This Facebook Page type enables you to provide information about your business, store hours, location, website, parking information, price range and a general description. It also have supports for maps as well as customer reviews.
If you've created a page for your business but not listed as a Local Business, you can easily change the category to "Local Business/Place". I changed NairaForSMS Facebook Page from "Website" category to "Local Business or Place" category as indicated in the screenshot below:
How To Get Started
==> Click About below your Page's cover photo
==> Click Page Info in the left column
==> Hover over the Category section and click Edit
==> Select a category from the first dropdown menu, then select a more specific category from the second dropdown menu
==> Click Save Changes
NB: There's no limit to the number of times you can change the category of your Page.
If you don't know the much about the differences beween the Facebook page types, the screenshot below should help: