Facebook India announces a grant of $4.3 million for small businesses

Source: Financial Express, Sept 16, 2020

Facebook India on Tuesday announced a grant of $4.3 million (Rs 32 crore) for more than 3,000 small businesses across Delhi, Gurgaon, Mumbai, Hyderabad, and Bengaluru where the company has offices.

The development is in line with Facebook’s $100 million global grant for small businesses announced in March.

The grant includes both cash and ad credits, with cash constituting a larger share. The grant programme is open to small businesses from all industries and verticals, and businesses do not need to have a Facebook family of apps presence in order to apply. They are also free to do what they wish to do with this grant, Ajit Mohan, MD and VP at Facebook India said in a blog post.

Facebook conducted a survey on small and medium-sized businesses (SMBs) around the world to ascertain the impact of Covid-19 in collaboration with OECD and World Bank and found out that more than a third of operational SMBs on Facebook India expect cash flow to be a challenge in the next few months. The survey also revealed that 41% of operational SMBs on Facebook India reported to have made at least a quarter of their sales digitally.

“We hope that our grant, along with the numerous other steps that we’re taking to aid the recovery of small businesses, can help some of them emerge from the crisis,” Mohan said.

Facebook also announced the discovery and sale of gift cards to help small businesses reach more potential customers online. “Configuring gift cards on Facebook and Instagram is free for businesses, and we have tied up with multiple partners to enable the issuance and management of gift cards,” Mohan added.

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