Facebook creates a 2 million fund for businesses after the Covid-19 emergency

Will be provided in the form of credits for advertising on social networks or grants for essential expenses. Here's how to apply

(Photo Illustration by Rafael Henrique / SOPA Images / LightRocket via Getty Images) Facebook has</a> announced a grant program dedicated to over 580 Italian SMEs based in Milan and Rome. The support, amounting to 2 million euros, will be used by SMEs to restart their business thanks to economic contributions and advertising credits.

The recent Global State of Small Business Report survey, conducted by Facebook together with the OECD and the World Bank, revealed 66% of Italian SMEs suffered a drop in sales compared to the same month in 2019 and that 27% reduced the number of employees following the pandemic.

The program grants for Facebook SMEs wants to try to help businesses by providing credits to invest for advertising on the social network and a useful fund for the payment of what are defined as essential expenses such as, for example, employee salaries, the electricity bill or the rent of the premises.

“Small businesses have been hit hard and we are aware that they need liquidity, training and support for digitalization, since the consumers are moving to digital, ”said Luca Colombo, general manager of Facebook Italy. To access the loan, you can already send your application to the Facebook web page dedicated to SMEs. Obviously, as in all of these cases, there are prerequisites to be met in order to access the grant program.

The company must have between 2 and 50 employees, have been in business for more than a year, have suffered losses due to the pandemic and be close to the Facebook offices in Milan and Rome. This last requirement in fact excludes many companies but in fact with a ceiling of two million euros, the selection could only be very narrow to have some impact on their business.

To submit the candidacy it is also It is necessary to present documents proving that the company is in good standing to access the loan. There is time to submit questions until 6 pm on October 8th.