“We just heard first-hand the financial hardships that these suppliers were facing, and it was created really quickly and brought up as an idea and pitched to our CFO to say, ‘Hey, would we be able to help our suppliers with this?’” Rao said. “It was a very small pilot, but we did see that be very successful.”
Now the company is expanding the program and Rao estimates that over 30,000 small businesses will benefit from it.
“It’s a new concept, but we’re really excited about it,” Rao said.
U.S. businesses owned by minorities and women are eligible to apply for the program. This includes the National Minority Supplier Development Council, Women’s Business Enterprise National Council, National LGBT Chamber of Commerce, the National Veterans Business Development Council, Disability: IN and the U.S. Pan Asian American Chamber of Commerce. Facebook is also exploring adding more partner organizations for the program, the company told CNBC.