Facebook announces grant program to support Black-owned businesses
FILE - This March 29, 2018, file photo shows the Facebook logo on screens at the Nasdaq MarketSite in New York's Times Square. Facebook on Tuesday, April 28, 2020, reported its slowest quarterly growth as a public company, pressured by a global slowdown in the digital advertising market due to the coronavirus pandemic. (AP Photo/Richard Drew, File)
On Wednesday, Facebook announced that it launched a $40 million grant program to support Black-owned businesses.
Back in June, the social media giant committed a $100 million investment that was aimed at helping U.S. Black-owned businesses, creators, and nonprofits.
On Wednesday, the company began accepting applications for the grants.
To apply for a grant, the company must be a majority Black-owned for-profit business, have less than 50 employees, been in business for over a year, and experienced challenges from COVID-19, Facebook said.
The grants comprise of $2,500 in cash and $1,500 in optional advertising credits to use on Facebook.
The deadline to apply is Aug. 31.
