Invoice financing marketplace Crowdz today announced that it is helping Facebook to power ‘The Facebook Invoice Fast Track Program‘. This program allows certified minority and diverse-owned small and medium businesses (SMB) to sell unpaid invoices for immediate working capital, with $100 million allocated to the program.
The profit-neutral initiative aims to level the playing field for eligible diverse-and-minority businesses by solving cashflow delays, with some supplier terms as long as 120 days.
This collaboration between Crowdz, Facebook and Supplier Success will provide affordable, immediate cash for SMBs to invest in growth, pay employees, buy inventory and thrive.
Payson E. Johnston, CEO of Crowdz said: “In these hard times, many SMBs are struggling to receive capital desperately needed to stay afloat. Vulnerable businesses need immediate liquidity to survive, but often wait weeks, if not months, to get paid.
“While programs like PPP provided temporary relief for some, American businesses need a long-term, sustainable solution. We believe the private sector can provide it, through impactful initiatives like receivables financing, that benefit the whole ecosystem.
“We’re proud of our collaboration with Facebook, which is a step in the right direction towards creating equitable finance for millions of businesses powering our communities, in a way banks or governments cannot, and will not.”
Jason Trimiew, Director of Global Supplier Diversity, at Facebook, said: “We know how important working capital is to SMBs, and this is especially true when they are due money from their customers for work they’ve completed. Getting that cash today instead of months later can be the difference-maker for keeping employees or suppliers paid or investing in growth opportunities.”
One business benefitting from the program is The Wright Stuff Chics, a merchandise retailer for teachers and host of the Teach Your Heart Out conference. The pandemic forced the cancellation of the company’s in-person events in 2020 replaced by online conferences, for which payments attracted lengthy terms. Co-founder Lisa Dunnigan unlocked more than $10,000 of held-up payments within days:
“When you’re an entrepreneur, and you have a passion for what you do, but you don’t have the working capital to do that, it ends up causing so many levels of stress. With this program, we’ve been able to keep our staff members on and also keep our doors open,” said Dunnigan.
Certified minority-and-diverse-owned businesses headquartered in the U.S. can submit eligible invoices to receive funding in just a few days, at a fixed rate of 1 percent.
For more information, contact firstname.lastname@example.org
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.