The COVID-19 pandemic affected businesses, especially SMEs in Nigeria, greatly. It affected sales and put things at a standstill for a while in the fashion industry. While some fashion businesses have recovered, others are still struggling.
From its $100m Global Grants Program to help 30,000 SMEs in over 30 countries in these trying times, Facebook has allocated ₦500m to small business in Nigeria. Nigeria and South Africa being the only 2 African countries eligible for the grant.
Announcing the grants, Regional Director, Facebook Africa, Nunu Ntshingila, said, “We know small businesses are the engine of the Nigerian economy, the COVID-19 pandemic has extended beyond a public health crisis to an economic emergency, with small businesses most affected. We are listening to the challenges that small business owners are facing right now and want to provide useful resources for them during this difficult and uncertain year.”
According to them, 781 small businesses in Nigeria will benefit from the ₦500m grant. These businesses can be from any industry in Nigeria, including the fashion industry. The funds will be released as cash grants and ad credits to help empower local small business owners who have been most affected by the pandemic.
Benefits of the Grant Program
Some of the benefits this grant program offers entrepreneurs are:
- It can help keep your workforce going strong,
- It can help with rent and operational costs,
- It can connect you with more customers,
- It helps provide support to communities.
Requirements For Eligibility
For your business to be eligible for the grant, it must:
- Have between 2 and 50 employees,
- Have been in business for over a year,
- Have experienced challenges due to COVID-19,
- Be in or near a location where Facebook operates (Nigeria fits in here).
Documents Needed For The Application Process
If your business meets the above eligibility requirements, you will need to provide the following documents when applying:
- Your most recent financial statements or accounts,
- A legal document proving that your business has been established for at least 1 year, this can be your annual tax return, business registration documents (CAC documents), business licence or partnership agreement,
- Full financial statements or accounts for your business. The financial statements should include a balance sheet and an income statement/profit or loss statement.
How To Apply
Facebook has partnered with Deloitte Ireland LLP and Quest Computing Ltd for the application process in Nigeria. They will be administering the application process.
The application process is open to qualified small and medium businesses in Nigeria from 24th August 2020 for the North East, North West, and South-East regions and 26th August 2020 for the South West, South-South and North Central regions.
The application process closes on 4th September 2020. Hurry now to be a part of it.
Note: Facebook has disclosed that they are experiencing high levels of applications in Nigeria. So, if the link above doesn’t work, please check back later to start your grant application.