Facebook opens Black business grant program
Eligible businesses can receive up to $4K in funding
Starting Wednesday, any majority Black-owned business in the U.S. with up to 50 employees can apply for a grant through Facebook Inc.’s Black Business Grant.
In June, Facebook announced it had committed $100 million in grants this year to support U.S. Black-owned businesses, creators and nonprofits. The social media giant announced Wednesday that $40 million of this investment will be dedicated to help 10,000 Black-owned businesses. Businesses can receive grants of up to $4,000, including $2,500 in cash and $1,500 in optional advertising credits to use on the Facebook platform.
“The past few weeks have compelled us to confront the reality of violence and injustice which members of the Black community face on a daily basis,” Facebook Chief Operating Officer Sheryl Sandberg said in the June statement. “We have shared words of support for our friends, colleagues and communities. We need to take action as well.”
Eligible businesses for the Facebook grant program must be a majority Black-owned for-profit business, be legally registered in the U.S. or Washington, D.C., have between one and 50 employees, have been in business for more than one year, have experienced challenges from COVID-19 and plans to use grant funds to support the business and community.
The application will be open through Aug. 31 and funds will be awarded “as quickly as possible,” according to Facebook. Facebook is partnering with Accenture to administer the program and AEO is offering strategic advisory services for serving diverse businesses.
“The last few months more people have witnessed and processed the disparity and racial injustice that Black people in America have been facing every day. Thank goodness many have realized that we all must act if this is to ever end,” Facebook Chief Diversity Officer Maxine Williams said in a statement. “I am proud of the work we are doing at Facebook to help address these issues, and to support Black-led small businesses at the heart of our communities and local economies.”