To help different businesses and meet cash flow needs, Facebook introduces ways to get funding and connect with business resources and networking groups.

Many small businesses are still in financial difficulties. According to a Facebook report, 60% of SMEs say they have had difficulty paying for business-related expenses, and about a quarter said they struggle to pay on loans or debts, bills, rent and employee salaries.

Facebook is unveiling new programs and tools to help businesses meet these challenges. They contain:

  • Facebook Invoice Accelerator
  • A new financial resource for small businesses

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Here’s more information on how companies can benefit from these new resources.

New resources for SMEs on Facebook

Facebook Invoice Fast Track program

Instead of waiting for the 60-120 day period normally required to receive a payment, the Facebook Invoice Fast Track program helps get companies to pay faster.

Starting October 1, U.S. small businesses will have the opportunity to immediately receive money for the goods and services they bill their customers.

Program home page describes how the process works:

  • Send invoices
  • Pay 1% of the invoice value in payments
  • Receive payment

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Once the company has received payment from Facebook, the customer must process Facebook directly:

“We inform your customers that they will pay for the Facebook Invoice Fast Track program when the invoices are filled. When they pay us, we use 100% of that money to help more companies like you. “

Who is eligible?

This program has a few limitations. On the other hand, the recipient must be regarded as a diversified undertaking:

“This program is available to U.S. nonprofits that are certified majority ownership, used and controlled by racial or ethnic minorities, women, U.S. war veterans, LGBTQ + individuals, or the disabled.”

Other restrictions include:

  • Invoices must have a minimum value of $ 1,000 and be submitted to the customer for payment.
  • The client must have an investment grade rating.
  • In most cases, participating companies have to sell all valid invoices they have with their customers.

Facebook also covers itself up by saying “not all invoices sent are funded.”

Please note that mileage may vary depending on this program, as Facebook is not required to pay all bills. But it’s an option to explore if you need it.

Facebook is committed to constantly funding $ 100 million in bills. Nationwide implementation of the program follows a successful pilot test. Registration opens 1.10.

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Small business financing

Facebook is opening a new hub that connects business owners with purpose-based grant and loan opportunities.

You can find and apply for a loan directly from the Small Business Finance Center. Registered organizations can apply for available grants that do not need to be repaid.

Screenshot: about.facebook.com, September 2021.

More resources along the way

Finally, Facebook announces its second-year global vacation program Boost with Facebook Good Ideas season.

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From October, companies will have access to free resources, digital skills training, thinking skills and networking opportunities.

Source: Facebook Newsroom


Featured image: DollarWoman / Shutterstock

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