Facebook Announces $100 Million Worth of Small Businesses Grant Program
Facebook announced a $100 million program to help small businesses as authorities throughout the countries urge industry to close their doors to slow the coronavirus outbreak.
In a blog post stating the grants, Facebook said, “We know that your business may be undergoing disruptions occurring from the global outbreak of COVID-19. We’ve learned that a little financial assistance can go a long way, so we are giving $100M in cash grants and ad credits to support through this challenging time.”
Facebook stated the grants would be available for up to 30,000 qualified small businesses in over 30 countries. That would be an average of $3,000 per business. It could benefit businesses experiencing a sharp drop in commerce, but it’s a portion of Facebook’s average revenue. The company generated $21.08 billion in the fourth quarter of 2019 alone.
Facebook is accepting applications now. The company stated the program could help businesses with rent and operational expenses, securing a workforce, and connecting with consumers.
Facebook has long prided itself on holding a place where small businesses can sell their services at an affordable cost by targeting a short, consistent group of users. In an interview with Bloomberg News, Chief Operating Officer Sheryl Sandberg said the marketing industry is bound to take a big hit as a result of the coronavirus fallout.
“This is not going to business as usual, and the marketing industry is certainly going to see a real impact. I don’t think anyone knows how big,” she said.
Sandberg said on her Facebook page that the company is looking at ways to expand virtual training “to support businesses operating in this new and unsettling environment.” Sandberg said Facebook would have more to share over the next few weeks.