FACEBOOK Malaysia will be giving RM3.2 mil in grants to 300 businesses under its Small Business Grant Programme, it said in a press statement today.
The social media giant said, the funds was to at help local small business survive through tough times as they continue to face uncertainties in the wake of Covid-19 global pandemic.
The statement, citing State of Small Business Report said, an ongoing study by the World Bank, OECD and Facebook into small businesses found nearly 58% of small and medium businesses surveyed in Malaysia had expressed their concern about cash flow in the coming months.
SMBs are the backbone of the nation’s economy and account for 38.9% of the nation’s GDP, 48.4% of employment and 17.9% of Malaysia’s export business.
“Small businesses are the heart of our communities and the backbone of our economy and Covid-19 pandemic has hit them the hardest. We are acutely aware that supporting them now and in the future is critical for the economy of the country and that’s why we’ve pulled together resources and continue to build digital tools to support small businesses navigate through the next normal and emerge stronger from the pandemic,” said Facebook Malaysia Country Director Nicole Tan.
Each grant amounts to RM9,400 consisting RM5,900 in cash and RM3,500 in optional ad credits. Applications are open from Oct 6-12, 2020 and businesses do not need to have a Facebook presence in order to apply.
To be eligible, the business must have between 2 and 50 employees, been in business for more than one year and experienced challenges due to the pandemic.
Businesses who are keen to apply can obtain more information on eligibility criteria and how to apply for the grant at https://www.facebook.com/business/boost/grants – Oct 6, 2020
