Facebook Singapore is launching its Small Business Grant programme where some $4.75 million in grants will be used to support over 800 small businesses in the country.
“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,” says 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,” Kim adds.
According to the State of Small Business Report, an ongoing study by the World Bank, OECD and Facebook said nearly 58% of small and medium businesses in Singapore are concerned about cash flow in the coming months.
Each grant comes up to about $5,500, which includes $3,500 in cash, and $2,000 in optional advertising credits. Businesses do not need to have a Facebook presence in order to apply.
To be eligible for the grants, the business must have between two and 50 employees, been in business for over a year, and experienced challenges due to the pandemic.
Applications are open from September 16 to 22.
In addition to the grants, Facebook has added ways such as Facebook Shops and Instagram Shopping, which promotes a mobile-first shopping experience, for small businesses to adapt and go online no matter their size or budget.
Shares in Facebook closed US$6.27 higher, or 2.36% up, at US$272.42 ($370.75) on September 15.
