Visa Foundation commits $210 Million to support SMB and COVID-19 emergency relief

Visa Foundation commits $210 Million to support SMB and COVID-19 emergency relief

     

The Visa Foundation announced a commitment of two programs totalling $210 million to support SMBs aligning with the Foundation’s focus on women’s economic advancement and inclusive economic development and to address the need from local communities following the COVID-19 pandemic.

The first programme of $10 million is aimed for immediate emergency relief to support charitable organisations on the frontlines responding to the crisis, including public health and food relief, in the five geographic regions in which Visa operates: North America; Latin America and the Caribbean; Asia Pacific; Europe; and Central Europe, Middle East and Africa.

The second programme is a five-year, strategic $200 million commitment to support SMBs globally with a focus on fostering women’s economic advancement. The funds from the Visa Foundation is expected to provide capital to non-government organisations (NGOs) and investment partners supporting the SMBs.

“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 recognise 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,” said Al Kelly, CEO and chairman of Visa.

“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,” added Kelly.

In the $200 million SMB programme, The Visa Foundation will provide $60 million in grants to NGOs dedicated to supporting SMB owners, many of whom are women in the Visa operating regions. The Visa Foundation will also allocate $140 million with investment partners that generate positive social and financial returns for SMBs.

“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,” said Graham Macmillan, President of the Visa Foundation.

The Visa Foundation aims to support inclusive economies where individuals, communities and businesses can thrive. Visa is said to be a leader in the digital payments and has the mission to connect the world through innovative, reliable and secure payment network enabling individuals, businesses and economies to thrive.