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Facebook Announces Over $500,000 Grants to Support Small Businesses Following COVID-19

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Facebook, in partnership with the World Bank and the Organisation for Economic Co-operation and Development (OECD), recently published the Wave II update of the Global State of Small Business Report. The update is based on the second wave of new data on the state of small and medium businesses (SMBs) collected from June 24 – 30, 2020, which capturing the views of 25,000 businesses in 50 countries including the United Arab Emirates (UAE).
Facebook collaborated with The World Bank and OECD to develop The Global State of Small Business Report, which includes monthly updates on how small businesses are faring globally. Last month, Facebook’s COO Sheryl Sandberg shared the first installment in the series of reports, giving sobering first look at the impact of the coronavirus on SMBs around the world.
With several governments around the world starting to loosen COVID-19 lockdown restrictions, SMBs in these economies have begun to resume their in-person operations, although often in a limited manner. According to the report, in the UAE, 79% of small and medium-sized businesses (SMBs) on Facebook are now open for business, up from 65% in May earlier this year, demonstrating a gradual improvement and a resilience to fight and survive in a post-COVID-19 world.

Globally, those sectors most impacted by lockdowns are also the ones reopening fastest – for example, in the hospitality sector, the number of hotels, cafes and restaurants closed fell 13%, from 32% down to 19%. Within the services sector, consumer-facing sub-sectors across the world also saw significant drops in closure rates: travel and tourism agencies (23 perpitality and event services (14 percentage point drop, to 33%), and education and child care services (13 percentage point drop, to 31%).

However, financial issues appear to be a sticking point on the road to recovery for all businesses, with cash flow still a problem for SMBs in the UAE. The proportion of UAE SMBs that referenced cash flow as a key ongoing challenge in June was 47%, down just 1% from figures in May (48%). In fact, the report further states that 42% of SMBs on Facebook in June reported lack of assistance, as compared to the 29% in May.

As part of its effort to support small businesses in their economic recovery following COVID-19, Facebook has announced a grant of $544,609 for eligible SMBs in Dubai. The grant is made up of cash grants and Facebook ad credits and is part of Facebook’s pledge in March earlier this year where it announced a $100 million grant program to help 30,000 small businesses in over 30 countries where its employees live and work, to offer them vital support through the period of uncertainty when things are tough.

Raez Shehadi, the Managing Director of Facebook MENA said, “Despite showing an incredible amount of resilience and creativity during the pandemic, small businesses still face major challenges. For many, cash flow is among their biggest difficulties. Direct financial support can make a difference in helping many of them pay their employees and keep their doors open for business. This is a part of our broader effort to support businesses, especially small businesses, in this time of need due to the impact of COVID-19.”

Starting today, businesses can go to facebook.com/grantsforbusiness to see whether they are eligible, how to apply, timelines and for more details about the program.

Besides the grant announced for SMBs, Facebook recently launched Facebook Shops to make it easier to sell online and created a Business Resource Hub, where small business owners can get training, advice and information including guidance from healthcare experts.

 

Source: thefintechtimes.com

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