Facebook commits $100 million to support small businesses

Facebook commits $100 million to support small businesses

According to CNBC, Facebook announced a $100 million commitment to a program that supports small businesses owned by women and minorities. Social media management intends to buy up companies’ outstanding invoices. According to the new strategy, customers will be required to pay Facebook the bills on the same terms they had agreed to with the small business.

According to preliminary estimates, approximately 30,000 women- and minority-owned small businesses will be supported. CNBC highlights that the program is Facebook's latest effort to build relationships and show loyalty among small businesses, many of whom rely on the social network to place targeted ads.

Earlier, Facebook launched Ray-Ban Stories, its first smart glasses created in collaboration with glasses manufacturer Ray-Ban. The innovative product starts at $299. The glasses became available for purchase on September 9 in the US, UK, Italy, Australia, Ireland, and Canada.


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