FG is giving out N75billion Loan to 1.7 million Businesses and Individuals for 3 Months

FG is giving out N75billion Loan to 1.7 million Businesses and Individuals for 3 Months – The COVID-19 Pandemic without doubts has affected and will continuously affect MSME businesses. The Federal Government of Nigeria in a bid to cushion the impact of COVID-19 on MSME businesses, has announced a Specific Financial Support Programme.

This Programme intends to provide financial support to about 1.7 million businesses and individuals across the country within the next 3 months.

This was disclosed by the Minister of State for industry, Trade and Investment, Ambassador Mariam Katagum, at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small, and Medium Enterprises (MSMEs) tagged, Eko Fashion Hub, in Lagos.

Katagum revealed that the initiative is borne out of the Federal Government’s continued commitment and dedication to helping cushion the obviously devastating impact of the COVID-19 pandemic on the economy by succouring existing jobs and creating new job opportunities for individuals.

The Minister said that President Muhammadu Buhari’s administration, through the Economic Sustainability Committee, had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

In her words,

“The Federal Government is fully committed to empowering Nigerians; more so in the face of the COVID-19 Pandemic. In this regard, the government, through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.’

These programmes include among others, the N75 billion MSME Survival Fund and Guaranteed Off-take Schemes of which I have the honour to chair the Steering Committee for the effective implementation of the projects.”

The Nigerian Economic Sustainability Plan which is a Brainchild of a committee headed by the Vice President, Yemi Osinbajo, is a response to the health and economic challenges which foisted on the country due to the sudden outbreak of the novel coronavirus pandemic.

Asides from developing robust monetary policies and fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending, the plan also includes a N2.3 trillion stimulus package for the economy.

Katagum said that the Financial schemes were at the core of the N2.3 trillion stimulus package being implemented by the Federal Government. She iterated that the commissioning of shared facilities was also expected to provide help and relief to the teeming micro-businesses in need of space and infrastructural support.

The Project, is scheduled to run for an initial period of three months, and targets 1.7million entities and individuals. It has provisions for 45% female-owned businesses and 5% for those with special needs.

Registration for Payroll Support will start with educational institutions on Monday and will be followed with businesses in the hospitality industry on Friday September 25th beginning from 12 am.

The Portal will be open to other category of small businesses from 12 am, on Monday September 28th, 2020.

Those interested in benefiting from the fund were advised to log on to http://www.survivalfund.ng to register.

The scheme, which seeks to ameliorate the impact of the COVID-19, targets an average of 35,000 individuals per state.