Small businesses are the backbone of the global economy and at the core of many of Google’s tools, services and products. So when the pandemic hit last year, we announced a $200 million investment fund as part of our $800+ million commitment to support small businesses in the face of COVID-19.
We set out to partner with organizations who share our desire to empower small businesses in underserved communities, which are often overlooked by traditional lenders.
In the U.S. we are partnering with Opportunity Finance Network (OFN). To date, OFN has helped us provide over $90 million in low-interest loans from the Grow with Google Small Business Fund and Google.org grants to over thirty Community Development Financial Institutions (CDFIs) across the country. CDFIs in turn finance hundreds of small businesses, like Gem City Market, a new grocery cooperative that secured funding from Finance Fund Capital Corporation (FCAP) to help them provide affordable, quality kitchen staples to the Dayton, Ohio, community.