Facebook sets up £5 million grant to fund London small businesses hit by pandemic
Facebook has set up a £5 million grant fund for small business in London that have been badly hit by the impact of the pandemic.
The social media giant is inviting application for from companies with two to 50 employees that have been operational for at least a year.
It expects to hand out more than 1,600 grants under the programme. More than half of each award will be provided in cash funding and the rest in the form of advertising credits. Applications can be made from today until 5pm on October 1st.
It came after Facebook’s State of Small Business Survey revealed that financial worries continue to plague companies with more than a third expecting cash flow to be a challenge over the next few months.
Steve Hatch, Facebook’s vice president for Northern Europe said: “Financial pressures remain. We know a little bit of help can go a long way, which is why we’re offering £5m in grants - made up of both cash and advertising credits - to businesses across London to help them navigate this uncertain period. We know a little bit of help can go a long way.”
He added: “When budgets are tight, social media can be a really cost effective way for small businesses to reach new customers and drive sales. We hope these grants, as well as the free tools and training we’ve created, provide support for small businesses as they look to recover.”
Sadiq Khan, said he welcomed the initiative: “It’s great to see a major player like Facebook taking steps like this to help too. I would encourage small businesses across the capital to look at how this new scheme could benefit them.”
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