Facebook will begin paying $100 million in unpaid invoices for Black-owned businesses.
The Facebook Invoice Fast Track program will take the strain off of Black business owners who have been hit hard by the COVID-19 pandemic. Beginning on October 1st, businesses can submit outstanding invoices to Facebook. If they are accepted, the social media giant will purchase the invoice from the company and pay them within a few days. Customers then pay the outstanding invoices to Facebook under the same terms they had with the small business.
This program will ease the burden that business owners face while waiting the 60 to 120 day period that it usually takes to receive payment.
Many small businesses use Facebook ads to market their businesses. Instagram Marketplace also offers an interactive way for businesses to sell merchandise through the Facebook-owned app. The company that this latest initiative will strengthen the company’s relationship with businesses, especially those run by people of color.
This new program will benefit roughly 30,000 small businesses. To qualify, the invoices will need to be a minimum of $1,000.
