Visa and Uber Announce $1M in Grants for Small Businesses

Written By
Julija A.
January 14,2022

The financial services giant Visa and TaaS company Uber have announced their partnership for the Grants for Growth program on January 10. The initiative will ensure $1 million in funding for small businesses. The grant will be available in 10 US cities where Uber Eats is active. The program is focused on restoring restaurants, and the Local Initiatives Support Corporation (LISC) will be in charge of administering the funds.

“We know that this year has been trying for many and that independently-owned businesses continue to face significant business challenges. From natural disasters to the impact of the COVID-19 pandemic, Uber and Visa are committed to supporting SMBs, especially through unexpected events, when they may need us most,” said Uber’s VP of US and Canada Delivery, Sarfraz Maredia.

Restaurants active on Uber Eats since January 1 in Los Angeles, New York metro and New Jersey Area, Washington DC, Atlanta, Boston, Chicago, Detroit, Miami, Philadelphia, and the San Francisco Bay Area are eligible for the funds. Recipients will be independently selected by LISC, with preference given to business owners who are veterans, minorities, women, and LGBTQIA+.

“Independent restaurants are a vital and vibrant part of their communities, and the pandemic continues to impact far too many of them. Together with Uber, we're proud to help give merchants the support and funding they need, now,” said SVP and Head of North America Marketing for Visa, Mary Ann Reilly.

“The United States Hispanic Chamber of Commerce applauds our partners at Visa and Uber for launching this important grant program. Small businesses, especially minority-owned businesses, continue to struggle to survive during this pandemic and are working to overcome new challenges,” said the President and CEO of USHCC, Ramiro A. Cavazos. “As small businesses reopen their doors and look towards recovering, they need access to capital as well as resources and tools now more than ever before. This program comes at the perfect time.”

Grants for Growth will help 100 businesses with $10,000 that they can use for payroll, upgrading payment infrastructure, paying off debts, or any other operational expenses. Furthermore, these businesses will receive better placement in the Uber Eats app, along with disaster recovery and resiliency guides from LISC and Uber. Applications will be open from January 17 to 24, 2022.

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Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.

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