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SINGAPORE: Facebook will provide about $4. 75 million in grants to Singapore’s small businesses that have been affected by COVID-19, the company announced Wednesday (September 16).
About 800 local businesses employing between two and 50 more people are expected to take advantage of those subsidies, Facebook said in a press release.
Each grant will be S$5,500 each, adding S$3,500 in money and S$2,000 in optional advertising credits.
Grant applications are open wednesday through September 22.
To be eligible, corporations will have to have been in business for more than a year and “experienced demanding situations due to the pandemic,” Facebook said. They don’t want to be provided on Facebook to run.
Citing an ongoing review through the World Bank, OECD and Facebook entitled Small Business Status Report, the generation company said nearly 58% of small and medium-sized enterprises surveyed in Singapore said they were involved with money in the coming months.
The report showed that small businesses have made “serious efforts to move to digital” by moving their operations online, Facebook added.
Among Singapore’s small and medium-sized businesses operating on Facebook, 62% said 25% or more of their sales had been generated digitally in the following month.
Retail sales in Singapore fell by 8. 5% year-on-year in July, as the COVID-19 pandemic continued to hit the sector, an improvement from a 27. 7% drop in June, according to the knowledge of the Department of Statistics (SingStat).
Facebook said it had added tactics for small businesses to advertise their products online on their social media platforms, adding Facebook and Instagram shopping stores.
“Small businesses are the center of our communities and the backbone of our economy. They have also been among the hardest hit through COVID-19, affecting the lives and livelihoods of so many Singaporeans, and it is more than ever for us to move forward in combination through those difficult times,” said Damian Kim, National Director of Facebook Singapore.
“We’ve accumulated those resources for small businesses here as we seek to play our component in economic recovery and run to get more powerful out of the pandemic. “
Globally, up to 30,000 corporations in more than 30 countries where Facebook operates will be for $100 million in grants, according to its website.
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