Facebook Commits $100 Million to Support Women and Minority-Owned Businesses

Social media giant Facebook has announced a plan to purchase $100 million worth of unpaid invoices from small businesses owned by women and minorities to support them. Mark Zuckerberg’s company is expected to support the cash flow of 30,000 small businesses owned by women and minorities through this commitment.

CNBC reports that Facebook announced this week that it will be pledging $100 million to a program supporting small businesses operated by women and minorities by purchasing their unpaid invoices. The Facebook Invoice Fast Track program will get money to small businesses at a rapid pace, as many would have to wait weeks or months to receive payment from customers.

The program is an effort by Facebook to build its relationship with small businesses, many of which use the Facebook Ads platform to target niche demographics who may be interested in their products or services. Businesses that wish to apply for the program can submit outstanding invoices of a minimum of $1,000. If the invoices are accepted, Facebook will purchase the invoice and pay the business within a matter of days.

Customers then pay Facebook the outstanding invoices under the same terms and agreements they made with the small business. Facebook previously tested a similar version of this program in 2020 after discovering how the company’s suppliers were struggling during the coronavirus pandemic. – READ MORE