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Facebook To Pay Up To $100M In Unpaid Invoices For Small Businesses Owned By Women And Minorities

Facebook is cashing out on small businesses owned by women and minorities! According to CNBC, the social media network has announced that it will purchase $100 million worth of unpaid invoices from 30,000 small businesses through the Facebook Invoice Fast Track program. It’s the company’s latest effort to build relationships with the businesses that look to the platform as a place to help their businesses thrive. Facebook first launched a version of the program in 2020. After learning the hardships businesses were facing, they wanted to do more than just feature them on the platform. “We just heard first-hand the financial hardships that these suppliers were facing, and it was created really quickly and brought up as an idea and pitched to our CFO to say, ‘Hey, would we be able to help our suppliers with this?” said Rich Rao, Facebook’s vice president of small business. “It was a very small pilot, but we did see that be very successful.” Today, they have expanded that original...

Shanique Yates

Sep 13, 2021