70,000 businesses to benefit from MSME Covid-19 funds – FG
The Federal Government has reiterated its commitment to fully execute the N75billion Micro, Small, and Medium Enterprises (MSMEs) Survival Fund.
It said the scheme, which is aimed at alleviating the challenges faced by small businesses during and after the Covid-19 pandemic, has so far attracted 432,000 applications from 12 states out of which 70,000 have been picked.
The Special Assistant to the President on MSMEs in the office of the Vice-President, Tola Adekunle Johnson, disclosed this on Monday while giving an update on the scheme.
He explained that the scheme “is different from Trader Money because it is not a loan but a grant”.
“The payroll support goes straight to the beneficiary’s account with his or her bank identification number (BVN). We have completed data collection on this and hope to publicize it at the end of the scheme, we don’t pay through association,” he said.