Facebook is offering two new ways for eligible small and medium businesses in the US to access capital more easily.
Ahead of National Small Business Week, Facebook released its Global State of Small Business report. The study showed that 60% of small businesses in the U.S. are still struggling to pay debts and overheads, and they are still having trouble accessing capital at a critical time when liquidity issues could mean the end of their businesses.
Related | Study Finds That Fake News Get More Engagement Than Official News On Facebook
In light of the findings, and on the occasion of the National Small Business Week, Facebook has introduced two new ways for diverse businesses to access capital more easily.
The first is the Facebook Invoice Fast Track program, which lets eligible small-to-medium businesses apply for Facebook to buy their invoices for immediate cash flow. In other words, for a low, fixed fee, they can get cash immediately – for goods and services they have already invoiced their customers for, but would have to wait months to get paid.
“We know how important working capital is to SMBs, and this is especially true when they are due money from their customers for work that they’ve completed,” said Jason Trimiew, Director of Global Supplier Diversity at Facebook. “Getting that cash today instead of months later can be the difference-maker for keeping employees or suppliers paid or investing in growth opportunities.”
The program is directed to minority, women, veteran, LGBTQ and disability-owned companies. Facebook is operating the program in partnership with Supplier Success and Crowdz and the fund has up to $100 million at its disposal.
The second is a new small business funding resource that connects small business owners with responsible lenders, relevant communities and information to help scale or manage their businesses.
“The pandemic brought to light the gaps in access to funding that have always existed for underrepresented business owners. We wanted to make a commitment to building tools that made information and inclusive funding partners easy to find and understand” said Ronnie Cameron, Product Manager, Social Impact at Facebook.
“We’ve been able to engage with some amazing organizations like the Community Reinvestment Fund, in order to connect business owners to the right sources of funding.”
To apply for the program, Business Page Admins can click on Business Resources and Small Business Funding.
You might also like
More from Care
MissJourney AI: Fighting Biased Gender Stereotypes
Missjourney is an AI tool that generates images exclusively of women, from CEOs to leaders, superheroes, doctors and engineers. TEDxAmsterdam Women …
Dove Shatters Beauty Stereotypes In Gaming
Dove strives for better representation in gaming, and aims to shatter virtual beauty stereotypes. The campaign by LOLA MullenLowe is part …
Why Fetch Pet Insurance Is Getting Into The Craft Beer Business
Fetch, the tech-forward pet insurance company, is getting into the craft beer business, as a way to help fund a …
Roam Just Launched The First Skin-Tone Condoms
Skin-tone condoms had never been made before. Now they are available in four shades: original, light, medium, and dark brown. It's …
Amber Alerts For Missing Children Are Coming To Your Instagram Feed
Instagram is rolling out a new Amber Alerts functionality to bring missing children alerts into your feed. On Wednesday, Instagram announced …
TikTok Will Be The 2022 Presenting Sponsor Of LA Pride Parade
TikTok will be the presenting sponsor for the 2022 LA Pride Parade that will take place June 11 and 12. The …
KFC Debuts National Rollout Of Its Plant-Based Fried Chicken
The Faux-Poultry war is on: KFC adds its Plant-based Fried Chicken to the menu in all its US restaurants. “The mission …
Discord’s 5th Snowsgiving Raises Over $500K For Charity Partner
Discord has successfully completed this year's Snowsgiving, a week-long celebration filled with games, giveaways, and more.