Many doors have closed in the time of COVID-19. Most of which are businesses, which prior to the pandemic have thrived but because of the lockdown and subsequent economic downfall, couldn’t resume their operations.
To help ease the effects of COVID-19 on businesses, the government through various agencies is offering cash aid and low-interest loans. One is through the Department of Trade and Industry (DTI), which had allocated P1 billion for lending to micro and small businesses as early as June. Under this program, small businesses such as online merchants may borrow up to P500,000 with a minimal monthly interest of 2.5 percent and no collateral.
Amid these programs, some businesses are still ailing, especially those in the brick-and-mortar trade, where rent still consumes most of their finances along with taxes.
To help alleviate financial troubles and drive customers to these shops, Facebook has set up a small business grants program, where eligible businesses can get up to P108,000—P67,500 in cash and P40,500 in optional ad credits.
“Up to 30,000 eligible small businesses in more than 30 countries will be able to receive a grant from Facebook,” the social media giant said. A fund of $100 million has been allocated by the tech company, of which $2.5 million (approximately P55 million) will be given to 500 enterprises in the Philippines.
Here’s what you and your business need to qualify for the grant:
- Must be a for-profit company
- Must have between two and 50 employees as of January 2020
- Must have been in business for over a year
- Must have experienced challenges due to COVID-19
- Must be in or near a location where Facebook operates
For Filipino-owned businesses, the last requirement means that only those based in Metro Manila, where the Facebook headquarters is located, are eligible.
Additionally, businesses don’t need to have a Facebook presence to qualify. They just need to present the following documents:
- Securities and Exchange Commission (SEC) registration of business entity
- Articles of Incorporation or Partnership
- Bureau of Internal Revenue (BIR) Certificate of Registration
Applications will run from Oct. 6 to 12 with registration hosted through Goodera. For queries, email [email protected].
Header photo courtesy of Katha Lifestyle store in Cubao, Quezon City
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