Facebook Announces $200 Million in Funding for Black-Owned Businesses Among Other Diversity Commitments | Social Media Today
Facebook has outlined how it plans to contribute to addressing racial inequality, announcing a range of new funding commitments, new measures to support black-owned businesses, and new internal staffing and education drives to improve both representation and understanding.
First off, as announced by Facebook COO Sheryl Sandberg:
“Building on earlier investments, we’re 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.”
Sandberg notes that a significant proportion of the business which had applied for funding as part of Facebook’s $100 million COVID-19 grant program were black-owned, which highlights the need for support in this area.
In addition to this, Sandberg has outlined a range of additional funding and support measures:
In addition to these measures, Facebook’s also creating a new platform within its main app called ‘Lift Black Voices’ which will highlight stories from black communities and creators, share educational resources, and seek to inspire people to take action through fundraising for racial justice causes.
Instagram is also highlighting the work of black creators via the #ShareBlackStories hashtag.
These additional measures will provide assistance, but as Facebook CEO Mark Zuckerberg notes:
“While financial investments help, I know it’s not enough to address the systemic inequalities that the Black community has faced for generations. We can’t build products to serve the world without a diverse and inclusive workforce.”
Addressing this, Facebook has also announced that:
The commitments are significant, and will contribute to addressing systemic bias within society. Many of these biases are difficult to pin down without committed analysis, so it’s good to see Facebook making definitive commitments to help improve representation, and education within the community.
This content was originally published here.