Facebook investing additional $200M to support Texas Black-owned businesses

Facebook announced that it is committing $200 million to support Black-owned businesses, Black creators, and nonprofits serving the Black community.

The funding — in the form of cash grants and ad credits — is part of the social giant’s pledge to invest $1.1 billion to support Black and diverse suppliers and communities in the U.S by the end of 2021.

The company also said it will offer free digital skills training with the goal to reach 2 million members of the Black and Latinx communities over the next three years, as well as give 100,000 scholarships to Black students working toward digital skills certifications. In addition, Facebook said it creating a new area of the Facebook app called Lift Black Voices.

Elevating Black Voices and Stories 

Lift Black Voices will highlight stories from Black people, share educational resources, and inspire people to take action through fundraising for racial justice causes.

In all:

  • $75 million in grants of cash and ad credits to support Black-owned businesses and nonprofits that serve the Black community and $25 million in support of Black content creators.
  • A commitment to reach 2 million members of the Black and Latinx community with digital skills training to educate and train the workforce on tangible skills needed to succeed in today’s digital economy over the next 3 years.
  • Awarding 100,000 scholarships to Black students working toward digital skills certifications. This is in addition to existing CodeFWD and TechPrep programs that offer resources and support to help underrepresented communities.
  • Creating a new Lift Black Voices space in Facebook to highlight stories from Black people, share educational resources, and inspire people to take action through fundraising for racial justice causes. (See pictures below)
  • Donating $5 million ($19 each) – in honor of Juneteenth – to over 250,000 Facebook Fundraisers created for three racial justice organizations: Equal Justice Initiative, Thurgood Marshall College Fund and the Innocence Project.

“The last few weeks have made clear how much work is ahead to achieve racial justice and equity in this country,” Facebook CEO Mark Zuckerberg wrote in a memo to staffers, posted to the site Thursday. “We’ve been speaking with Black business owners to understand how we can best support them, and in the short term, we’ve heard that financial support can go a long way, especially during a pandemic and economic downturn that have disproportionately impacted communities of color.”