Google to invest $75M in small businesses impacted by Coronavirus

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Google is set to partner with the European Investment Fund (EIF) and two other organizations based in both Latin America and Asia in order to invest $75 million in funding to small businesses negatively impacted by the coronavirus pandemic.

The effort comes as part of an $800 million international initiative that was launched in March of last year in response to the pandemic, according to a press release.

Google on Wednesday announced that it will financially back two of EIF’s investment funds, which will allot $15 million to 1,000 small businesses in Europe and $10 million to a life sciences venture capital fund that will provide financing specifically to life sciences companies that have helped with the pandemic.

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The company also announced other partnerships with organizations in Latin America, Africa, the Middle East, Indonesia, and India.

Google will allocate $8 million to small businesses in Latin America in partnership with the Inter-American Development Bank. Small businesses in Africa, the Middle East and Indonesia will be able to benefit from a $26 million loan initiative, created with crowdfunding organization Kiva, spanning 10 countries.

Fifteen million in funding will be invested to support small and micro businesses in India and another $1 million will be provided to small businesses in Israel, according to the release.

“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 of Google Europe, Middle East and Africa, said in a statement.