Facebook commits $200 million to Black-owned businesses, firms
Facebook is also going to increase the representation of people of colour in the leadership roles.
Facebook on Thursday announced a $200 million fund for Black entrepreneurs and firms. The fund is in addition to the company's $40 million US grant programme.
Facebook COO Sheryl Sandberg in a post said that $25 million will be granted to Black content creators. The company has allocated $75 million in grants to Black-owned businesses in the US. This also covers the non-profits who help black communities. She further said that Facebook will spend at least $100 million annually with Black-owned suppliers. This will include construction, marketing agencies, and facilities providers among others.
Apart from the $200 million fund, Facebook is also looking into increase the representation of people of colour in the company's leadership roles. The company said it will increase their representation by 30% including 30% more Black executives. Facebook aims to achieve this by the end of the next year.
Over the next three years, Facebook will provide training to 1 million members of the Black community. This is in addition to granting 100,000 scholarships to Black students.
Facebook has also launched a new application called “Lift Black Voices” where it will highlight stories from the Black community. The app will also feature educational resources.
“The past few weeks have compelled us to confront the reality of violence and injustice which members of the Black community face on a daily basis. We have shared words of support for our friends, colleagues and communities. We need to take action as well. At Facebook, we're focused on building powerful tools and resources. We're taking steps to improve our products, programs and policies,” wrote Sandberg in the post.
Facebook's announcements come a day after Google CEO Sundar Pichai launched a $175 million economic opportunity package for the Black businesses and entrepreneurs. The announcements are part of the tech companies' to support the campaign against racial discrimination in the US.