Facebook is launching a new program in India to help small and medium-sized businesses secure loans in the South Asian market as the company makes further push to expand its presence among merchants.
The social conglomerate said its new program, called Small Business Loans Initiative, addresses some of the biggest pain points small businesses face when securing loans.
The company, which last year announced a $4.3 million grant for small businesses in India, said the new program will allow its lending partners to grant small ticket loans — ranging between 500,000 Indian rupees ($6,720) to 50,00,000 ($67,200) — at a predefined interest rate of 17%-20% per annum and won’t require