Facebook Small Business Grants Programme to support businesses suffering as a result of the COVID-19 pandemic has launched in Nigeria. According to the company, 781 small businesses in Nigeria will benefit from a ₦500m grant as part of its $100m Global Grants Programme. The program which started earlier this year aims to support 30,000 Small and Medium Scale Business (SMBs) in over 30 countries as well as Nigeria.
The funds which will be released in cash grants and ad credits will help empower and lengthen a helping hand to local small business owners who have been most affected. This will be accomplished by helping businesses keep their employees going durable, support with rent and operational costs, help connect with more clients and sustain their communities.
There are several requirements that must be met to be qualified to benefit from the Facebook grant. Secondly, the business must be over a year old. So you must have established the company before the COVID-19 pandemic broke out. Also, you must have experienced significant challenges due to the pandemic. Consequently, your business must be in or near a location where Facebook operates.
So if your business is based in Nigeria you qualify. If you meet the above requirements you will need the following documents when applying; the latest annual return of your business, your business registration or business license, Partnership Agreements and your 2019 financial statements. For the application process in Nigeria, Facebook has partnered with Deloitte Ireland LLP and Quest Computing Ltd who will be administering the application process.
To qualify for the Facebook grant you must get the following:
- Your business must be profit oriented.
- Your business get between 2 and 50 employees.
- You should be in business for over a year.
- Your business must have experience challenges from COVID-19.
- Be in or near a location where Facebook operates.
Documents needed for Facebook grant:
On the completion of your application, you will be required to supply your most recent financial statements or accounts along with legal documents that prove your business has been established for at least one year; i.e. your annual tax return, business registration document (CAC documents), business license or partnership agreement.
You will also make sure that you provide full financial statements or accounts for your business. At least, the financial statements you will provide should include one balance sheet and another income statement/profit or loss statement. A balance sheet will normally show summary of all of your business’ properties and liabilities; i.e. cash, balances due from your customers, loans that your business owe, buildings owned by your business, stock held by your business etc.
You should get income statement/profit or loss statement includes a summary of your income, expenses and profit for a year. Abridged financial statements or accounts will not be accepted. When Facebook asks for the submission on their portal, please upload these two documents in a PDF format.
Do have in mind that you might be asked to provide further documents at a later stage in the process.
Pros and Cons for the application:
You cannot apply on behalf of your business if you are a current government official or relative of a government official. You will be asked to confirm you are not a government official as part of the application form. A government official includes officials, employees, representatives or anyone else acting in an official capacity for or on behalf of a government, government agency or other administrative authority or judicial or quasi-judicial body (whether elected or appointed, including for example, legislators, regulators, police, judges, tribunal members, federal, state or local council members), state-owned/controlled enterprises and executives at state-controlled companies; political parties or campaigns; public international organizations (including for example, UN officials); and candidates for public office; any person acting on behalf of or any relatives of any of those listed.
This programme has been designed to help small businesses overcome the challenges posed by COVID-19. The information you provide in the application form will allow us to understand how your business has been affected by COVID-19, and how it could benefit from a grant during this difficult time.
All personally identifiable information supplied in this Application Form will be processed in accordance with the Facebook Data Policy.
When completing the application form, please consider the following:
1. The information you provide will be examined objectively and in a fair manner, with all applicants treated equally.
2. When answering a question in a ‘free text’ field, please provide the essential information in a comprehensive but concise manner, adhering to the character limits provided.