Facebook Announces Grant For Small Businesses, Application Period Between 16-22 Sep

Small businesses have especially suffered from the economic impacts of the Covid-19 pandemic. Thankfully, social media giant Facebook is extending a helping hand through a grant to Singapore’s small businesses.

Facebook grantSource

The grant will include a mix of cash and Facebook advertising credits.

If your business is eligible, you’ll have to apply by next Tuesday (22 Sep).

Facebook Grant will amount to $5500 per small business

According to Facebook, the grant will provide small businesses with S$3,500 cash and S$2,000 in optional advertising revenues.

Facebook grantSource

Business owners that are not tech-savvy don’t have to fear losing out because it’s open to businesses not on Facebook as well.

Business cannot exceed 50 employees for eligibility

According to Facebook, the business must have 2-50 employees in order to be eligible for the grant.

application criteriaThe application criteria for Facebook Grant

Businesses must also be:

  • for-profit
  • be in business for over a year
  • have experienced financial difficulties from Covid-19
  • must be in Singapore

About 800 businesses will be selected by Facebook

Facebook says that it will be working with Deloitte and Goodera to review and select applications.

Furthermore, it requires a copy of an applicant’s latest Business Registration Document – as issued by ACRA – for verification purposes.

Facebook verificationSource

However, beyond this, Facebook does not state the amount of losses a business must incur in order to get the grant.

Facebook wants to help Singapore’s economic recovery

Damian Kim, Facebook country director, said they wanted to help small businesses as they’re the “heart of our communities”, and also form the backbone of the economy.

They also want to contribute to Singapore’s economic recovery and help us emerge stronger from the pandemic.

However it seems that Singapore is not the only country that Facebook is extending economic relief for.

Almost 30,000 companies from around the world are able to receive $100 million in grants.

Helping businesses recover from Covid-19

It is heartening that companies like Facebook are reaching out to help small businesses in Singapore — retail sales dropped by 52.1% in May due to ‘Circuit Breaker’ measures, according to Singstat.

The MS News team hopes that such grants will help in alleviating the financial strain that has been caused by the Covid-19 pandemic.

Together, we can come out stronger.

Featured imaged adapted from Greenjihad.