Facebook, which Mark Zuckerberg started to make friends, has spread to one of the largest conglomerates the planet has ever known. 1000 billion dollars (It is NOT.) This year’s assessment. However, like all other tech companies, we want to be a FinTech company. That’s why we’re releasing new features every month to find ways to monetize other than just advertising. Today we announced that Indian SMEs are launching a loan securing program.
It sounds strange to social media companies, but it isn’t. Facebook has sought to take advantage of the growing community of small businesses on its platform. This approach is in line with the vision of what the platform will be.
Called the ‘Small Business Loan Initiative’, this program helps businesses raise capital ranging from £ 500,000 ($ 6,720) to £ 50,000,000 ($ 67,200) at an annual interest rate of £ 17-20. %. However, for companies wholly or partly owned by women, the company offers a 0.2% discount on interest rates.
The best place? Companies that use this service do not have to offer any guarantees or pay an entry fee. Instead, Indifi, a Gurgaon-based loan partner supported by CDC, will assess the applicant’s eligibility and pay the amount within five days. Facebook aims to introduce more lending partners to this initiative over time.
Ajit Mohan, head of Facebook India, explains that SMEs in 200 Indian cities can apply for a loan.
Last but not least, Facebook will not monetize the program for the foreseeable future.
“As we have been doing for a long time as a company, we believe it will be in our best interest to significantly develop the Indian SME ecosystem. Many of these small business activities will benefit disproportionately as the app grows and happens in the app, ”Mohan said.
For now, the goal of this program is to provide businesses with simple capital. This remains one of the biggest issues for Indian businesses.
Facebook Announces Small Business Loan Initiative To Make Indian SMEs Available For Easy Loans
Source Link Facebook Announces ‘Small Business Lending Initiative’ to Make Indian SMEs Available for Easy Loans