Facebook Launches Small Business Loans Initiative In India:- Facebook India has launched Small Business Loans Initiative in India to help the small and medium businesses in the country for an easy credit. This is started to get credit through independent lending partners. Facebook India is joining hands with Indifi for this initiative and the program is started to bring several potential partners onto the board. Small Business Loans Initiative will make loans easy and accessible for those who are in plans to start small businesses to reduce the credit gap. Facebook is focused on India which happens to be the first country to launch this program. Small Business Loans Initiative program is open in 200 cities and towns of India.
“Facebook is deeply committed to creating economic opportunities for India’s small businesses. Access to timely capital is more important than ever as it can help them jump-start their recovery and drive big growth" told Ajit Mohan, VP and MD Facebook India. Ajit Mohan said that this program will turn a major boost for early entrepreneurs to pitch their ideas and get the needed financial support and take risks. The big announcement was made at a virtual event ‘Enabling MSME Growth through Financial Inclusion' that is hosted by Facebook India in association with the Federation of Indian Chambers of Commerce & Industry (FICCI).
All the small businesses that advertise with Facebook can get loans at an interest rate of 17-20 percent per annum. A quick online application can be filled and the loan can be sanctioned. There would be no processing fee and Indifi will disburse the loan amount in five working days. There are several challenges for small businesses as there is a huge process and they are not sure about getting the loans sanctioned. Facebook and Indifi are in plans to offer loans between Rs 5 lakhs and Rs 50 lakhs.