Google in partnership with the European Investment Fund (EIF) and two other Latin American and Asian organisations plan to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19.
The funds form part of an $800 million initiative the tech giant announced in March 2020 in response to the pandemic.
“This investment is part of Google’s $800+ million commitment in response to COVID-19 relief efforts announced last year, and our ongoing efforts to provide tools, training and funding to help people recover. Small businesses are the lifeblood of the European economy and we are proud to be part of these funds and join the EIF in their mission to help small businesses access finance and foster innovation in Europe’s life sciences industry,” Matt Brittin, President, Google, Europe, Middle East, and Africa said in a statement.
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The two EIF funds will give $15 million in loan capital to 1,000 European small businesses. 200 life sciences companies will get $10 million in EIF’s venture capital fund. The EIF is part of the European Investment Bank group, the lending arm of the EU.
Google will also partner with the Inter-American Development Bank to allocate $8 million to small businesses. In Africa, it has set up a $26 million loan fund with Kiva. Kiva crowdfunds loans, to help businesses in Africa, the Middle East, and Indonesia. The fund will also provide $15 million to Indian companies.
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