After this sheer havoc of Conronavirus affects millions of SME businesses and a huge number of employees lost their employment. The world economy is broken within a couple of months lockdown and now the time has come to recover all those bad memories. We have seen a wide range of multinational organizations came up with their priceless support by investing and donating a bulk amount of money for small businesses’ welfare.
Now in this tough time, Google takes the initiative to spend its profit on vulnerable blemished businesses. European Investment Fund (EIF) and two more multinational companies from Latin America and Asia are teaming up with Google to serve $75 million (Rs. 545 crores approximately) in supporting small- and medium-sized enterprises that are tremendously suffering during this disastrous COVID-19.
In response to this such massacre pandemic situation, Google has declared earlier in last year March that they will surely help the other businesses. They have promised to fund $800 million (approximately Rs. 5,820 crores) for the coronavirus initiative and $75 million is a part o that.
On Wednesday, Google has stated that it would fund in two EIF funds, providing $15 million for stabilizing loan capital to 1,000 European SMEs, and to support 200 life sciences organizations it is offering a $10 million amount in EIF-s venture capital fund.
As a part of the European Investment Bank group, EIF plays its role as a lending arm of the European Union. On the other hand, Google will be joined with the Inter-America Development Bank in Latin America to offer $8 million (approximately Rs. 58 crores) to help the small organizations.
In terms of helping the businesses in the Middle East countries, African countries, and Indonesia, Google also provides a foundation of $26 million (approximately Rs. 190 crores) loan amount to the crowdfund loan company Kiva. Whereas Indian organizations will also get $15 million (Rs. 110 crores approximately) to recover their economy during this pandemic situation.