Facebook announces new support initiatives for SMEs to help them manage the pandemic

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While small businesses still struggle to cope with the aggravating impacts of the pandemic, Facebook has announced two new initiatives to support SMEs and help them better manage their cash flow when needed.

First, Facebook is launching an extension of its Invoice Fast Track program, which allows SMEs to asking Facebook to redeem their unpaid bills, providing immediate cash flow benefits.

As explained by Facebook:

“For a low fixed fee, qualifying businesses can get cash immediately for goods and services they’ve billed their customers, but would otherwise have to wait months to get paid – time and capital they can. now use to invest in the recovery and growth of their businesses. We will fund up to $ 100 million in invoices on an ongoing basis and manage the program in partnership with Supplier success and Crowd.

Through the program, eligible businesses can submit their invoices to Facebook, which Facebook will then pay immediately. Facebook then informs affected customers that they will pay the Facebook Invoice Fast Track program when the invoices come due. cash.

Facebook first launched the program with various providers last year, but as of October 1, more Small businesses based in the United States will have the opportunity to apply.

Companies can find more information about the program on the dedicated Invoice Fast Track mini-site.

In addition to this, Facebook is also launching a new in-app application process for grant and loan possibilities, facilitating SMEs’ access to resources and information.

Facebook Grants Program

As you can see here, the new resource showcase will highlight grant opportunities and business training programs, as well as SME groups that can help provide advice and support.

Facebook’s partnership with a range of ‘mission-driven organizations, which focus on providing resources to owners of underserved communities, to ensure these opportunities reach those who need them most.

Company Page Admins will be able to access this new experience on Facebook by clicking Business resources and small business finance.

According to Facebook’s latest State of Small Business report, more than 60% of small businesses face some form of difficulty paying for business-related expenses, as the COVID crisis continues, and although the end is now apparently in sight, it will still be too far away for many to stay. operating at current impact rates.

Which makes sense – many SMEs operate on a monthly basis, with a fairly tight alignment of their entries and spending, so even short-term closings or trade restrictions can have a big impact. And when you also consider that the vast majority of businesses are SMEs, it also indicates the broader economic impacts, which will eventually trickle down to all organizations and impact revenues for some time, even in the environment. post-COVID.

That’s why fundraising and support initiatives like this are important, and it’s good to see that Facebook is looking to invest in this essential and provide support to smaller vendors as they strive to manage ongoing impacts.

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