Amidst the COVID-19 crisis, Facebook has been focusing on providing business tools for the survival of small businesses. According to the data released by OECD and the World Bank, in India, more than one-third of the small and medium-sized businesses on Facebook are facing cash-flow problems.
Facebook has a wide reach in India, almost every other business has a profile on this social networking platform to reach potential customers. To leverage this advantage of its huge user base, Facebook has decided to help 3000 plus small businesses across all the cities in which the company has its offices. They have announced a grant of $4.3 million for businesses in Delhi, Gurgaon, Mumbai, Hyderabad and Bangalore.
Grant will be given in the form of cash and ad credits, while cash constituting a larger part. Applications for the businesses to apply for the grant have started from 15th September 2020. There is no prerequisite of mandatory advertising by the businesses on Facebook to be eligible for the grant.
This step of providing a grant to businesses in India is a subset of Facebook’s ‘$100 million global grant for small businesses’ initiative.
Witnessing the cooperation of people and seeing them work jointly with businesses over the pandemic has been heartening. Facebook and Instagram together have launched new features to support the local communities. Small businesses are in a cash crunch situation, this step will help them get immediate cash flow to survive in the market.
Facebook’s representative said that they want to do everything they can to help the small businesses in the country. At the beginning of this year, its investment of $5.7 billion in Jio Platforms was done with the aim of serving India’s 60 million businesses. The small businesses grant in India is a step towards their commitment. Read more details here.