MSME Survival Fund: Ariaria market artisans receive grants

The Federal Government announced that artisans in the Ariaria Market of Abia State received the one-time N30,000 grant, according to a tweet via the Twitter handle of the MSME Survival Fund.

First batch of artisans in Ariaria International Market have received their one-time grant of N30, 000.#SurvivalFundNG pic.twitter.com/NLlcatUXRd

— MSME Survival Fund (@SurvivalFund_ng) November 4, 2020

The Government of Nigeria also announced that the Payroll Support Scheme has received over 50,000 applications.

Our Payroll Support Scheme is aimed at MSMEs adversely affected by the Coronavirus pandemic. The scheme will provide Payroll Support to a maximum of 10 employees per qualifying MSME. More than 50,000 applications were completed before the portal closed. https://t.co/yUSyPfgWt2

— Government of Nigeria (@NigeriaGov) November 4, 2020

What you should know 

Nairametrics reported in July that the FG announced plans to roll out N2.3 trillion stimulus package and survival fund for Micro, Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The survival fund includes payroll support for three months, and a guaranteed off-take scheme among others, all under the National Economic Sustainability Plan (NESP).

The Federal Government (FG) released the guidelines to access the N75 billion MSME Survival Fund and Support Initiatives, which took effect from September 21, 2020.

(READ MORE: DMO offers N50 million worth of FGN savings bond for subscription)

This week, the Lagos State beneficiaries of the Artisan Support initiative – under the MSME Survival Fund Scheme, received their training certificates and were grateful to the FG for the N30,000 grant.

For the Payroll support, the scheme supports companies with a maximum of 10 employees and affected by the pandemic. The FG said over 50,000 applied.

“Our Payroll Support Scheme is aimed at MSMEs adversely affected by the Coronavirus pandemic. The scheme will provide Payroll Support to a maximum of 10 employees per qualifying MSME. More than 50,000 applications were completed before the portal closed.”