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COVID-19: Facebook Grant For Singapore SMEs 2020
Facebook Singapore is offering S$4.75 million in grants to support 800 local SMEs. Each grant amounts to S$5,500 which includes S$3,500 in cash and S$2,000 in optional ad credits.
This is part of a global initiative by Facebook Group in offering up to US$100 million for small businesses during this difficult time as announced in March 2020.
Besides this grant, Facebook has also rolled out Facebook Shops and Instagram Shopping to further assist SMEs in creating online stores on Facebook and Instagram. It also provides a business resource hub to help SMEs stay open and connected during this Covid-19 pandemic.
Who is eligible for the Grant?
1. Business must be more than a year old (according to ACRA registration)
2. Have between 2 and 50 employees
3. Have experienced challenges due to COVID-19
4. Be in or near a location where Facebook operates (Yes, all Singapore SMEs are eligible)
Note that application is between 16th and 22nd September 2020 for Singapore SMEs.
The grant can be used for:
1. In retaining and hiring of local workforce (And yes, you can use the grant for new hire and still be qualified for the Various Hiring Grants by Singapore Government)
2. Help with rental and operational costs
3. Connect with more customers
4. Support your business community
5. Expansion of business
How do I apply?
SMEs that are eligible for the grants can apply here:
What documents do I need to prepare?
1. Your company ACRA dated year 2020 (SMEs can purchase their latest ACRA here)
2. Prepare answer to their questionnaire as below:
- Describe the impact and challenges posed by COVID-19 to your business in 2020?
- Why do you need the grant?
- How would your use of the grant make an impact on the local community?
This is great news for SMEs!
Good Luck and May Your Business be amongst the 800 selected businesses :)
Read also: COVID-19: Smart Towkay's Essential Business Survival Guide for This Pandemic
Not sure whether your company can be qualified for bank loans or alternative lending? Try our A.I assisted loan, and Smart Towkay team will send you a lending report within 24 hours' time. With the lending report, we aggregate and recommend the highest chance of approval be it with BANKS / FINANCIAL INSTITUTIONS or Alternative lenders like Peer to Peer Lenders or even B2B lender!
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