Facebook's Lending Initiative to MSMEs

 

Facebook India announced a new program called "Small Business Lending Initiative", in partnership with online lending platform Indifi, to help small and medium-sized businesses (SMEs) advertising on Facebook to get quick access to credit from through independent loan partners.

The social giant said its new program, ‘the Small Business Loan Initiative’, addresses some of the biggest hurdle point small businesses face when borrowing.

The company, which last year announced a $ 4.3 million grant for small businesses in India.

 

Indifi:

Indifi, a Gurgaon-based company backed by the CDC Group, is the first loan partner Facebook has partnered with.

Indifi disbursed more than 25,000 loans, served more than 200 clients, more than 80 active partners, more than 12 industries served and 15 lending partners to date.

 

Facebook and Indifi:

India is the first country where Facebook implements this program in partnership with the Indifi online lending platform.

As part of a new partnership with Indifi, an online lending platform at 200 locations in India,

Facebook will help businesses to discover and apply to Indifi for a loan that can help your business get through these tough times. Facebook does not receive income through this association.

 

Benefits of this programme:

• INR 5 lakh - INR 50 lakh loans: either for cash flow management or expansion

• Unsecured and fast-paced - If approved, get your loan within 3 business days of completing all paperwork.

• Predefined interest range: the interest range will be between 17% and 20% per year.

• Support for women: if your company is wholly or partially owned by women, Indifi will grant you a 0.2% reduction on the applied loan interest rate.

• Quick support

• MSME’s applying for this loan will not be charged a processing fee by Indifi.

 

Eligible business:

• Be located in an eligible Indian city. To see the list of eligible Indian cities, click here.

• Have been an advertiser in the Facebook family of applications for at least 180 days at the time of application.

 

This will help Indian MSMEs to get quick financial support for their business needs.