Post by Ismail AbdulAzeez on Mar 6, 2021 10:33:54 GMT 1
MSME Funds: FGN Lists Criteria To Meet To Qualify For Government Business Survival Grant
It is a known fact that many Micro, Small and Medium Enterprises (MSME) are finding it extremely difficult to survive, especially in this post pandemic and shutdown period.
Though the dangers of Covid-19 are not completely over, the Federal Government of Nigeria (FGN) is doing everything possible to make sure those Nigerian business owners, especially the small and medium sized businesses survive.
This is what led the government to start the registration for the guaranteed offtake of the stimulus scheme. This is beautiful as usual. For small scale businesses, this grant of N50, 000 will go a long way to boost their production in this tough business environment.
One other beautiful fact about this grant is that you will not be required to pay it back, because it is a grant. Grants are not meant to be repaid, but if it is a loan, you will be required to pay it back.
Loans are offered by financial institutions and private lenders, whereas grants are provided by various governments and corporations.
The Federal Government announced on the 4th of February, 2021 that it will commence the registration for the guaranteed off-take stimulus scheme and the general Micro, Small and Medium Enterprises (MSME). The grant will take off on Tuesday, February 9th, 2021.
About 100,000 Nigerian business owners will be given N50, 000 grants as was revealed by the Minister for Trade and Investment, Mariam Katagun. She is the chairman of the steering committee of the MSMEs survival fund and guaranteed off-take stimulus scheme.
She said that the programme is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the off-take of their products.
The following is the breakdown of various state beneficiaries:
Lagos State – 3,880
Kano State – 3,280
Abia – 3,080
Other states will have 2,640 each.
Below also is the list of criteria to possess before anybody will be considered for the grant:
Applicants must be Nigerian Nationals
Applicants must be registered under the Corporate Affairs Commission (CAC) with at least a business name certificate
Applicants must have verifiable BVNs and Bank Account
Applicants must have at least two staff working with them
Applicants must be ready to produce NAFDAC and or SON specifications.
It is important to note that according to the Minister, the portal would open from 11:59 pm on Tuesday February, 9th to Thursday February, 18th 2021.
Bear in mind that the major essence of the off-take stimulus scheme is targeted at protecting and sustaining the incomes of vulnerable MSMEs by guaranteeing the off-take of their products.
It therefore means that you must be producing something, so this grant is to enable you take off with less difficulty.
One of the criteria for qualification is that you must have a NAFDAC or SON registration certificate. Therefore, you must carefully check where you belong in the scheme of things.
From the analysis, it seems that anybody without any of the company registration certificates mentioned earlier will not be entertained.
There is an ongoing free registration of business name certificates in the country now. Go and take advantage of it.
You must also have at least two workers in your organization who are probably working with you full-time. Though it was not stated expressly that they must be full or part-time workers.
We of this forum believe that in the nearest future, different levels of government in this country will set up similar schemes for farmers of different commodities.
We know that there are existing loan facilities available for farmers, but we believe that the grants that will not be required to be paid back will be fantastic; this will go a long way in reducing stress for the farmers.
Stay with us, we will be researching more schemes that the Federal Government of Nigeria is bringing up for its citizens.
It is a known fact that many Micro, Small and Medium Enterprises (MSME) are finding it extremely difficult to survive, especially in this post pandemic and shutdown period.
Though the dangers of Covid-19 are not completely over, the Federal Government of Nigeria (FGN) is doing everything possible to make sure those Nigerian business owners, especially the small and medium sized businesses survive.
This is what led the government to start the registration for the guaranteed offtake of the stimulus scheme. This is beautiful as usual. For small scale businesses, this grant of N50, 000 will go a long way to boost their production in this tough business environment.
One other beautiful fact about this grant is that you will not be required to pay it back, because it is a grant. Grants are not meant to be repaid, but if it is a loan, you will be required to pay it back.
Loans are offered by financial institutions and private lenders, whereas grants are provided by various governments and corporations.
The Federal Government announced on the 4th of February, 2021 that it will commence the registration for the guaranteed off-take stimulus scheme and the general Micro, Small and Medium Enterprises (MSME). The grant will take off on Tuesday, February 9th, 2021.
About 100,000 Nigerian business owners will be given N50, 000 grants as was revealed by the Minister for Trade and Investment, Mariam Katagun. She is the chairman of the steering committee of the MSMEs survival fund and guaranteed off-take stimulus scheme.
She said that the programme is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the off-take of their products.
The following is the breakdown of various state beneficiaries:
Lagos State – 3,880
Kano State – 3,280
Abia – 3,080
Other states will have 2,640 each.
Below also is the list of criteria to possess before anybody will be considered for the grant:
Applicants must be Nigerian Nationals
Applicants must be registered under the Corporate Affairs Commission (CAC) with at least a business name certificate
Applicants must have verifiable BVNs and Bank Account
Applicants must have at least two staff working with them
Applicants must be ready to produce NAFDAC and or SON specifications.
It is important to note that according to the Minister, the portal would open from 11:59 pm on Tuesday February, 9th to Thursday February, 18th 2021.
Bear in mind that the major essence of the off-take stimulus scheme is targeted at protecting and sustaining the incomes of vulnerable MSMEs by guaranteeing the off-take of their products.
It therefore means that you must be producing something, so this grant is to enable you take off with less difficulty.
One of the criteria for qualification is that you must have a NAFDAC or SON registration certificate. Therefore, you must carefully check where you belong in the scheme of things.
From the analysis, it seems that anybody without any of the company registration certificates mentioned earlier will not be entertained.
There is an ongoing free registration of business name certificates in the country now. Go and take advantage of it.
You must also have at least two workers in your organization who are probably working with you full-time. Though it was not stated expressly that they must be full or part-time workers.
We of this forum believe that in the nearest future, different levels of government in this country will set up similar schemes for farmers of different commodities.
We know that there are existing loan facilities available for farmers, but we believe that the grants that will not be required to be paid back will be fantastic; this will go a long way in reducing stress for the farmers.
Stay with us, we will be researching more schemes that the Federal Government of Nigeria is bringing up for its citizens.