Visa’s charitable foundation has committed $210 million to programmes aimed at supporting small and micro-businesses from the economic impact of the Coronavirus pandemic.

The Visa Foundation said the first $10 million was to be designated for immediate emergency relief to support charitable organisations responding to the Coronavirus 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, the Middle East and Africa.

The second programme is a $200 million commitment over the course of five years to support small and micro businesses, as an expansion on the foundation’s long-standing programmes with a focus on fostering women’s economic advancement.

The funds will provide capital to non-government organisations dedicated to supporting small and micro business owners, many of whom are women, in the form of $60 million in grants. The foundation will also allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.

Small and micro businesses account for more than 90 percent of worldwide businesses and contribute 50 to 60 percent of global employment. There is a $300 billion annual credit deficit in funding for women-owned small and micro businesses, which is expected to grow given the recent economic turmoil unfolding due to COVID-19.

Al Kelly, chief executive 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.”

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