Visa Foundation

History

2020: Selection of $210 million for support of business in the conditions of a coronavirus pandemic

At the beginning of April, 2020 the Visa Foundation fund announced about start of programs with a total amount of $210 million for support small firms and also immediate assistance in COVID-19 coronavirus propagation conditions .

The program of $200 million is started for five years and directed to support small and microbusiness around the world with the emphasis on assistance to economic development of female entrepreneurs.

The Visa Foundation fund announced about start of programs with a total amount of $210 million for support small firms and also immediate assistance in COVID-19 coronavirus propagation conditions

The budget of other program makes $10 million. Its purpose — rendering emergency aid and support of charitable organizations, health sector and food aid in the countries of presence of Visa. In particular, it is about the states in North and Latin America and the Caribbean Region, Europe, the Pacific Rim, Africa and in the Middle East.

It is noted that means of Visa Foundation will be provided to the non-governmental organizations and investment partners supporting small and microbusiness.

According to Visa, by the beginning of April, 2020 on small and the microenterprises more than 90% of business and about 50-60% of labor employment on a global scale are necessary. The CEO and the chairman of the board of directors of Visa Al Kelly says that women own many such firms.

As COVID-19 continues to extend, business communities feel effects and need our immediate support. Being the global company working with local business we realize this need … The domino effect promoting expansion of the economic rights and opportunities of women that, according to us, will result in bigger equality, reduction of poverty will occur and promotes all-round economic development — he said, commenting on plans for a financial support small and microbusiness.[1]

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