As businesses continue to face economic uncertainties in the wake of the global pandemic, Facebook Singapore launched today (16 September) a Small Business Grant programme.
Approximately S$4.75 million in grants will be used to support over 800 local small businesses.
Each grant amounts to S$5,500, which includes S$3,500 in cash and S$2,000 in optional ad credits.
Applications for the grant are open from 16 to 22 September 2020. Businesses do not need to have a Facebook presence in order to apply.
To be eligible, the business must have between two and 50 employees, been in business for more than one year and experienced challenges due to the pandemic.
Cash Flow Concerns
According to the State of Small Business Report, an ongoing study by the World Bank, OECD and Facebook into small businesses, more than half (58 per cent) of SMBs surveyed in Singapore said they are concerned about cash flow in the coming months.
“Small businesses are the heart of our communities and the backbone of our economy. They have also been some of the hardest hit by COVID-19, impacting lives and livelihoods for so many Singaporeans — and it is more important than ever for us to move forward together through these challenging times,” said Damian Kim, Country Director of Facebook Singapore.
“We’ve pulled together these resources to support small businesses here, as we look to play our part in supporting economic recovery and work to emerge stronger from the pandemic.”
Featured Image Credit: Reuters
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