Facebook has made it known that it will be supporting 30,000 Small and Medium Scale Businesses (SMBs) in over 30 countries, including Nigeria. The social media platform announced that for Nigeria, it will be done through a ₦500-million grant aimed at supporting 781 small and micro-businesses in the country.
Earlier this year, Facebook announced the $100 million Global Grants Programme, and it’s finally here. The grant is an initiative from the social media giant to assist businesses affected or suffering from the effects of the COVID-19 pandemic. The Small Business Grant Program (SBGP) will support 781 small businesses in Nigeria to benefit from the ₦500m grant.
The Aim of the Grant
The $100m Global Grants Program fund is said to be released in cash grants and ad credit. It is aimed at empowering and extending a lifeline to local small scale businesses who have been at the peril of the coronavirus. Facebook recognized these business owners as the most affected and is therefore offering the grants as support, even as the pandemic continues to be a threat to the world economy.
The ₦500m grant is targeted at helping small businesses achieve the following: payment of rent and other operational costs, strengthen their workforce, establish a connection with more customers, and support their communities by providing job opportunities, which is very much needed in Nigeria.
Excited? Well, some requirements must be met before you can apply or stand a chance of getting access to the grant.
To ensure the aim of the grant is met, every applicant must have between 2 and 50 employees.
The business must be over a year old. This means that for you to stand a chance, your business must have been established before the COVID-19 pandemic. Additionally, you must be able to tell how the outbreak of the pandemic has affected your business.
And to the last requirement, which is the least every Nigerian should be worried about is that your business must be in a location or near a location where Facebook operates. This means, if your business is Nigerian based, you are qualified.
Do you meet the above requirement? Below are the essential documents you need for your application process;
- The latest annual return of your business
- Your business registration or business license
- Partnership Agreements, and
- Your 2019 financial statements.
Method of Application
According to Facebook, the application process will be administered by Deloitte Ireland LLP and Quest Computing Ltd. The two companies who are partners with Facebook will handle the application in Nigeria.
The application will be open to qualified Small and Medium Scale Businesses (SMBs) in Nigeria, across the 6 geopolitical regions.
If you meet the requirements, you can start your application here.