Facebook Singapore is offering SG$4.75 million grants to support over 800 local small businesses. Each grant amounts to SG$5,500 which includes SG$3,500 in cash and SG$2,000 in optional ad credits.
To be eligible, the business must have between two and 50 employees, been in business for more than one year and experienced challenges due to the pandemic. They also need to be in or near a location where Facebook operates. Applications are open from 16 to 22 September, and businesses do not need to have a Facebook presence in order to apply. Earlier this year, Facebook announced that it is offering US$100 million cash grants and ad credits to about 30,000 small businesses worldwide.
Quoting the State of Small Business report, an ongoing study by the World Bank, OECD and Facebook into small businesses, the company said nearly 58% of small and medium-sized businesses (SMBs) surveyed in Singapore said they are concerned about cash flow in the coming months. The report also showed that small businesses have made serious efforts to go digital by moving operations online, with 62% of operational SMBs on Facebook reporting that 25% or more of their sales were made digitally in the past month.
To support SMBs, Facebook has rolled out initiatives such as Facebook Shops and Instagram Shopping to offer an immersive mobile-first shopping experience where businesses can create an online store for Facebook and Instagram, as well as share featured products through organic posts and Stories. It also has a business resource hub to help companies stay open and connected to consumers during the COVID-19 outbreak.
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