The Federal Government of Nigeria has commenced the final phase of MSME Survival Fund with a total of 50,032 applicants having been pre-qualified and approved by the Steering Committee to proceed to the next stage.
It was gathered that the applicants will receive text messages and email requiring them to return to MSME Survival Fund Portal to complete their documentation.
This was contained in a press conference by the Minister of State, Industry, Trade and Investment, Amb. Mariam Katagum on Tuesday.
The Minister added that the implementation of the MSME Survival Fund across the initial four tracks i.e Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme and General MSME Grants have all yielded positive results that are verifiable and measurable with huge impactt.
According to her, “Under the Payroll Support Scheme, the initial target was to reach 500,000 beneficiaries. Our current standing is put at 459,334 successful beneficiaries across the 36 States and the FCT. Out of this number, we have recorded 43% female-owned businesses and 3% special needs.
“The Artisan and Transport Scheme had an initial target of 333,000 Artisan and Transport beneficiaries. We currently stand at 293,336 successful beneficiaries across the 36 States and the FCT.
“The CAC Formalization Support Scheme set out to register 250,000 new businesses and I can report that to date, 244,162 small and growing enterprises have been successfully registered free of charge, across the 36 States and the FCT.
“Also, the General MSME Grants Scheme had its initial target set at 100,000 MSMEs and we have successfully completed the provision of grants to a total of 82,491 till date.
“To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 (including those registered under CAC)”, she stated.
On his part, the project coordinator MR Tola Adekunle – Johnson, said, “the applicants will have three days from the time they get the SMS/Email to log in and electronically complete all necessary documentation.
“This includes selection of a Warehouse or Collection Point closest to them for delivery. Applicants can accept to move ahead or decline to cancel their application. Once the documentation is completed, it cannot be reversed.
“Applicants are encouraged to print a copy of their completed documentation from the Portal. This will be used to verify supply details at the Warehouse/Collection Point.
“The total value of each Grant is N100,000. Applicants who successfully return to the portal to complete their documentation will receive N30,000 fee to commence production of their selected item. Applicants’ have 14days to complete production and deliver to their selected Warehouse/Collection Point.
“Applicants who successfully complete their documentation process will receive N30,000 as mobilization fee to produce and deliver items to their selected Warehouse/Collection Point. Upon successful delivery of items, the applicant will receive the balance of N70,000.
“At the point of delivery, all items will be verified to ensure compliance. For branding, packaging & quality control, a representative of NAFDAC will run checks on all items. A PDO officer will check for actual quantity. SMEDAN Contact persons will be responsible for primary contact management with applicants at the point of delivery.”