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Tags: Coronavirus | google | small business | pandemic | covid | loans | eif

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

google logo is shown outside a building
(Sebastian Gollnow/AP)

Wednesday, 17 February 2021 08:06 AM

Google is teaming up with the European Investment Fund (EIF) and two other organizations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19.

The funds are part of an $800 million initiative announced in March last year in response to the pandemic.

Google, a unit of Alphabet, said on Wednesday that it would invest in two EIF funds, giving $15 million in loan capital to 1,000 European small businesses and $10 million in EIF's venture capital fund backing 200 life sciences companies.

The EIF is part of the European Investment Bank group, the lending arm of the European Union.

In Latin America, Google will work with the Inter-American Development Bank to allocate $8 million to small companies.

It has also set up a $26 million loan fund with Kiva, an organization that crowdfunds loans, to help businesses in Africa, the Middle East and Indonesia. Indian companies will get $15 million. 

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
Google is teaming up with the European Investment Fund (EIF) and two other organizations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19. The funds are part of an $800 million initiative...
google, small business, pandemic, covid, loans, eif
163
2021-06-17
Wednesday, 17 February 2021 08:06 AM
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