Facebook to offer loans to small businesses in India

Facebook to offer loans to small businesses in India

Facebook to offer loans to small businesses in India

Facebook will offer loans to small businesses in India under a new initiative launched on Friday. The California-based company has started its Small Business Loans Initiative in partnership with Indifi, an online lending platform, Facebook said.

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The loans will be offered to firms that advertise on its social networking platform and will range from Rs500,000 ($6,720) to Rs5 million. The interest rate will be 17 percent to 20 percent per annum without collateral, the company said on its website.

Facebook also plans to provide a reduction on interest for businesses which are owned by women.