- The Visa Foundation announced a commitment of two programs totaling $210 million to support small and micro-businesses
The Visa Foundation announced a commitment of two programs totaling $210 million to support small and micro-businesses. This initiative aligns with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development along with addressing an urgent need from local communities following the spread of COVID-19.
This first program of $10 million is designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic like public health and food relief in each of the five geographic regions in which Visa operates: North America; Latin America and the Caribbean; Europe; Asia Pacific; and Central Europe, Middle East, and Africa.
The second program is a five-year $200 million commitment to support small and micro businesses around the world with a focus on fostering women’s economic advancement. And this action expands the Visa Foundation’s long-standing support for small and micro businesses globally. The funds from the Visa Foundation will provide capital to non-government organizations (NGOs) and investment partners supporting small and micro businesses.
Through the $200 million small and micro business program, the Visa Foundation will provide $60 million in grants to NGOs focused on supporting small and micro business owners in every region where Visa operates. And the Visa Foundation will also allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.
Key Quotes:
“As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support. As a global company that operates a very local business, we recognize this need. We’re also committed to the long-term recovery and will continue to explore ways we can accelerate economic activity in line with our mission to help individuals, businesses and economies thrive.”
“Now more than ever, we must accelerate our support for small businesses on the frontlines driving economic growth. As many small and micro business owners are women, there will be a ripple effect supporting women’s economic advancement, which we believe is one of the most important ways to achieve gender equality, reduce poverty and foster inclusive economic development.”
-Visa CEO and chairman Al Kelly
“Two hundred million dollars in new financial resources demonstrates our continuing commitment to support small and micro businesses, with a focus on women’s economic advancement globally. When women thrive, communities thrive. We know this matters now more than ever as the global economy seeks to recover and rebuild.”
-Graham Macmillan, President of the Visa Foundation
