At Meta’s annual Grow Your Business Summit the company also announced 24x7 chat support for all advertisers in India.
Today Meta hosted the second edition of the Grow Your Business Summit, its annual event dedicated to the growth agenda of small businesses in India, and announced new working capital support and enhanced service support features for all advertisers in the country. To address the evolving need for working capital, Meta has announced a new financial support feature to ease cash flow for small businesses in India - No Cost EMI. India is the first country within Meta where No Cost EMI has been launched.
This feature will allow advertisers to pay Meta for their advertising campaigns in easy, equated monthly installments over 3 months through participating banks at no additional cost of interest to them. Meta will bear the applicable interest payable to the bank, and give it as an upfront discount to the business on its ad spends. Working capital access is a concern for many new and growing businesses in the country. With No Cost EMI billing, they can choose any amount between INR 3,200 and INR 5,00,000 to convert to EMIs.
With several small businesses in India taking to digital and the Meta platforms to reach their customers, they need enhanced support to resolve their queries. Today Meta also announced 24 x 7 chat support for all our active advertisers in India. This means that day or night, 365 days a year, they get the support you need. To access this support, they can visit the ‘support’ option on the Meta Business Help Center.
Ajit Mohan, VP and MD (Facebook India) Meta said : “With these announcements, every advertiser on Meta in India, irrespective of their ad spends, has access to financial and service support, at the click of a button to unlock new growth opportunities. We know that each business is on a distinct journey, and we are committed to building India-focused solutions keeping in mind their unique needs. We hope that the initiatives that we have announced during Grow Your Business Summit will help small businesses achieve their business goals with greater flexibility and ease.”
Over the last three years, Meta has been committed to enabling easier access to timely credit. This journey started in 2020, when as part of our USD 100 million global grant for small businesses, grants were announced for small businesses across five cities in India.
In 2021, Meta launched the Small Business Loans Initiative, a program that enables business loans for Meta’s small business advertisers through third-party lending platforms. This too was an India-first initiative within Meta. At the Grow Your Business Summit, it was announced that the scope of this program has now expanded to 19000+ pin codes across India, which is almost the entire length and breadth of the country. This means that Meta advertisers from even the smallest towns and villages can now apply for collateral-free business loans from as little as INR 30,000 to as much as INR 1 Crore.