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Google to Invest $75 Million in Coronavirus-Hit Small Businesses

Google is teaming up with the European Funding Fund (EIF) and two different organisations in Latin America and Asia to offer $75 million (roughly Rs. 545 crore) in funding to small- and medium-sized firms affected by the impression of COVID-19.

The funds are a part of an $800 million (roughly Rs. 5,820 crores) initiative introduced in March final yr in response to the pandemic.

Google, a unit of Alphabet, mentioned on Wednesday that it could put money into two EIF funds, giving $15 million (roughly Rs. 110 crores) in mortgage capital to 1,000 European small companies and $10 million (roughly Rs. 73 crores) in EIF’s enterprise capital fund backing 200 life sciences firms.

The EIF is a part of the European Funding Financial institution group, the lending arm of the European Union.

In Latin America, Google will work with the Inter-American Growth Financial institution to allocate $8 million (roughly Rs. 58 crores) to small firms.

It has additionally arrange a $26 million (roughly Rs. 190 crores) mortgage fund with Kiva, an organisation that crowdfunds loans, to assist companies in Africa, the Center East and Indonesia. Indian firms will get $15 million (roughly Rs. 110 crores).

© Thomson Reuters 2021

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