Facebook invests $100 million in financial support initiative for small businesses around the world. The donation is in response to growing concerns surrounding loss of revenue for small businesses due to ongoing COVID-19 pandemic.
Facebook has come forward as the latest corporation to initiate relief funding to pump revenue back into the slowing economy.
As more measures are taken to contain the coronavirus flu pandemic, and social distancing becomes the new social norm many fear the affect isolation is having on the economy. Small businesses, as the fabric that hold together our communities, are beginning to feel the strain from loss of business.
Organizations have started to band together to combat precarious work and unemployment rates that are on the rise. While the Canadian Government, recently announced that relief funding will be available within a few days, a number of mega corporations are stepping up to do their part to support at-risk businesses during this time.
To support local businesses and their owners Sheryl Sandberg, Chief operating officer at Facebook, revealed yesterday that the media company would be investing $100 million to support 30,000 small businesses around the world, including Canada. In addition to the large donation, they have set up a business resource hub to equip owners with essential training programs to give them the support they need now.
Garrick Tiplady, Managing Director of Facebook and Instagram Canada, said in response to the announcement, “Now more than ever, it is important we continue to support our small businesses, the heartbeat of Canadian communities and local economies. We know local business owners have been hit hard and we’re focused on supporting them in any way we can through grants, resources and training.”
As we know, cash is king, and Facebook understands it can be the difference between closing up shop or making it to the next quarter. The grant program is cash based so businesses can distribute and invest the money where they need it most. For owners who need more than just cash, the Business Resource Hub provides recommendations and courses that can help owners manage disruptions and stay connected with customers. With more material to be made available in the coming weeks, these virtual training materials present themselves as an immediate ongoing lifeline.
To stay up-to-date on what ongoing relief Facebook will be providing Canadians, business owners can sign up for updates.