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Facebook Offers Loans as Tiny as $6,720 to Businesses in India

Facebook Inc. will offer loans to small businesses in India, the first country where the social media giant is rolling out the program.

Partner Indifi will offer credit to firms that advertise on Facebook, the California-based company said in a statement Friday, following an event featuring representatives of industry and the government. The loans will range from 500,000 rupees ($6,720) to 5 million rupees and charge interest rates of 17%-20%, potentially without collateral.