Facebook is looking to help small and medium-sized businesses in India to secure loans and expand their business.
The Small Business Loans Initiative is a partnership with online lending platform Indifi that aims to address some of the major pain points small businesses face.
Loans range from between 500,000 Indian rupees ($6,720) to 50,00,000 ($67,200) at interest rates of 17% to 20% per annum.
Loans can be received within three working days once approved and applications are quick to submit online.
Indifi will offer woman-owned businesses a reduction of 0.2% reduction on applied loan interest rates.
Ajit Mohan, the head of Facebook India: “We are not looking to make money from this program. We don’t have any revenue sharing agreement. We are not putting any constraint on how this money is spent. Frankly, we are also hoping that on the back of a program like this other companies will also create programs so that there is more access to credit in the market. That will be good for us all. There is no transactional objective here.”
