In the midst of the global pandemic, it looks like companies around the world want to do their part in helping other businesses.
Beginning October 1st, elgible US-based small businesses can get cash immediately for goods and services they’ve invoiced their customers. This transaction normally takes 60 to 120 days for the company to get paid. The social media platform has pledged to fund $100 million in invoices on an ongoing basis.
The Facebook Invoice Fast Track program not only grants these businesses not only money but also time.
CNBC has shared that you can submit outstanding invoices of a minimum of $1,000. If accepted, Facebook will then buy the invoice from the small business and pay them within a few days. In return, customers then pay Facebook the outstanding invoices on the same terms they agreed to with the small business.
This commitment comes shortly after the platform launched their smaller form of the program last year.
Apply beginning October 1st here.