The Visa Foundation has launched two programs totaling $210m to support small and micro businesses.
The two initiatives align with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, and to address an urgent need from local communities following the spread of COVID-19.
The first program of $10m is designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, such as 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, strategic $200m commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. 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 $200m small and micro business program, the Visa Foundation will provide $60m in grants to NGOs dedicated to supporting small and micro business owners, many of whom are women, in every region where Visa operates. The foundation will also allocate $140m with investment partners that generate positive social and financial returns for small and micro businesses.
Led by Graham Macmillan, President, the Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the foundation prioritizes the resilience and growth of micro and small businesses that benefit women. It also supports broader community needs and disaster response in times of crisis. The Visa Foundation is registered in the U.S. as a 501(c)3 entity.