Facebook Launches $4.3 Million Worth Grant Programme for Small Businesses in India
Facebook announced the launch of the small business grant for more than 3000 small ventures across Delhi, Gurgaon, Mumbai, Hyderabad, and Bangalore on Tuesday. The programme is a part of Facebook’s $ 100 million global grant for SMEs announced in March.
Businesses with a small employee base whose operations were affected by Covid-19 can apply for the grant. SMEs must be located in or near a location where Facebook operates in order to apply for the grant.
The businesses chosen for the grant will receive Rs 63,000 and another Rs 38,000 in optional Facebook advertising credits. The grant programme is available to small businesses across all verticals and for even those who don’t have an online presence.
Facebook MD Ajit Mohan applauded Indian startup culture saying that they are helping to reduce income gap and are providing direct job opportunities to people. Small businesses are steering innovation to create viable business models and contribute around 30% to the Indian GDP.
According to the State of Small Business Report for India released by Facebook, most SMBs on Facebook India are concerned with challenges relating to cash inflows for the next few months. The grant will help SMBs to allocate money in order to recover after the pandemic.
Facebook is prioritising small businesses and said that it would offer programmes to SMBs which will help them to harness their capabilities. A lot of businesses in India already employ the potential of the Facebook platform to extend to their customers.
Facebook is focusing beyond just providing grants and has partnered with PayU and Qwikcilver to help small businesses connect with prospective clients through gift cards. People are reluctant to purchase from physical stores and this is the right time businesses should leverage their online presence. Startups are thriving in the Indian ecosystem and with the support of government and tech-giants; they can reach new and emerging customers.