Facebook COO Sheryl Sandberg on Wednesday said the company is giving $20 million to small businesses owned by women, minorities and veterans in the U.S.
“We know when crises hit the most vulnerable get hit the hardest,” Sandberg told CNBC’s Jim Cramer on “Mad Money.”
The $20 million is coming from Facebook’s $100 million small business grant program that the company announced in March. Sandberg said $40 million of the program is going to businesses in the U.S., and half of that has been earmarked for women, minorities and veterans. Facebook will start to deliver that money to businesses “within a few weeks,” Sandberg said.
“Our goal is to get that money out the door,” she said.
Sandberg’s comments come a day after the social networked announced Facebook Shops, a new feature that makes it easier for small businesses to upload their product catalogs onto Facebook and Instagram. Facebook Shops is the biggest thing the company has done to help small businesses, Sandberg said.
“The idea is that anyone can have a virtual store front for free,” she said.
Disclosure: Cramer’s charitable trust owns shares of Facebook.