TikTok has launched several funding initiatives for small companies, including its #SupportSmallBusinesses campaign, which featured many small businesses on the app, and its upcoming Small Biz Block Party event, which would promote small businesses on the platform. The said social media platform first worked with HHF last year, donating $750,000 to a variety of HHF-led initiatives, including the Hispanic Heritage Awards and numerous workforce programs, according to TikTok.
The COVID-19 pandemic has hit all businesses in different ways, but LatinX SMBs have faced a higher rate of closures and forced layoffs, disproportionately affecting these communities. As a result, it's encouraging to see TikTok focusing on small businesses and attempting to assist them where possible. TikTok has also offered a variety of support alternatives for LatinX businesses and creators, including ad credits and other promotional and financial opportunities to aid them in getting back on their feet.
TikTok has established a new $150,000 grant fund geared at aiding LatinX SMBs across the US, as part of its ongoing efforts to give more support for SMBs impacted by the epidemic. This additional money will provide more opportunities for Latinx enterprises, which have been adversely affected by COVID lockdowns and other mitigation actions.
#Creciendocon TikTok builds on its cooperation with the Hispanic Heritage Foundation (HHF) to assist the Hispanic community's long-term success. During the COVID crisis, the fund will provide individual cash rewards of $5,000 to Latinx small business owners who have championed perseverance, hard work, and entrepreneurship through TikTok.
These efforts could also help TikTok better ingratiate itself with these communities in the future, allowing it to become a stronger presence for these creators and bolstering its business growth push.