Facebook Awards S$4.75M In Grants To S’pore Businesses

As businesses continue to face economic uncertainties in the wake of the global pandemic, Facebook Singapore today (September 16) launched a small business subsidy program.

About S $ 4.75 million in grants will be used to support more than 800 local small businesses.

Each grant is worth $ 5,500, of which $ 3,500 is in cash and $ 2,000 in optional advertising credits.

Applications are open from September 16 to 22, 2020. Companies do not need to be present on Facebook to apply.

To be eligible, the company must have between two and 50 employees, have been in business for more than a year, and have experienced challenges due to the pandemic.

You can apply for the grant here.

Cash flow issues

According to the State of Small Business Report, an ongoing World Bank, OECD and Facebook study of small businesses, more than half (58%) of SMEs surveyed in Singapore say they are concerned about cash flow In the coming months.

“Small businesses are the heart of our communities and the backbone of our economy. They have also been among the hardest hit by COVID-19, which is impacting the lives and livelihoods of so many Singaporeans – and it is more important than ever for us to move forward together through these difficult times. Said Damian Kim, national director of Facebook Singapore.

“We have brought these resources together to support small businesses here as we seek to play our part in supporting the economic recovery and work to emerge stronger from the pandemic.

Featured Image Credit: Reuters

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Jothi Venkat

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