New Delhi: Amidst India’s stagnant economy and Facebook facing backlash for allegedly giving impunity to hate speech, the social media giant announced new initiatives to boost the recovery of small businesses. To also curb the affect of the coronavirus advent, these programmes include approximately $4.3 million (INR 32 crore) in grants for small enterprises in India.
Ajit Mohan, MD and VP — Facebook India, stated through a press release, “Small businesses are a big priority for Facebook. The recovery of small businesses from the pandemic will be critical to the recovery of Indian economy, and we want to do everything we can to help. As part of our USD 100 million global grant for small businesses announced back in March, today we are announcing a grant of $4.3 million (INR 32 crores) for more than 3000 small businesses across Delhi, Gurgaon, Mumbai, Hyderabad, and Bangalore, where Facebook has offices.”
This grant is a part of the $100 million grant towards small businesses across 30 countries, which Facebook announced in March. Companies can apply from September 15 to September 21. They need not have any presence on Facebook for eligibility. The grant consists of cash and ad credits — mostly the former and not the latter.
As the post above indicates, the social media platform has tied up with multiple partners in the form of small businesses for the issuance and management of gift cards.
“The real power of digital infrastructure gets unleashed as startups and small businesses come online, and new opportunities arise across verticals. What the pandemic has shown us is that digital is no longer just an alternate channel for brands to connect with consumers, but a fundamental driver of step change in business outcomes,” added Mohan.