facebook business grants: Is giving $40 million enough?
These grants that Facebook is offering can help small business in 4 major ways.
- Getting approved for one of these grants can help you keep your employees working, instead of laying them off while your business struggle.
- A Facebook grant could be used to pay for rent and other operational cost.
- You’ll be able to use the grant money to increase your marketing budget. This is increase customer awareness and get them to patronize your business.
- This grant could help you stay in the community where they’re much needed and wanted.
Is my business eligible for the Facebook Business Grant?
Obviously, there are a few criteria to be eligible to get these grant’s, but they are not as strict as one may thing:
- Be a majority Black-owned for-profit business
- Be legally registered in a US State or the District of Columbia (US territories are excluded)
- Have between 1 and 50 employees
- Have been in business for over a year
- Have experienced challenges from COVID-19
- Plan to use the grant funds to support the business and community
Now, that being said, Facebook also offers small business grants for other non black businesses.
Adding to that, you are allowed to apply for other Facebook business grants. As well as, not need to to use Facebook Inc. products to be eligible. The business owner must be at least 18 years old.
How much money will I receive from a Facebook Business Grant?
Facebook will be allocating $40 million from its $100 million small business grant program to 10,000 Black-owned businesses in the U.S. This is helpful to black owned businesses, because of the lack of access to credit lenders in their communities.
Their will be 10,000 Black-owned businesses in the U.S that will qualify for these grants. The Grants will include $2,500 in cash and a $1,500 Facebook ad credit.
Although, this $4k may not save alot of businesses from struggling at least those that do get the grant will have a fighting chance.
Who will these Facebook Business Grants will help the most?
Due to the fact that black owned businesses often lack access to bank credit and other forms of financing, making it harder to survive financial emergencies and they did not get a sizable share of Paycheck Protection Program loan relief when it was rolled out. Many are micro-enterprises, providing a livelihood to a sole proprietor or a few employees at most. Profit margins are thin, while owners’ financial savings are often meager, making them vulnerable to sudden downturns. Black-owned businesses are heavily concentrated in cities that have been hardest hit by the virus and they entered the pandemic with weaker financial conditions, the Fed study concluded.
That is why Facebook Business Grant program may prove a lifeline to many entrepreneurs and small business owners who are pivoting and trying to take their businesses online in this new digital economy.
Conclusion:
Getting approved for a Facebook Business Grant would be a big help for a lot of small black business owners. We’ll Facebook is really sticking to their words and commitment.
The company allocating $40 million from its $100 million small business grant program to 10,000 Black-owned businesses in the U.S.
Each of the qualified businesses will receive $2,500 in cash and a $1,500 Facebook ad credit. Also, they will be able to apply for any other grants that Facebook offeres.
You can apply fir the Facebook Business Grants right here.
If you’re an entrepreneur looking to start your business check out 3wayfunding.com
#GRANTS #FREEGRANTMONEY #FACEBOOK
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