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Facebook is set to allocate $100 million to support small businesses owned by women and minorities by buying up unpaid bills from their customers.
An explanation of the program emphasizes that it will be available to U.S. businesses that are owned, operated or controlled by "racial or ethnic minorities, women, U.S. military veterans, members of the LGBTQ+ community or people with disabilities."
Companies can submit unpaid bills of at least $1,000, and if approved, Facebook will buy the bills and pay them within days. Customers of participating companies will then refund the unpaid bills already to Facebook - on the same terms they negotiated with the small business.
Facebook's top manager Rich Rao told CNBC that the pilot of the program was launched in 2020 amid reports of problems for small businesses due to the pandemic. Now Facebook has decided to dramatically expand the program by buying back $100 million worth of unpaid bills. Rao estimates that this will support about 30,000 small businesses.
source: cnbc.com
An explanation of the program emphasizes that it will be available to U.S. businesses that are owned, operated or controlled by "racial or ethnic minorities, women, U.S. military veterans, members of the LGBTQ+ community or people with disabilities."
Companies can submit unpaid bills of at least $1,000, and if approved, Facebook will buy the bills and pay them within days. Customers of participating companies will then refund the unpaid bills already to Facebook - on the same terms they negotiated with the small business.
Facebook's top manager Rich Rao told CNBC that the pilot of the program was launched in 2020 amid reports of problems for small businesses due to the pandemic. Now Facebook has decided to dramatically expand the program by buying back $100 million worth of unpaid bills. Rao estimates that this will support about 30,000 small businesses.
source: cnbc.com
