Facebook to Give $15 million in Small Business Grants to Bay Area Companies

Facebook pledged $15 million in grants to small businesses in the Bay Area on Tuesday as part of a $100 million initiative to help companies hurt by the coronavirus pandemic.

Half of the $100 million is earmarked for companies owned by women, minorities and veterans, according to Silicon Valley Business Journal. 

“Within our overall U.S. (small and medium-sized business) grant investment, we are prioritizing 50 percent of grants to eligible minority, women and veteran-owned businesses due to the disproportionate impact that COVID-19 will have on these businesses, their employees and the communities that they service,” Facebook Global Chief Diversity Officer Maxine Williams said in a statement.

In addition, the social media platform will introduce a digital gift card platform for restaurants and businesses in the U.S. The initiative will allow customers to support small businesses during the pandemic via the purchase of gift cards. The platform will also allow the same businesses to do fundraisers online and accept donations.