With small businesses still struggling to cope with the growing effects of the pandemic, Facebook has announced two new initiatives to support SMEs and help better manage cash flow at the time they need it.
First of all, Facebook is launching an extension of the Invoice Fast Track program, which enables small and medium-sized businesses log on to Facebook to redeem their outstanding invoices, providing instant cash flow benefits.
As Facebook explained:
“For a low, fixed fee, eligible businesses can immediately receive cash for goods and services for which they have invoiced their customers, but otherwise they would have to wait months to pay off – time and capital they can now use to invest in their recovery and growth. company. We will fund up to $ 100 million on invoices on an ongoing basis and will manage the program in partnership with Supplier Success i Crowdz.”
Through the program, eligible companies can submit their bills to Facebook, which Facebook will pay immediately. Facebook then notifies relevant customers that they will pay for the Facebook Fast Invoice Fast Track program when the invoices arrive for collection – so, in essence, Facebook becomes a type of debt collector on behalf of the company, while the company does not have to wait for cash.
Last year, Facebook launched the program for the first time with different vendors, but as of October 1, more U.S.-based small businesses will have the opportunity to apply.
Businesses can find more information about the program on the dedicated Invoice Fast Track mini website.
In addition, Facebook is launching a new login process in the app for giving and lending opportunities, making it easier for SMEs to access resources and information.
As you can see here, the new resource presentation will highlight scholarship opportunities and business education programs, as well as groups of SMEs that can help provide guidance and support.
Facebook collaborates with a series of ‘organizations launched by the initiative mission, which are focused on providing resources to owners from communities that do not have enough services, to ensure that such opportunities reach those who need them most.
Business page administrators will be able to access this new Facebook experience by clicking on Business resources and small business financing.
According to the latest Facebook report on the state of small businesses, more than 60% of small businesses are facing some form of difficulty in paying their business costs as the crisis caused by the COVID virus pandemic continues, and although an end is now seemingly expected, many will still be too far away to remain in place at the current rate of impact.
Which makes sense — many SMEs operate from month to month, and their input and costs are fairly aligned, and even short-term closures or business constraints can have a big impact. And when you consider that the vast majority of companies are SMEs, it also indicates broader economic effects, which will eventually spill over into all organizations, and cause an impact on revenue for some time, even in the post-COVID environment.
This is why funding and support initiatives like this are important and it’s good to see Facebook want to invest in this critical element and help smaller service providers manage ongoing impacts.
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