Earlier today, Facebook opened applications for their Small Business Grants Programme, an initiative that aims to help small businesses that have been impacted by COVID-19. The grant is part of the corporation’s ongoing commitment to enable greater access and education for small businesses to participate in the digital economy and is available to approximately 465 eligible small businesses in Australia.
At Springboard, we specialise in helping small businesses compete online through effective and affordable digital marketing, so we know that this offering could provide invaluable support for many of our clients and other small businesses across Australia. We also know that small business owners are often time-poor, so we’ve outlined everything you need to know about the grant below.
What Is Facebook Offering?
Successful grant applicants will receive AUD $6,400 comprising of $4,000 in cash and $2,400 in optional Facebook ad credits. You don’t need to have an existing Facebook presence in order to apply, the purpose of the grant is simply to give small businesses a boost during these challenging times.
Who Is Eligible For the Grant?
An important thing to note is that the grant is only available to small businesses located in Sydney and Melbourne, which is where Facebook’s offices are located. This means your business must be registered to an address that falls within the Sydney and Melbourne locality, defined by the local government. You can check the terms and conditions for a full list of eligible suburbs if you’re not sure.
In addition to this, your business must also meet the following criteria in order to apply:
- Have experienced challenges from COVID-19
- Have between 2 and 50 employees as of 1 January 2020
- Have been in business for over a year
- Be a for-profit company (sole traders and non-profit organisations are not eligible)
This includes franchises, bars and restaurants, provided your business meets the rest of the eligibility criteria.
What Information Will You Need to Provide?
Business owners will need to register for the programme through the application page and submit an application form, attaching:
- A copy of your entity’s ASIC Registration of Business Name; and
- A copy of your business bank statement.
How Will Facebook Choose The Successful Applicants?
Facebook has engaged third party partners Deloitte and Goodera to help with the selection process. These partners will be responsible for reviewing applications and selecting the grant awardees using an assessment rubric, verification checks and an independent selection panel.
When Will You Know If You’ve Been Awarded the Grant?
Facebook has given a rough 7-9 week timeframe to put together a shortlist of grant awardees, after which there will be additional selection phases. The timeframes for these additional phases haven’t been announced at this stage, so it’s likely that the successful applicants won’t be notified until late 2020 or early 2021.
Enough reading! Applications for the grant close at 11:59pm on Tuesday 22nd September 2020, so make sure you get in quick to avoid missing out!