Facebook India Launches Small Business Loans Program To Help Small Biz In India

The social media giant, Facebook India on Friday launched the ''Small Business Loans Initiative'' in order to boost up small and medium businesses (SMBs) that advertise on Facebook to get a steady access to credit via utilizing independent lending partners.

In a official statement, it said, "As part of our new partnership with Indifi, an online lending platform, Facebook can help you discover and apply to Indifi for a loan that can help your business get through these difficult times. Facebook does not receive any revenue through this partnership." 

With this program, India becomes the first country for Facebook where such an initiative is getting started. Meanwhile, the programme is open to businesses registered across 200 towns and cities across the country. 

This latest initiative by the social media giant aims to make a way for small entrepreneurs by which they can get easy access to business loans. The scheme also aimed at decreasing the credit gap within the MSME (micro, small and medium enterprises) sector in India.  

Ajit Mohan, Managing Director(MD), Facebook India, took to Twitter and wrote, "With Facebook India’s new Small Business Loans Initiative, our partners can get access to timely credit. Thanks to Amitabh Kant and Uday Shankar for supporting us on our shared vision of helping small businesses drive big growth in India and around the world."

Through this program, Facebook will not get any revenue share and there is no need for MSMEs to spend the loan proceeds on Facebook.

"By applying for a loan through our partner, Indifi, you will be offered the following benefits if your application is accepted by them: INR 5 lakh - INR 50 lakh loans, be it cash flow management or expansion, no collateral and quick process. If approved, get your loan within 3 working days of completing all documentation. Apply with no collateral through a quick online application," said the official statement.