Visa Foundation commits $210 Million to emergency Covid-19 relief
Melanie May | 8 April 2020 | News
The Visa Foundation is committing $210 million in two programmes to support both local communities and small and micro businesses struggling as a result of the pandemic.
The first Visa Foundation programme of $10 million is to provide immediate emergency support for charities 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.
Al Kelly, CEO and chairman of Visa, said:
“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.”
As well as addressing the current urgent need for support, the move aligns with the Foundation’s long-term focus on supporting women’s economic advancement and inclusive economic development.
As such, the second programme is a five-year, strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. The funds from the Visa Foundation will provide capital to NGOs and investment partners supporting small and micro businesses.
Through the $200 million small and micro business programme, the Visa Foundation will provide $60 million in grants to NGOs dedicated to supporting small and micro business owners, many of whom are women, in every region where Visa operates. The Visa Foundation will also allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.
Graham Macmillan, President of the Visa Foundation commented:
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“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.”
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.