MSME Survival Funds: Free CAC Registration, Artisan/Transport Supports, others scheduled

The Minister of State for Industry, Trade and Investement, Mrs Miriam Katagun had, thursday, during the inauguration of the 333,000 Artisans/Transport Support Program , a category of the N75Billion MSME Survival Fund Scheme, disclosed that the Formalisation Support (Free CAC Registration) and others would commence from next week.

The Minister noted that the second stage of the Payroll Support which includes uploading of Supporting documents officially commenced on 1st October, 2020, urging those who had applied for the enrolment of their employees into the Payroll Supports to complete their application in the official registration portal for the scheme at https://www.survivalfundapplication.com/

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On the Free CAC Registration (Formalisation Support), the Minister disclosed that the Federal Government would oversee the cost of the CAC Registration for 250,000 unregistered businesses in Nigeria as all arrangements have been made with the Corperate Affiars Commission.

“This will be at no cost to the MSMEs. The Federal Government will pay CAC N6,000 for each registration and this is under the formalisation support and it is for all MSMEs that require formalisation,” Katagum stated.

Speaking on the Artisans and Transport Supports program, Mrs Katagun explained that the scheme was designed to provide 333,000 artisans and transport business operators with a N30,000 operations grant noting that the grant would help reduce the effect of income loss during the COVID-19 pandemic and its resultant lockdown.

The Minister furthered that the grants would go to self-employed individuals, especially service providers such as bus drivers, taxi drivers, ride share drivers and artisans, including electricians and plumbers.

“One-off payment of N30,000 will be given as grant to each beneficiary. The categories of self-employed individuals eligible to participate in this track of the Survival Fund Scheme include mechanics, taxi drivers, ride share drivers."

“Others include hairdressers, ‘Keke NAPEP’ riders, Okada riders, plumbers and electricians.”

Mrs Katagum urged artisans and transport business operators to take advantage of the scheme, noting that the government would need them to have valid accounts with banks in order to effectively benefit from the grants.