Facebook announces new support for Black-owned businesses across the US and Canada. The company launched the Black Business Grant Program. This program offers $100 million in total funding. It provides cash grants and Facebook advertising credits. Sheryl Sandberg, Facebook’s Chief Operating Officer, explained the goal. She said, “Black business owners face real challenges, especially now. We want to help. This money is direct support. It helps them keep going and reach customers online.”

(Facebook Launches Initiative to Support Black Businesses)

Eligible businesses must be Black-owned. They must operate in the US or Canada. They must have between 2 and 50 employees. They must face financial hardship. This hardship must be linked to recent economic issues or racial inequity. Businesses can apply online starting today. A dedicated portal handles applications. Facebook partners with national civil rights groups. These groups help review applications. They ensure fair distribution of funds.

(Facebook Launches Initiative to Support Black Businesses)

David Fischer, Facebook’s Vice President of Business, emphasized the broader purpose. He stated, “Supporting Black businesses is crucial. It’s crucial for economic recovery. It’s crucial for building equity. These businesses are vital community pillars. We aim to help them survive now and grow stronger later.” The grants are not loans. Businesses do not need to repay the money. Grant amounts will vary. They depend on business needs and size. Facebook plans to announce recipients in the coming weeks.