Description
Survival Fund
The Survival fund provides support over half a million medium and small enterprises MSMEs in meeting payroll objectives.
The federal government of Nigeria created it to support vulnerable MSMEs in meeting payroll obligations of between N30,000 and N50,000 per employee per month to safeguard the jobs of up to 10 employees in a 3 month period.
The Federal Ministry of Industry, Trade and Investment run the N75bn fund providing a general grant of N50,000 for small businesses most affected by the COVID-19 pandemic
Beneficiaries of the fun include self-employed, artisans, transport workers and technicians who are eligible to access up to N50,000 from the fund.
PROS
- Low interest rate
- Collateral free
- Fast Disbursement within 48 hours
CONS
- Low amount
- Numerous documentation required
ELIGIBILITY CRITERIA
- Official Government Identification
- Notarized Guarantor Forms
- Passport photographs
- Training Certificate
