Facebook Invests $200M For Texas Black-Owned Firms, Groups

AUSTIN, TX — Facebook on Thursday announced an additional investment of $200 million to support black-owned businesses and organizations in Texas as part of its broader $1.1 billion investment in diverse suppliers and communities.

"From the early days of the pandemic, Facebook has been listening to small businesses and trying to do what they can to help weather the storm," officials said in a prepared statement disclosing the news. "Facebook also recognizes investing in the long-term success of the black community including supporting black students and entrepreneurs."

To that end, the social media giant announced:

• $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 three 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 images below.)
• Donating $5 million in honor of Juneteenth to more than 250,000 Facebook Fundraisers created for three racial justice organizations: Equal Justice Initiative, Thurgood Marshall College Fund and the Innocence Project.

"This is just the start, but Facebook views this as an important injection that is coming at a critical time in our nation’s history," officials said. The company added that more details on business eligibility in applying for these grants will be detailed later this summer.

Courtesy of Facebook.

Courtesy of Facebook.

Courtesy of Facebook.