Supplier Success Leads Expansion of Facebook's Invoice Fast Track Program, Providing Up to $100 Million for Diverse-Owned Businesses
DETROIT, Sept. 28, 2021 /PRNewswire/ -- Supplier Success, a black-owned supplier finance consultancy, recently celebrated the expansion of the Facebook Invoice Fast Track program to financially support diverse-owned businesses across the United States.
The program, set to relaunch on October 1, 2021, will now provide tens of thousands diverse -owned companies with immediate payment for the goods and services they've invoiced their customers for — but would otherwise have waited months to get paid.
The announced expansion follows the completion of a successful pilot program with Supplier Success and its technology partner, Crowdz. The program was previously only available to Facebook's own diverse suppliers.
Under the new terms of the program, Facebook has pledged up to $100 million in funding on an ongoing basis for a low, fixed fee of 1% of total invoice value. This provides diverse-owned SMBs with the affordable capital they need to invest in the recovery and growth of their companies during the COVID-19 pandemic.
Supplier Success played a key role in scaling the financing, technology, and risk management models of the pilot program, so that the expanded offering could be made available to the broader universe of diverse business member organizations. These partner organizations include the National Minority Supplier Development Council, Women's Business Enterprise National Council, National LGBT Chamber of Commerce, National Veterans Business Development Council, Disability:IN and US Pan Asian American Chamber of Commerce.
"Facebook is going above and beyond to support as many diverse SMBs as possible during this critical time of need," said Louis Green, CEO of Supplier Success. "We're proud to work with them to address the urgent access to capital needs of diverse businesses nationwide."
Diverse-owned businesses are encouraged to visit the Facebook Invoice Fast Track program to check their eligibility and get started on October 1.
About Supplier Success, LLC:
Supplier Success is a supplier finance and corporate diversity consultancy based in Detroit, MI. Supplier Success focuses on solving access to capital issues facing diverse-owned businesses, strengthening the corporate supply chain, and improving corporate diversity and procurement efforts. Founded in 2014 by Louis Green, Supplier Success, LLC is a certified minority business enterprise. For more information, please visit www.suppliersuccess.com.
SOURCE Supplier Success, LLC
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