Uber & Visa launch ‘Grants for Growth’ to encourage small businesses

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Uber and Visa recently announced the launch of Grants for Growth program, which will offer $1 million in grant funding and resources to small businesses in ten U.S. cities, that currently operate under Uber Eats.

The business-fostering program will be led by Local Initiatives Support Corporation (LISC), aiming for restaurant recovery and encouraging entrepreneurship, by supporting local merchants in times of crisis.

Reportedly, the last year presented an unfortunate and unfavorable environment for small independent businesses as challenges kept piling up due to natural disasters overlapping with the Covid-19 pandemic impact.

Speaking of the novel accomplishment, Sarfraz Maredia, Vice President of US and Canada Delivery at Uber mentioned that to help overcome the unprecedented challenges, Uber and Visa have committed to support small and medium sized businesses (SMBs), through unanticipated events when they may need it the most.

Applicants eligible to enroll for the program will include restaurants active on Uber Eats network since January 1, 2022 in Washington DC, the NYC metro/Ney Jersey area, Chicago, the San Francisco Bay Area, Atlanta, Los Angeles, Miami, Philadelphia, Detroit and Boston.

Post application, selection of the Grant recipients will be done by LISC, with high preference to minority, veteran, women and LGBTQIA business owners.

Mary Ann Reilly, Senior VP and Head of North America Marketing division, Visa, cited that independent restaurants or food businesses are an integral part of the community, which the pandemic continues to dismantle, and together with Uber, the firm plans to help merchants with the much-needed funding.

As a part of the Grants for Growth program, 100 merchants will be awarded with grants worth $10,000, which can be used for meeting immediate needs like paying outstanding debt to vendors, any immediate operational costs, payroll, and enhancing payment technology infrastructure.

Beyond financial support, the program will also ensure placement for selected merchants in the Uber Eats app along with disaster recovery and resiliency guides facilitated by LISC and Uber.

Source Credits: https://www.prnewswire.com/news-releases/uber-and-visa-announce-grants-for-growth-program-providing-1-million-in-grants-and-resources-to-support-small-businesses-301456689.html