Social media giant Facebook India on Friday launched the ‘Small Business Loans Initiative’, to help small and medium businesses (SMBs) that advertise on Facebook to get quick access to credit through independent lending partners, with Indifi as its first lending partner.
India is the first Facebook country where this programme is getting rolled out and is open to businesses registered across 200 towns and cities of India.
Speaking at the event, Ajit Mohan, VP and MD Facebook India said, “More than a third of the small businesses whom we spoke to said that cash flow was a big challenge for them. Access to timely capital is more important than ever as it can help them jumpstart their recovery and drive big growth. The challenges around securing credit and timely credit inspired us to design this programme,” he stated.
The announcement came at a virtual event - 'Enabling MSME Growth through Financial Inclusion’- hosted by Facebook India in partnership with the Federation of Indian Chambers of Commerce