Directly quoted from their site if you didn't see this. Seems like a potentially nice opportunity for folks with an idea.

Hey Developers!

Round 1 for the fbFund Developer Competition has begun! We are looking to fund talented developers and entrepreneurs with up to $250,000 non-recourse grants to build great applications on Facebook Platform.

For more information, please go to http://developers.facebook.com/fbFund.php

Join us for updates at the fbFund page:

http://www.facebook.com/pages/fbFund/40962810690

Please also watch our fun video that kicks off the competition

http://www.vimeo.com/1450772

Submissions are due 8/29.

Enjoy! Now I have to go back through my idea list!