Facebook to Launch $100m Fund for Businesses Impacted by Coronavirus

Facebook to Launch $100m Fund for Businesses Impacted by Coronavirus

Funding is being provided to small businesses across a number of countries around the world to help them survive the coronavirus crisis.

Facebook for Business has announced outline details of a new scheme designed to help small businesses under threat of survival owing to the coronavirus pandemic. The Facebook Small Business Grants Programme will endeavour to help businesses that are experiencing disruptions in their cash flow as the global COVID-19 outbreak continues.

Additionally, Facebook’s Business Hub, which was previously a resource limited to Facebook employees and health experts, will now be available for all businesses to access. The company has also pledged to create new ‘virtual training’ to support businesses operating during the coronavirus outbreak.

Facebook is offering US$100 million (approximately £84 million) in cash grants and advertising credits on its ad platform for up to 30,000 eligible small businesses. The funding is intended to help firms in the following ways:

Covering operational costs.

Helping with rent costs.

Connecting with more customers.

Maintaining a strong workforce.

Small businesses in over 30 countries where Facebook operates may be eligible to apply. At this stage there are no further details on industry eligibility or confirmation on the countries which will be included.

Facebook’s Chief operating officer, Sheryl Sandberg, said:

‘We’ve listened to small businesses to understand how we can best help them. We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who can’t come to work.

‘Whatever happens next, we will be working to help businesses weather this storm.’

The programme is expected to commence accepting applications in the coming weeks. Further details about eligibility and how to apply will be reported when available.