COVID-19 has struck us hard. Businesses across Malaysia are still struggling to cope with the economic uncertainties in the wake of the global pandemic. Meanwhile, COVID-19 is once again on the rise, and the past week has only brought on daily record highs for COVID-19 positive cases in Malaysia.
Photo via The Malaysian Reserve
Facebook is contributing to Malaysians by joining the ranks of movements such as #SupportLocal and #KitaJagaKita by offering approximately RM3.2 million in grants to support over 300 local small businesses.
According to the 2016 Economic Census, 98.5% of business establishments across all sizes and sectors in Malaysia are SMEs. This accounts for 48.4% of employment in Malaysia.
Source: Economic Census 2016, Department of Statistics Malaysia (DSOM)
An ongoing study by the World Bank, OECD and Facebook into small businesses further shows that nearly 58% of small businesses surveyed in Malaysia are concerned about cash flow in the near future.
Nicole Tan, the Country Director of Facebook Malaysia, added that “small businesses are the heart of our communities and the backbone of our economy.” She acknowledges that “supporting them now and in the future is critical for the economy of the country.”
The new Facebook grant programme will be providing small local businesses with both resources and digital tools to help them navigate the new normal.
With lesser foot traffic in stores, the transition towards digital platforms is vital. Therefore, in conjunction with the grant, Facebook is also continuing to assist small businesses in adapting and shifting towards online platforms via Facebook Shops and Facebook Business Suites.
We hope that small businesses are able to find the support that they need to get through these tough times.
Applications are open now from 6th October 2020 to 12th October 2020.
Go here to find out more and apply for the grant!
By: Catalina Hubbard