(Business in Cameroon) - On September 11, 2020, Achille Bassilekin III (photo), the Minister of SMEs, signed a decree setting the conditions under which SMEs, artisans, and socio-economic organizations can access funds in the framework of the Special Fund created by the government to help the economy recover from the coronavirus crisis.

Following the provisions of Decree No. 2020/3221/PM of July 22, 2020, establishing the distribution of the endowment of the said Fund, XAF1.5 billion is dedicated to SMEs strongly affected by the pandemic and XAF500 million to artisans and cooperatives producing face masks and hydro-alcoholic gels.

Eligibility to the Fund is conditioned both by the intrinsic characteristics of the company applying for access (size, financial situation) and by the impact of the coronavirus pandemic on its economic development.

To be eligible, the company must be a small or medium-sized enterprise (SME) with a legal existence. It should also be affiliated with a key organ, be in sectors strongly impacted by the pandemic (local products’ processing, digital economy, and educational materials’ production). Also, the applicant must have been in operation since January 2019 at least and must have recorded a decline during the period when the government’s mitigation measures were implemented to curb the spread of the coronavirus.

As for artisans, they should be employing less than 10 people and have invested a minimum of XAF1 million.

Once the applications are submitted and the selection is made, the support will be granted in cash to the promoter or the mandated representative. Meanwhile, a task force has been set up for the selection nationwide.

According to a survey carried out between April 27 and May 10, 2020, by the national institute for statistics, 90% of companies operating in Cameroon have experienced difficulties in selling their products during the survey period.  

S.A.