27th August 2021: As part of its recently announced ‘Small Business Loans Initiative’, Facebook today said that the program will be open to its small business advertisers across 20 cities and towns of Punjab. This program aims at helping small and medium businesses (SMBs) who advertise on Facebook to get quick access to credit through independent lending partners. Ms, Archana Vohra, Director - Small and Medium Businesses at Facebook India was present during the virtual session. Mr. Ravi Singh of LoveGifts.in along with Mr. Pranav Malhotra of Pashtush, shared their valuable experiences about how Facebook has helped them rise in their respective businesses.
Punjab is home to 2.59 lakh MSMEs that employ a total of 20.29 lakh people. Despite the challenges of the COVID-19 pandemic, as per public reports, 1.40 lakh new MSMEs were registered in Punjab from July 2020 to July 2021. The state’s low operating cost for businesses and good Wi-Fi infrastructure are major factors for attracting new investments. Punjab-based businesses such as LoveGifts.in and Pashtush, among many others, have seen exponential growth by increasing the use of social media and digital. MSMEs in Punjab are leveraging digital to tap into markets across India, as well as outside India, multiplying their economic opportunities. SMBs from the state have also used the Facebook apps to go direct-to-consumer, leading to explosive growth for their businesses.
Speaking about Facebook’s commitment to the empowerment of the small and medium business ecosystem in Punjab, Archana Vohra, Director - Small and Medium Businesses at Facebook India said, “Punjab has seen a tremendous growth in the number of new MSMEs in the last one year and the state’s growing SMB community is testament to the incredible resilience and spirit of entrepreneurship even during the pandemic. There are numerous examples of small businesses from the state that are consistently growing by using digital and social media. Facebook apps have enabled many of these businesses to go direct-to-consumer, and expand to international markets. Our commitment to small businesses runs deep, that’s why from business loans to business skilling, we’re launching new initiatives to empower them.”
Speaking about how Facebook helped the company get its first order within 2 hours of setting up the company page, Ravi Singh, Founder, LoveGifts.in, a one stop shop for personalised gifting needs, said, “We’ve witnessed steady growth and are growing at 10% every year, and even grew through the lockdown because of digital. With people spending more time online, and social distancing measures in place, we have seen a growth in online gifting. As a result, we are further expanding our business and building a new website as well.” LoveGifts got its first order from Gurgaon in 2018 through a Facebook post!
Speaking about the immense global reach garnered through digital and the Facebook Family of Apps, Pranav Malhotra, Founder, Pashtush, a luxury shawl, scarf, and ties brand for men and women that is keeping Punjab and India’s tradition of heritage arts alive, said, “Based out of Amritsar, we have leveraged Facebook Family of Apps to reach out to and deliver across 120 countries and moved from a wholesale to a direct-to-consumer model. Today, countries like Australia, New Zealand and Latin American markets, where the winter months coincide with our summer months, enable us to keep our business alive all year. Even during the pandemic, advertising on Facebook and Instagram helped us grow 3 to 4 times year on year. We were not just able to reach out to new people across the globe, but also build a direct relationship with our customers.”
The 20 cities in Punjab eligible for the Facebook SMB Loans initiative are Amritsar, Bathinda, Chandigarh, Fatehgarh Sahib, Firozpur, Hoshiarpur, Jalandhar, Moga, Mohali, Muktsar, Patiala, Rupnagar, Tarn Taran, Zirakhpur, Faridkot, Kapurthala, Ludhiana, Nawanshahr, Phagwara and Sangrur.
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