Visa Foundation has announced a donation of $210m to support small and micro businesses, aligning with the foundation’s long-term focus on women’s economic advancement and inclusive economic development.
The first program of $10m is designated for immediate emergency relief to support charitable organisations 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.
“As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support,” said Al Kelly, CEO and Chairman of Visa.
“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,” Kelly added.
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.
The funds from Visa Foundation will provide capital to non-government organisations and investment partners supporting small and micro-businesses.