Facebook on Tuesday, August 25th announced a ₦500m grant to support 781 small businesses in Nigeria, as part its $100m Global Grants Programme announced earlier this year, which aims to support 30,000 SMBs in over 30 countries.
Aimed at stimulating economic recovery following the effects of COVID-19, this will help empower and extend a lifeline to local small business owners who have been most affected.
The grants will be administered and managed by Deloitte in partnership with FATE Foundation and Afrigrants. It will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer and recover operations during this challenging year.
In the recent State of Small Business Report, published by Facebook in partnership with the OECD and the World Bank, the many challenges faced by SMBs during this COVID-19 crisis were laid bare, specifically with over 37% of SMBs in Nigeria saying that cash is a concern.
“We know small businesses are the engine of the Nigerian economy, the COVID-19 pandemic has extended beyond a public health crisis to an economic emergency, with these small businesses most affected. We’re listening to the challenges these small business owners are facing right now and want to provide useful resources for them during this difficult and uncertain year” said Nunu Ntshingila, Regional Director, Facebook Africa.
Recognising that SMBs also need training, digitalisation assistance and improved social connection infrastructure as consumer behaviour shifts online, Facebook has rolled out virtual versions of its in-person training – Boost with Facebook across Nigeria. These free webinars and online resources cover a range of topics from how to take your business online, build resilience, stay connected with customers and adapt in real time.
Applications will be open to qualifying SMBs in Nigeria from Monday, August 24th 2020 for the North East, North West and South East regions and Wednesday, August 26th 2020 for the South West, South-South and North Central regions.
For Application, Eligibility Status and more information, Click Here