October 24, 2021

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MSME funds: List of criteria to meet to qualify for FG’s business survival loans

The federal government on Thursday, February 4, announced that registration for the guaranteed offtake stimulus scheme and the general Micro, Small and Medium Enterprise (MSME) grant would commence on Tuesday, February 9.

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Legit.ng reports that through the guaranteed off-take stimulus scheme and general MSME grant, 100,000 MSMEs would benefit from GoS 100,000 and Nigerians would benefit from a one-off N50,000 MSME grant

The minister of trade and investment, Mariam Katagum, who is also the steering committee of the MSMEs survival fund and guaranteed off-take stimulus scheme said the programme is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.

MSME funds: List of criteria to meet to qualify for FG's business survival loans
The minister of state for industry, trade and investment, Mariam Katagum, says the portal would be opened on February 9. Credit: @SurvivalFund_ng
Source: Twitter

She said that a total of 100,000 Micro and Small Enterprises would benefit from the scheme, adding that a total target national number of beneficiaries is 100,000.

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The breakdown of beneficiaries is as follows:

1. Lagos – 3,880

2. Kano – 3,280;

3. Abia – 3,080

4. Other states – 2,640

Legit.ng hereby presents the qualification criteria for the MSMEs as follows:

1. Applicant must be a Nigerian National.

2. Applicant must be registered under the Corporate Affairs Commission (CAC) with at least a business name certificate

3. Applicant must have a verifiable BVN and Bank Account

4. Applicant must have at least 2 staff

5. Applicant must be ready to produce under NAFDAC and SON specifications.

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Meanwhile, Legit.ng had previously reported that the minister of state for industry, trade and investment, Mariam Katagum, said that the portal would be opened to all MSMEs to apply for the intervention funds.

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It was reported that the minister said the portal would be opened from 11:59 pm on Tuesday, February 9 to Thursday, February 18.

The guaranteed offtake stimulus scheme is targeted at protecting and sustaining the incomes of vulnerable MSMEs by guaranteeing the offtake of their products.

The committee said a total of 100,000 MSMEs would benefit from the scheme, adding that Lagos would get 3,880 beneficiaries, Kano 3,280, Abia 3,080 while other states will each have 2,640 beneficiaries.

In a related development, following the successful launch of the MSMEs Survival Fund on September 21, the federal government announced the next implementation stage with the official launch of the Artisans’ Support Scheme on Thursday, on October I, Independence Day.

This was disclosed by the project delivery office, MSMEs survival fund and guaranteed offtake schemes on Friday, October 2.

Source: Legit.ng