Facebook India has launched the “Small Business Loans Initiative” in India in partnership with the online lending platform Indifi. India is the first country where Facebook is rolling out this programme. The objective of this initiative is to help small and medium businesses (SMBs) that advertise on Facebook to get quick access to credit/loans through independent lending partners. This will make business loans more easily accessible to small businesses, and reduce the credit gap within India’s MSME sector. It is open to businesses registered across 200 towns and cities of India.
About the Indifi:
- Indifi is the first lending partner that Facebook has tied up with and the programme is built with the potential to bring more partners on board.
- Through Facebook’s partnership with Indifi, small businesses that advertise with Facebook can get loans at a predefined interest rate of 17-20 per cent per annum.
- The programme will also enable small businesses to apply for loans without collateral through a quick online application.
Important takeaways for all competitive exams:
- Facebook Founded: February 2004;
- Facebook CEO: Mark Zuckerberg;
- Facebook Headquarters: California, United States.