Facebook Launches $15 Million Boost Grant Program for Local Small Businesses
This week, Facebook launched an exciting grant program to support small businesses affected by COVID-19 in cities where it operates, with $15 million of the $100 million grant program committed for the Bay Area. This includes Fremont, where the company is building out a campus in Ardenwood that could eventually host several thousand employees.
The grant program provides $2,500 cash grants and an optional $1,500 in ad credits for qualifying businesses. In addition to being in a city where the company operates, some of the requirements include having between 2 and 50 employees, being in business for at least one year, and having demonstratable financial impact from COVID-19. The cash is considered general working capital that can be applied to any operational costs.
The deadline to apply for the Facebook small business grant program, which is already accepting applications, is Tuesday, May 6 at 11:59 PM. Importantly, grants will not be awarded on a first come, first serve basis that has been an issue for other financial assistance programs. Facebook will be working to ensure geographic and demographic equity in the program and has set aside 50% of the allocated funds to women, minority, and veteran-owned businesses.
To administer the program Facebook has partnered with Ureeka, a small business support platform that helps to reduce the risk and costs associated with starting a business by connecting entrepreneurs to mentors, investors, and corporate partners. The initial intake application is through a SurveyMonkey form, where applicants will be asked to provide basic information and directed to submit supporting documents.
We are greatly appreciative of the work Facebook has done to support Fremont businesses since the outbreak of COVID-19. Earlier this month, the company posted online adds for Fremont companies open for business. Moving forward, we hope to continue to find ways to engage with the company in responding to and recovering from the COVID-19 pandemic.