registered in Nigeria under the Corporate Affairs Commission (CAC)
- The company must have BVN by company CEO
- The company must have a staff strength of at least three people.
2. Self-employed Individuals:
If you’re self-employed and trying to apply for the fund, then here’s the requirement.
You must be a service provider in the transportation sector (Bus drivers, Taxi drivers, Rideshare drivers), a mechanic, artisan, electrician, plumber, etc.
If you’ve met either of these criteria, you can then proceed to apply for the Nigeria youth empowerment fund.
We’ll show you how to begin.
How to Apply for Federal Government Survival Fund
Here’s how to apply for the Federal Government survival fund
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Register to Participate:
You can apply for the FG survival fund whether you’re a small or large business owner.
However, you’re required to register first on the survival fund application portal.
You’ll be asked to provide your personal and business information during the registration process.
Accordingly, do the following to register for the FG survival fund.
- Go to the web address https://survivalfund.gov.ng/
- Click on ‘Start here‘ at the top right corner of the screen
- There are three categories you can choose from, therefore, make a selection that applies to the grant you want
- The categories are MSME Payroll Support, MSME Grant, and Guaranteed Offtake Scheme.
- An activation code will be sent to the phone number you’ve provided during registration.
- Enter the activation code and proceed to login into the portal.
2. Enter Your Details:
Details about your organization (CAC registration information), employees, and bank are some of the data you’ll have to provide in this step.
On that note, carefully entered all the required information in the spaces provided. You won’t be able to edit your account details and BVN after submitting, hence, care must be taken while entering both information.
Note that you cannot add more than one organization during your registration process since only one organization per registrant is allowed.
3. Receive Payment:
The final step is to receive payment from the survival fund if you’re eligible to receive it.
Therefore, monitor the platform from time to time to know if your application is approved.
Categories for the Federal Government Survival Fund
The FG survival fund is divided into three main categories and these are:
- MSME Payroll Support
- MSME Grant
- Guaranteed Offtake Scheme
1. MSME Payroll Support:
The MSME Payroll Support Scheme is one of the Federal Government’s economic support measures.
This scheme focuses on saving jobs and sustaining local production.
Accordingly, the funds provided will be targeted to this aspect.
2. MSME Grant
This survival fund will be issued to MSMEs and priority sectors that have been impacted by the pandemic.
The goal is to increase the manufacturing capacity in these sectors.
3. Guaranteed Offtake Scheme
The MSME Guaranteed Offtake Scheme will support micro and small businesses that have been impacted by the pandemic.
Conclusion
The Federal Government survival fund is an incentive to stimulate the economy by supporting small and large-scale businesses.
Therefore, apply for the grant if you have a company with at least three employees or you’re self-employed.
Who knows, you may be among the lucky few to receive funds.
The fund, if put to good use, can boost the growth of your company and the economy as a whole.
