Facebook launches $4.3 million grant programme for SMBs in India
Facebook’s small grant programme will include both cash and ad credits. Here is everything you need to know about the new programme.
Facebook on Tuesday announced its small business grant programme for India. Part of the company's $100 million global grant for small businesses, Facebook has announced $4.3 million ( ₹32 crore approximately) for over 3,000 small businesses across Delhi, Gurgaon, Mumbai, Hyderabad, and Bengaluru.
The grant includes cash and ad credits with cash constituting majority share. Facebook said that the grant programme is available to small businesses across sectors. The company clarified that those who apply for the grant do not need to have Facebook apps. Also, they are free to do what they can do with the grant money after release.
“India has a thriving startup culture, and we have the potential to be the next hub for digital innovation, pushing business models that can be scaled to other similar markets. The 60 million small businesses in India are a key growth driver for the economy, fueling innovation and disruptive business models. They enable a reduction in income inequality, create new jobs, and contribute 30% to the GDP,” wrote Ajit Mohan, MD and VP, Facebook India in a post.
State of Small Business Report
Facebook has released the State of Small Business Report for India. The research, conducted in collaboration with Organisation for Economic Co-operation and Development (OECD), and the World Bank, reveals more than a third of operational SMBs on Facebook India deems cash flow to be a challenge in the next few months.
About 41% of operational SMBs on Facebook India reported at least a quarter of their sales from the digital platform, according to the research.
Facebook has launched Gift Cards to help SMBs to reach more customers online.
“Gift cards will help small businesses reach more potential customers online. They will also help small businesses to get cash flow when they need it the most, and even when physical stores might be shut. Configuring gift cards on Facebook and Instagram is free for businesses, and we have tied up with multiple partners to enable the issuance and management of Gift Cards,” added Mohan in the post.