We understand that it’s a stressful time to be a small business owner, which is why we want to ensure you’re aware of this viable financial program. However, it’s important to note that this grant option is limited, so be sure to read this post and determine if you’d like to apply as soon as possible.
Should You Pursue Facebook’s Small Business Grant Program?
In the sections below, you’ll find information on how to qualify, apply for, and utilize this business grant during the COVID-19 crisis.
Eligibility Requirements:
Facebook is offering this grant to up to 30,000 small businesses across over 30 countries across the globe. Qualifying applicants must be for-profit with between 2 and 50 employees and be near a Facebook operating location. These businesses must prove they’ve been operational for over a year.
In addition, it’s required that eligible businesses have experienced challenges caused by COVID-19.
Currently, the grant program is offered in the following areas in the United States:
- Alabama: Huntsville / Madison County
- California: Los Angeles Metropolitan Area, Northridge, San Francisco Bay Area
- Colorado: Denver
- Florida: Miami / Miami-Dade County
- Georgia: Atlanta / Fulton County, Newton County Area
- Illinois: Chicago / Cook County
- Iowa: Altoona / Polk County
- Massachusetts: Boston Area
- Michigan: Detroit Area
- Nebraska: Papillion / Sarpy County
- New Mexico: Los Lunas / Valencia County
- New York: New York Metropolitan Area
- North Carolina: Forest City / Rutherford County
- Ohio: New Albany / Franklin County
- Oregon: Prineville / Crook County
- Pennsylvania: Pittsburgh / Allegheny County
- Texas: Austin / Travis County, Dallas / Dallas County, Fort Worth / Tarrant County
- Utah: Eagle Mountain / Utah County
- Virginia: Ashburn / Loudoun County, Richmond Area / Henrico County
- Washington, D.C.
- Washington State: Redmond, Seattle / King County
Application Process:
Your business is location will determine when you can apply for this grant program. Currently, businesses located in NYC, Seattle, and the San Francisco Bay Area can apply, and all other eligible cities can submit their applications on April 22nd. There is a two-week window to apply prior to the application deadline. From there, Facebook says they’ll take a few weeks to review applications prior to selecting the recipients.
Because of this projected timeline, if your business requires more immediate financing, you may want to weigh other options to find faster financing. However, because this grant won’t need to be repaid, it can be beneficial to have during this time.
Once you begin your application, you’ll need to provide your contact information, a description of your business, and your intended use of funds. You’ll also need to submit at least of these documents:
- Business license
- Federal Employer Identification Number (FEIN)
- Official registration
- Partnership documents
- Proof of incorporation
Conclusion
As you navigate this uncertain time and work to keep your business afloat, having access to additional financing could be a crucial component. Whether you need funds to afford payroll, pay your bills, or purchase inventory, this cushion will benefit your business.
Of course, this grant is limited, so if you don’t qualify or aren’t selected as a recipient, be sure to check out these other COVID-19 funding programs.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
