Facebook grant for Black Business is Facebook’s pledge to provide over $40 million in grant funding primarily for Black-owned businesses. It should be noted that any company that is mostly Black-owned and also has around one and 50 employees may apply for this grant.
Facebook intends to provide grants to up to 10,000 Black-owned businesses in the United States. Small businesses are facing difficulties across the nation, and more than 100,000 have gone out of business indefinitely. Facebook introduced a grant program targeted at Black business owners, as a component of the tech giant’s initiative to invest $100 million in the Black community to counteract racial disparity.
Prizes for this grant program would include close to $4,000 in financial support, with $2500 in cash and $1500 in operational ad credits which can be used on Facebook or even other relevant portals. According to the company, grant funds can be used to pay your workers, help with leases, or any other associated operating expenses that are connected to the company itself, including advertising.
Requirements for Facebook Grants for Black Business
To apply for a Facebook grant, your company should fulfill the following requirements:
- Be a majority-Black-owned for-profit corporation.
- Be legitimately registered in one of the United States or the District of Columbia (US territories are excluded)
- Have between one and fifty employees.
- Ought to have been in business for more than a year.
- Have encountered financial difficulties as a result of the COVID-19 pandemic.
- Intend to only use the grant money to help the business and the community.
Those who previously applied for grants through the Facebook Small Business Grants Program are eligible to submit an application for a Black-owned grant. Previous beneficiaries of this Facebook grant are unqualified to apply. Applicants are still not required to use Facebook products in order to apply.
Steps to Apply For a Facebook Black-Owned Business Grant
Applying for Facebook’s Black-owned business grant program is simple, as are the entry requirements. The following is a general overview of how to apply for a Facebook Black-owned business grant:
- Visit the program’s passageway on Submittable, a third-party submission management platform with which Facebook has teamed up for the program.
- If you still do not have a Submittable account, start creating one.
- To evaluate if your company is qualified to apply for a grant, you must respond to a set of basic questions.
- Fill in the majority owner’s contact details along with the business’ information, which comprises the name, digital presence, legitimate address, business summary, and sector.
- You may also provide supplemental demographic data such as your gender, sexual orientation, veteran status, or disabilities.
- Explain in less than 300 words how COVID-19 affected your business.
- Choose how you intend to use the grant for your company from a list of options.
- Explain how Facebook’s grant will affect your business in less than 300 words.
- Choose how you intend to use the grant to help your community from a variety of options.
- Explain in less than 300 words how Facebook’s grant will benefit your community.
- After filling in the whole details, you will then have to e-sign the document, concur with the program’s contractual terms, and authenticate that you aren’t a government official or closely linked to a government official before uploading the application.
Facebook also receives Spanish-language application forms. According to reports, the application deadline passed on August 31 at 9 p.m. ET. Then after the date, applications will be reviewed “as soon as possible.” Facebook has teamed up with Accenture to manage the grant program’s management.