Facebook okays N500m grant for SMBs

Facebook on Monday okayed N500million grant to support 781 small businesses (SMBs) as part of its $100million Global Grants Programme unveiled earlier this year, designed to support 30,000 SMBs in over 30 countries.

Aimed at stimulating economic recovery following the effects of COVID-19, this will help empower and extend a lifeline to local small business owners who have been most affected.

The grants will be administered and managed by Deloitte in partnership with FATE Foundation and Afrigrants. It will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer and recover operations during this challenging year.

Available to qualifying SMBs in Nigeria, applications opened on Monday for the Northeast, Northwest and Southeast regions while it is opened for the Southwest, Southsouth and Northcentral regions effective tomorrow.

SMBs can check www.facebook.com/grantsforbusiness to see whether they’re eligible as well as apply and find out more details about the programme.

In the State of Small Business Report, published by Facebook in partnership with the OECD and the World Bank, the challenges faced by SMBs during this COVID-19 crisis were laid bare, specifically with over 37per cent of SMBs in Nigeria saying that cash is a concern. this difficult and uncertain year,”  Regional Director, Facebook Africa, Nunu Ntshingila.   ( The Nation)