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Facebook Intends To Buy Up To $100 Million Worth Of Invoices From 30,000 Small Minority And Women-Owned Businesses

In what could be a game-changing event for businesses owned by minorities and women, tech giant Facebook is coming to the rescue.

CNBC reported that the social networking powerhouse plans to buy up to $100 million in unpaid outstanding invoices from roughly 30,000 small businesses via its Facebook Invoice Fast Track program.

The commitment is a big deal as it means diverse firms that potentially would have had to put gaining such funds from customers on hold for an extended period can get paid.

According to CNBC, firms can submit outstanding invoices of at least $1,000. If they are approved, the invoice will be bought from the small business by Facebook within days. Customers then pay Facebook the outstanding invoices at the same terms they had agreed to with the small business. Racking up nearly $86 billion in 2020  revenue, waiting for payments is not as extreme for Facebook as for small businesses.

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