Facebook launches new program to help small and medium-sized businesses cope with the epidemic crisis

As small businesses continue to grapple with the impact of the pandemic , Facebook has launched two new initiatives to support SMBs and help them better manage cash flow in their time of need.

First, Facebook launched its Invoice Fast Track program, which provides SMBs with instant cash flow by purchasing their unpaid invoices .

For low, fixed expenses, eligible businesses can get cash quickly , whereas they would normally have to wait weeks or even months for funding .

Through the program, businesses can submit unpaid invoices of $1,000 or more. If approved, Facebook will purchase the invoices from the small business and pay them within a few days. Then, the small business's customers pay Facebook for the unpaid invoices according to the terms agreed with the small business .

In a way , Facebook has become a debt collector on behalf of businesses , and the financial pressure on the businesses involved will be greatly reduced . Facebook first launched the program in cooperation with suppliers last year, and from October 1 this year , more small businesses in the United States will have the opportunity to apply .

In addition to this, Facebook has launched a new in-app application process to make it easier for small and medium-sized enterprises to access relevant resources and information for loan opportunities . The project highlights grant opportunities and business education programs, as well as relevant information that can provide guidance and support to small and medium-sized enterprises .

Facebook is launching the program in partnership with a range of "mission-driven" organizations that focus on providing resources to business owners from disadvantaged groups to ensure those resources get to those who need help most.

According to Facebook's latest Small Business Status Survey , as the epidemic crisis continues, more than 60% of small and medium-sized enterprises are facing difficulties in financial expenditure. Although it seems that the epidemic may be over now , many companies still have problems in operation .

Many small and medium-sized enterprises are taking things one step at a time , with their revenue and expenditure basically balanced . Even a short-term closure or business restriction will have a serious impact . In this case, Facebook 's financial support plan to support small and medium-sized enterprises and help them tide over the difficulties is a timely help .

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