Facebook Announces $40M in Grants to Black-Owned Businesses; Additional Commitments to Support the Black Community
Facebook today announced an update on its commitment to support the Black community, including new initiatives and product updates. This includes dedicating $40 million to helping 10,000 U.S. Black-owned businesses.
Following Facebook’s June announcements of an ongoing commitment to the Black community, the company is pleased to share progress updates on its Small Business Grant Programs and also introduce new ways to support Black-owned businesses on the platform.
Updates on Small Business Grant Programs
It is clear financial support can help to alleviate the immediate financial pressures that many businesses are facing from COVID-19 closures. According to Facebook’s most recent Global State of Small Business report, cash flow remains one of the biggest challenges for businesses, with nearly half of U.S. small businesses expecting cash flow challenges in the next few months.
With this in mind, Facebook is sharing today:
- Black Business Grant Update: In June, Facebook announced $100 million in grants to support US Black-owned businesses, creators and non-profits. Today, Facebook is announcing that $40 million of this investment will be dedicated to helping 10,000 U.S. Black-owned businesses and starting today, any majority Black-owned business in the US with up to 50 employees can apply for a grant. Businesses can go to facebook.com/blackbusinessgrants to learn more and apply.
Introducing A New Self-Designation Tool for Facebook Pages
Also launching today, Facebook is rolling out a new tool that helps amplify Black-owned businesses and make it easier for people to support Black and diverse entrepreneurs, small businesses and local shops that help keep our local economies going. Administrators of Black-owned businesses on Facebook or Instagram can designate their businesses as Black-owned.
Once a business has identified as Black-owned, Facebook will make it easier for people to discover and support these businesses:
- People will be able to discover these businesses through Businesses Nearby. This will help people navigate from the discovery surface pages of designated businesses, making it easier for people to discover, message, buy goods or order food through third-party apps from Black-owned businesses in their local communities, while also helping businesses gain more virtual foot traffic, as many have moved online to stay open.
Maxine Williams, Chief Diversity Officer, Facebook, said: “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. 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.”