“As part of our $ 100 million global grant for small businesses announced in March, today we are announcing a grant of $ 4.3 million (Rs 32 crores) for more than 3000 small businesses across Delhi, Gurgaon, Mumbai, Hyderabad, and Bangalore, where Facebook has offices,” Mohan stated in the blog post.
“The grant includes both cash and ad credits, with cash constituting a larger share. The grant programme is open to small businesses from all industries and verticals, and businesses do not need to have a Facebook family of apps presence in order to apply. They are also free to do what they wish to do with this grant,” he added.
He also stated that recovery of small businesses from the pandemic will be critical to the recovery of Indian economy, and Facebook wants to do everything it can to help.
“Earlier this year, we underlined our commitment to India and especially to small businesses through the $ 5.7 billion investment and partnership with Jio Platforms. Small businesses are a big priority for Facebook. Every month, 180 million small businesses globally use the Facebook family of apps to reach potential customers and build their business. That means that for every 45 people in the world, there is a small business present on the Facebook family of apps,” he added.
Facebook also announced the India findings of the State of Small Business report, an ongoing research collaboration between Facebook, the Organisation for Economic Co-operation and Development (OECD), and the World Bank to survey small and medium-sized businesses (SMBs) around the world, including India, in the context of COVID-19. Mohan stated that according to the survey, more than a third of operational SMBs on Facebook India expect cash flow to be a challenge in the next few months.
“We hope that our grant, along with the numerous other steps that we’re taking to aid the recovery of small businesses, can help some of them emerge from the crisis,” he wrote.
He further stated that to help small businesses impacted by Covid-19, Facebook and Instagram have launched capabilities for businesses to drive the discovery and sale of gift cards.
“Gift cards will help small businesses reach more potential customers online. They will also help small businesses to get cash flow when they need it the most, and even when physical stores might be shut. Configuring gift cards on Facebook and Instagram is free for businesses, and we have tied up with multiple partners to enable the issuance and management of gift cards,” he added.