{"id":2111,"date":"2021-08-20T14:40:20","date_gmt":"2021-08-20T14:40:20","guid":{"rendered":"https:\/\/news25.org\/?p=2111"},"modified":"2021-08-20T14:43:09","modified_gmt":"2021-08-20T14:43:09","slug":"facebook-teams-up-with-indian-firm-to-help-provide-loans-to-small-businesses","status":"publish","type":"post","link":"https:\/\/www.news25.org\/facebook-teams-up-with-indian-firm-to-help-provide-loans-to-small-businesses\/","title":{"rendered":"Facebook teams up with Indian firm to help provide loans to small businesses"},"content":{"rendered":"<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-0\"><strong>Facebook\u00a0(FB.O)\u00a0is partnering with an Indian online lending firm to help provide loans to small domestic businesses, its country head said on Friday, as part of a push to bring more businesses to advertise on its platform.<\/strong><\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-1\">The social media giant is joining hands with Indifi to help provide loans ranging from 500,000 rupees to 5,000,000 rupees ($6,719-$67,191) at annual interest rates of up to 20%, Ajit Mohan, Facebook India&#8217;s managing director, told a virtual news conference.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-2\">Facebook said it would pay off to bolster the small business economy in India as these companies will use its apps including Instagram and WhatsApp to boost their growth.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-3\">&#8220;We&#8217;re not looking to make money from this programme, we don&#8217;t have any revenue share&#8230; but we are hoping this creates growth in the industry that will eventually benefit us,&#8221; said Mohan, adding that Facebook had no monetary contribution towards the programme.<\/p>\n<ul>\n<li data-testid=\"paragraph-3\"><a href=\"https:\/\/news25.org\/michael-spavor-canadian-jailed-for-11-years-in-china-on-spying-charges\/\">Michael Spavor: Canadian jailed for 11 years in China on spying charges<\/a><\/li>\n<li data-testid=\"paragraph-3\"><a href=\"https:\/\/news25.org\/prince-philip-has-died-aged-99-buckingham-palace-announces\/\">Prince Philip has died aged 99, Buckingham Palace announces<\/a><\/li>\n<\/ul>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-4\">The loans are available to small businesses that have been advertising on Facebook or its group apps for at least 180 days. And, the programme could help drive more such firms to advertise on the social network and its apps which are highly popular in India.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-5\">India is a key growth market for Facebook with more than 410 million users, and its WhatsApp messenger counts the South Asian country as its biggest market with over 530 million users. Instagram has over 210 million users in India, also benefiting from a ban on Chinese short video platform TikTok last year.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-6\">Last year, Facebook invested $5.7 billion in billionaire Mukesh Ambani&#8217;s Jio Platforms digital unit, which will allow WhatsApp to offer payments services to millions of mom-and-pop stores.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-7\">Separately, WhatsApp has plans to deepen its partnership with banks to offer financial services such as pensions and insurance.<\/p>\n<p data-testid=\"paragraph-7\">SOURCE: <a href=\"https:\/\/www.reuters.com\/world\/india\/facebook-teams-up-with-indian-firm-help-provide-loans-small-businesses-2021-08-20\/\">REUTERS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Facebook\u00a0(FB.O)\u00a0is partnering with an Indian online lending firm to help provide loans to small domestic businesses, its country head said on Friday, as part of a push to bring more businesses to advertise on its platform. The social media giant is joining hands with Indifi to help provide loans ranging from 500,000 rupees to 5,000,000 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44,166],"tags":[375,1070,1072,1071],"class_list":{"0":"post-2111","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-featured","9":"tag-facebook","10":"tag-indian-firm","11":"tag-loans","12":"tag-small-businesses"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Facebook teams up with Indian firm to help provide loans to small businesses - News 25<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.news25.org\/facebook-teams-up-with-indian-firm-to-help-provide-loans-to-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook teams up with Indian firm to help provide loans to small businesses - News 25\" \/>\n<meta property=\"og:description\" content=\"Facebook\u00a0(FB.O)\u00a0is partnering with an Indian online lending firm to help provide loans to small domestic businesses, its country head said on Friday, as part of a push to bring more businesses to advertise on its platform. 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