Social Media company Facebook will spend $200 million to support black-owned businesses and organizations in the US, COO Sheryl Sandberg said in a blog post. It is one of the several Facebook initiatives announced to support black communities. The company also will add a section to the Facebook app that features stories from black people, fundraisers for causes fighting racial injustice, and educational resources, Sandberg said.

CEO Mark Zuckerberg had earlier  said  that Facebook would commit $10 million to “groups working on racial justice,” though noted that the company was working with advisors and employees to figure out how to best distribute the money.

The $200 million slated for black-owned businesses will be split into two main buckets. Half will be invested in black-owned small businesses, black creators, and nonprofits working with black communities, Sandberg said in her blog post. Of that $100 million, $25 million will go to black content creators, while $75 million will be “grants of cash and ad credits” to support the small businesses and nonprofits.

The other $100 million will go to black-owned suppliers, “from facilities to construction to marketing agencies and more,” according to Sandberg. The company is also committing to spend $100 million with black-owned suppliers every year. In addition, the company is making a goal to spend at least $1 billion with “diverse suppliers” annually starting next year, Sandberg said.

The new section of the Facebook app, called “Lift Black Voices,” will “highlight stories from black people, share educational resources, and inspire people to take action through fundraising for racial justice causes,” Sandberg says. The company also plans to surface accounts in Instagram search to “help people take action for racial justice,” though Sandberg’s post didn’t elaborate further on what that meant.

In addition, Facebook plans to increase diversity in its leadership ranks over the next five years by adding 30 percent more people of color, including 30 percent more Black people, Sandberg said. The company also committed to double the number of black and Latinx staff by the end of 2023. Facebook had previously announced a goal to have 50 percent of its workforce made up of underrepresented communities.

Source- The Verge