Facebook Opens up $100M Small Business Fund for COVID-19 Impacted Firms
March 24, 2020
Companies at the moment are in absolute flux – big and small, we’re seeing companies vanishing overnight.
The COVID-19 outbreak has shown the weak reality of the business world and the finance industry, showing us exactly where the reality of the global economy is.
However, while such fears aren’t likely to be going anywhere anytime soon, some major companies are stepping up to the plate to help out. Starting with Facebook, which launched a $100m small business fund.
The social media giants intend to see this $100m spread out across 30,000 small businesses in 30 nations where the company currently has employees. This is a big statement and shows that the company fully appreciates the importance that small businesses play in it's own success.
This was announced by Chief Operating Officer Sheryl Sandberg, saying:
"Small businesses are the heartbeat of our communities, and many of the people who run these businesses are heavily affected by the crisis - especially as more and more people sensibly stay home.. The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees."
Proactive Assistance to All in Need
This grant will also be backed up by the fact that the Facebook Business Hub is set to open and be available to everyone at no cost.
If you intend to learn about training and supporting your business, then this could be the ideal time to take up that offer and join learning. We’re all going to have a lot of free time, so you may as well use it to try and improve your business.
This will offer virtual training on how to manage your business amid such a crisis. Also, every Facebook employee has been given a nice $1,000 bonus to help them deal with the impact of the epidemic that has broken out so seriously.
The aim is to try and help them pay for essentials like managing home office set-up or paying for childcare while they work.
Also, the company announced that they would match any donations up to a value of $20m in a bid to try and raise cash to fight back against the Coronavirus once and for all.
This is known as the COVID-19 Solidarity Fund and is in league with the United Nations Foundation and the World Health Organization.