As companies continue to face economic uncertainties after the global pandemic, Facebook Singapore launched a Small Business Grant program today (September 16).
Approximately S $ 4.75 million in grants will be used to support over 800 local small businesses.
Each grant is S $ 5,500, including S $ 3,500 in cash and S $ 2,000 in optional ad credits.
Applications for the grant are open from September 16-22, 2020. Companies do not need to have a Facebook presence to apply.
To be eligible, the company must have between two and 50 employees, have been in business for more than a year, and face 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 on small businesses, more than half (58 percent) of SMEs surveyed in Singapore said they were worried about cash flow in the coming months.
“Small businesses are the heart of our communities and the backbone of our economy. They were also some of the hardest hit by COVID-19 and have an impact on the lives and livelihoods of so many Singaporeans – and it is more important than ever that we move forward together in these challenging times, "said Damian Kim, Country Director of Facebook Singapore .
"We have put these resources together to help small businesses here as we want to do our part to support the economic recovery and work to get out of the pandemic stronger."
Selected image source: Reuters