Survival Fund: MSME Guaranteed Offtake and how to apply
Survival Fund: what you need to know about the MSME Guaranteed Offtake and how to apply
The MSME Survival Fund is an initiative of the Federal Government of Nigeria lunched to provide support for businesses amid the devastating effect of covid19 in the country.
According to report, at least 1.7 million Nigerians with businesses has the opportunity to benefit from this support.
Interested and qualified applicants should visit the survival fund website; www.survivalfund.gov.ng. Once the site is up, it will display about three different categories of support schemes to be applied for.
The first is MSME Payroll Support; this scheme is for business owners that are unable to pay their staff for the past three months.
Secondly, MSME Grant; this one is to support the manufacturing sector with fund so as to increase their production capacity.
Thirdly, Guaranteed Offtake; this one is for micro, medium and small business enterprises as the government provide support for businesses under this category.
The last time I checked the website, both the MSME Payroll and the MSME Grant scheme have been closed leaving only Guaranteed Offtake. So I decided to put this piece together so as to explain (in little detail) the Guaranteed Offtake and how to apply for the fund.
The Guaranteed Offtake Scheme aimed at protecting and sustaining the income of vulnerable micro and small enterprises by guaranteeing the offtake of their products.
A total of 100,000 micro and small enterprises are expected to benefit from the scheme with the following state by state distribution; Lagos 3880, Kano 3280, Abia 3080 with the remaining 33 states and the FCT taking 2640 each.
What are the qualifications criteria;
1. Applicant must be a Nigerian national
2. Applicant must be registered with the Corporate Affairs Commission, CAC with at least a business name.
4. Applicant must have a verifiable BVN and Bank account number.
5. Applicant must at least have 2 staff members.
If you are very observant, you will see that this scheme is quite different from the MSME Grant Scheme. While the MSME Grant Scheme aimed to provide fund for businesses to increase their production whereas this scheme (Guaranteed Offtake) provide fund for businesses and also guarantee the offtake of their products. So in this scheme you must have to register a product.
See the list of the products captured in the Guaranteed Offtake Stimulus Scheme;
How to apply for the Guaranteed Offtake Scheme;
The first step is to register your personal details (that is after you must have opened the website, clicked on sign up then enter the Guaranteed Offtake Scheme).
Secondly, After registering, you must activate the account by entering the activation code sent to your email and phone number.
Thirdly, you will need to login and register your organization, complete account registration and product registration.
If successful, your application will be accepted. So that’s the little I can give for now as regards to the MSME Guaranteed Offtake Scheme.
If you have any questions don’t hesitate to drop them in the comment section and also do well to share this article so that others can benefit.