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SINGAPORE: Facebook will award around S $ 4.75 million in grants to small businesses in Singapore that have been affected by COVID-19, the company said on Wednesday (September 16).
Some 800 local businesses employing between two and 50 people are expected to benefit from the grants, Facebook said in a press release.
Each grant will total S $ 5,500 each, comprising S $ 3,500 in cash and S $ 2,000 in optional advertising credits.
Applications for scholarships are open Wednesday through September 22.
To be eligible, companies must have been in business for more than a year and “have experienced challenges due to the pandemic,” Facebook said. They do not need to have a presence on Facebook to apply.
READ: The future of retail after COVID-19
Citing an ongoing study by the World Bank, OECD and Facebook titled The State of Small Businesses Report, the tech company said that nearly 58 percent of SMEs surveyed in Singapore reported being concerned about the flow of business. box in the next few months.
The report also showed that small businesses have made “serious efforts to go digital” by moving their operations online, Facebook added.
Among Singaporean small and medium-sized businesses operating on Facebook, 62 percent said that 25 percent or more of their sales were made digitally in the past month.
Retail sales in Singapore fell 8.5 percent year-on-year in July as the COVID-19 pandemic continued to affect the sector, an improvement from the 27.7 percent drop in June, data from the Department of Statistics (SingStat).
READ: Great deal from Singapore to go online this year with ‘new norm’ shopping experience amid COVID-19 pandemic
READ: COVID-19 Drives More Wet Market Stalls Online, But Will They Be Here To Stay?
Facebook said it has added ways for small businesses to promote their products online through their social media platforms, including Facebook stores and Instagram shopping.
“Small businesses are the heart of our communities and the backbone of our economy. They have also been some of the hardest hit by COVID-19, impacting the lives and livelihoods of many Singaporeans, and it is more important than ever for us to move forward together in these challenging times, “said Facebook Singapore Country Director, Damian Kim.
“We have gathered these resources to support small businesses here as we seek to play our role in supporting the economic recovery and working to emerge stronger from the pandemic.”
Globally, up to 30,000 companies in more than 30 countries where Facebook operates will be able to receive $ 100 million in grants, according to its website.
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