Facebook recently announced that it would be offering $100 million dollars to small businesses in countries in which it operates, including South Africa, as part of its efforts to provide aid during the Coronavirus crisis.
The money will be distributed in the form of cash grants and ad credits, and Facebook has said that it is aiming to help up to thirty thousand eligible small businesses that have been hit hard during this time.
How can Facebook’s grants help your business?
Even businesses that are able to accommodate remote and online functionality have felt the crippling effect that Coronavirus has had on consumers. For many countries, nationwide lockdowns mean that people are unable to shop for anything other than essential items like food and personal care products.
With fewer customers but ongoing expenses, many businesses have had to turn to stringent budgeting and cost-cutting. But for some, even that is not enough to avoid running into cash flow problems.
Thus, these grants are aimed at helping businesses cope with whatever financial burdens they find themselves struggling with – be that maintaining the wages and salaries of their employees, being able to pay off their monthly premise rent, or even advertising and getting their products in front of customers as per normal.
How do I apply to these grants from Facebook?
The applications for these grants are not yet open – instead, Facebook says that they will start accepting applications within the next few weeks.
Once applications open, the first you will need to do is to ensure that your business qualifies for the programs criteria, as they are outlined by Facebook. Most likely, Facebook will require some measure of the size of your business, to be sure that these grants are only going to small businesses that need assistance the most.
Although applications have not opened as of now, it is recommended that small business owners sign up for updates at the bottom of the page to stay informed when Facebook releases further information on the application process.
Find out more on Facebook’s Small Business Grants here.
Facebook also released a helpful list of resources aimed at helping small businesses stay afloat, which you should definitely check out as well!
If you have any questions regarding these grants, be sure to send us an email at [email protected] and we would be glad to assist however we can!