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South African And Nigerian Businesses To Receive Funding From Facebook

Startups

Sept. 1, 2020, 2:31 p.m.

As part of Facebook's $100 million Global Grant Program, small businesses in South Africa and Nigeria will be provided funding.

Announced this year, the Grant Program will support about 217 local businesses in South Africa, and 781 Nigerian SMEs will also be provided with ₦500 million grants.

The Global Grants Program aims to financially support 30,000 small scale businesses in over 30 countries due to impacts of the Coronavirus and the lockdown.

The grants will be managed and administered by Deloitte in partnership with FATE Foundation and Afrigrants as a combination of cash and ad credits.

According to a State of Small Business report published by Facebook in conjunction with the World Bank and The Organisation for Economic Co-operation and Development (OECD), small businesses are facing challenges due to the virus.

The report highlighted that 44% of small businesses in South Africa and 37% SMEs in Nigeria are in major need of an upscale in finances.

Regional Director of Facebook Africa, Nunu Ntshingila said, “We know small businesses are the engines of the South African economy, the COVID-19 pandemic has extended beyond a public health crisis to an economic emergency, with these small businesses most affected. We’re listening to the challenges these small business owners are facing right now and want to provide useful resources for them during this difficult and uncertain year”

In view of this, Facebook has also rolled out virtual versions of its in-person training dubbed, Boost with Facebook across Nigeria.

The free webinars and online resources cover a range of topics from how to take business online, build resilience, stay connected with customers and adapt in real time.

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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