In today¡¯s business world, large tech conglomerates like Amazon are profiting, however, it is no secret that it¡¯s happening while small and medium-sized businesses are suffering immense losses along the way.?
We saw how small and medium business owners reacted when Amazon¡¯s Jeff Bezos came to India to raise their concern surrounding the survival of their businesses. However, it looks like Facebook now wants to help.
Reported first by TechCrunch, Facebook has collaborated with Institutions like India¡¯s Organization Economic Co-operation and Development and World Bank to issue a grant of $4.3 million for over 3,000 businesses in the metros of our nation -- Delhi, Gurgaon, Mumbai, Hyderabad and Bangalore -- these are also the cities where Facebook has its offices.
Facebook¡¯s Ajit Mohan, head of Facebook India, has revealed in an interview with TechCrunch that the grant not only includes ad credits to promote their business on the social media platform but a major chunk of the grant is actual cash that can be used by businesses to better their position.
Mohan said in a statement, ¡°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. Today we¡¯re building on our commitment by announcing the small business grant for India.¡±
In case you have a business that is in dire need of financial support, you can apply for a Facebook monetary grant. The registration has commenced starting today.?
The grant in India is a part of $100 million global grant that the social media giant announced this year in March. Facebook has also unveiled the ability for businesses to sell gift cards to businesses to support other businesses and individuals in their community.?
The gift cards will be issued by Quicksilver and PayU that will enable businesses to get cash on their hands instantly.?
Facebook is taking a deeper dive into the Indian market since it invested $5.7 billion in Reliance Jio platforms this year for a 9.99 percent stake. It will be interesting to see what else Facebook has in store for India. You can register your business by clicking here.