Facebook to spend $40 million to support Black-owned businesses

Facebook to spend $40 million to support Black-owned businesses
Source: Web

On Thursday, Facebook launched a forty-million-dollar funding program for Black-owned businesses severely damaged by the pandemic Coronavirus. That broader initiative of the firm is to support the Black community, which is declared in June.

 Facebook decides to give away 10,000 donations to Black businesspersons with up to fifty workers. People fulfilling that criteria can seek the amount by applying online, and the due date is 31st August.

Like several other firms, Facebook answering to a global uproar over the tragic death of George Floyd in this summer by opening some of its community outreach funding programs.

The giant social media firm’s Black business funding program is a portion of the hundred million dollars commitment, and it made in June to support the Black community of America. Moreover, the social media giant, Facebook, described the initiative was encouraged by feedback from workers and other people who wanted its 40-million-dollar Small Business Funds Program, which is intended to support small business holders of all races pass through the Coronavirus crisis.

Facebook to invest $40 million to back Black-owned businesses
Zuckerberg helping Black business owners, Source: Web

Facebook received massive amount of applications

Sheryl Sandberg, Facebook COO, wrote in the June’s declaration about firm’s Black community funds, that since they started receiving an application for that program, they have seen a massive amount of interest from Black business holders, so they know the Black community is facing a large number of challenges. She added that when they asked for ideas from workers, several proposed that there was much more they could do to help Black business owners.

Almost all small business holders were facing trouble since the U.S. states, and local governments directed the unnecessary operation to halt in March to try to avoid the outbreak of COVID-19. But the studies have described that the shutdowns had a disproportionate effect on small business holders. Furthermore, small business owners from the Black community have been affected the most.

At the start of the month, the NYFR (New York Federal reserve) published research describing 41 percent of Black small business holders across the nation had closed somewhere in between February and April. Besides this, just 17 percent of White community business holders closed during the same phase.

Facebook intends to invest around one billion dollars with various suppliers at the start of the upcoming year. In the previous month, a Black-manager of Facebook and 2 other people from the Black community who applied for jobs at Facebook submitted a complaint with the Equal Employment Opportunity Community for accused discrimination.