Social media giant Facebook launched new ways to access funding to help diverse businesses and deal with cash flow needs. Despite falling closure rates, companies are still struggling financially when it comes to paying for debt bills, loans, rent, and more. You can also implement this feature in your app like Facebook.
As per a report from Facebook, more than 60% of businesses are having difficulty in paying business expenses, and access to liquidity and capital are major lifelines to their ongoing success. But, a Facebook-like app may just be able to rescue them.
Facebook is introducing new tools and programs to help small and medium-sized businesses to deal with these challenges.
- Facebook invoice fast track program
- A new small business funding resource
This is important because including it in your Facebook-like app can be rewarding.
This Is How Small Businesses Can Benefit From These New Resources
Invoice Fast Track Program
Now businesses do not have to wait for 60-120 days to get paid. With the launch of the Facebook invoice fast track program, they will get paid faster.
Eligible US-based small companies will have the chance to get funds immediately for goods and services they’ve invoiced their customers.
This is how the process works:
- Upload invoices
- Pay 1% of the invoice value fee
- Receive payment
Your customers will have to pay Facebook the outstanding amount upon receiving the invoice. When Facebook receives the payment, 100% of it goes towards assisting another business requiring financial help.
Who Is Eligible For This Program?
To be eligible for this program, there are a few restrictions as well. For one, the business recipient must qualify as a diverse business. This includes businesses whose operation is by women, ethnic minorities, U.S military veterans, LQBTQ+ community members, or people with disabilities.
Some other restrictions are:
- The value of an invoice must have a value of $1,000, and the business must give it to the client for payment
- Participating enterprises must deal with all eligible invoices they have with their clients.
- The client should have an investment-grade rating.
Facebook also stated, “not all submitted eligible invoices will be funded”.
Remember that the Facebook clone app is not meant to pay all invoices. However, it is an option to explore in case you need it.
Facebook will fund around $100 million in invoices on an ongoing basis. The worldwide rollout of this program follows a successful pilot test.
Small Business Funding
Facebook clone app also launched a hub to connect small business owners with loan opportunities. In this, business owners can find and apply for loans in the small business funding hub.
More Resources Along The Way
Facebook is also announcing the second year of its global holiday program named “The Boost with Facebook Good ideas Season”.
Now, with the help of Facebook-like apps, small business owners can access free digital skills. Other resources available to them are networking opportunities and thought leadership training.
All in All
Facebook gives small and medium-sized businesses various ways to market their services, boost customer support as well as brand recognition. Creating a Facebook clone app account for a business page can help you communicate with your potential audience. You will be able to share valuable information directly with them.