Coronavirus: Facebook Announces $100bn Aid Plan for MSMEs

Facebook is rolling out a plan to give $100 billion in aid, through loans and advance credits, to small businesses affected by the coronavirus outbreak, it announced in a blog post on Tuesday.

“The programme aims to reach up to 30,000 eligible small businesses in over 30 countries where we operate.

“We’ll share more details as they become available,’’ the social media giant said, adding that it would begin taking applications in the coming weeks.

Report says part of Facebook’s business model is becoming a site that helps smaller businesses connect to customers.

“Small businesses are the heartbeat of our communities, and many of the people who run these businesses are heavily affected by the crisis, especially as more and more people sensibly stay home,’’  the Chief Operating Officer,Sheryl Sandberg, said   in a post.

Sandberg said Facebook was also rolling out additional tools, including virtual training to support businesses.

 (NAN)