Facebook, in one of its initiatives, will support “black-owned businesses and organizations” of USD 200mn, to boost black communities. This was announced by Sheryl Sandberg, COO, Facebook on Friday.
“Building on earlier investments, we are committing an additional $200 million to support black-owned businesses and organizations. This commitment is part of a broader $1.1 billion investment in black and diverse suppliers and communities in the US. We are also creating a new space in the Facebook app called Lift Black Voices and we are building a more diverse in the inclusive workforce so we can better support communities around the world,” Sandberg said in a blog. The company will also add a section to the Facebook app that will consist of stories from black people, fundraisers for causes fighting racial justice, and educational resources, Sandberg said.
On May 31st, CEO Mark Zuckerberg had already said that Facebook would support “groups working on racial justice” with USD 10 million.
The amount will be divided into two stages. Half will be given to black-owned small businesses, black creators, and nonprofits working with black communities. Of the $100 million, $25 million will go for black content creators while $75 will go to small businesses and non profits. The remaining part of $100 million will be distributed to black-owned suppliers, “from facilities to construction to marketing agencies and more.”