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Facebook announces grant program to support Black-owned businesses

Facebook announces grant program to support Black-owned businesses
Posted at 2:19 PM, Aug 20, 2020
and last updated 2020-08-20 14:19:19-04

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.