Every year on August 30th, India celebrates National Small Industry Day. These enterprises are the bedrock of the economy, driving innovation, generating employment, and fostering economic resilience.
In recent times, Google has emerged as a global champion in supporting small businesses, aligning seamlessly with the spirit of this significant day.
When the world was confronted with the unprecedented challenges posed by the COVID-19 pandemic, Google stepped forward as a beacon of hope for small businesses around the world. In a demonstration of its commitment.
Here are some groundbreaking initiatives Google launched to aid these enterprises, recognizing their integral role in shaping economies and communities:
1) As part of its robust $800+ million commitment to assist small businesses during the pandemic, Google established a $200 million investment fund. The pandemic’s impact on small businesses was profound, and Google recognized that they needed comprehensive support to navigate these uncertain times.
2) In the United States, Google collaborated with Opportunity Finance Network (OFN), resulting in over $90 million in low-interest loans disbursed through the Grow with Google Small Business Fund and Google.org grants. These funds were channeled through more than thirty Community Development Financial Institutions (CDFIs), enabling them to extend financial support to countless small businesses.
3) The impact of Google’s efforts is vividly exemplified by stories such as that of Gem City Market. This innovative grocery cooperative in Dayton, Ohio, secured funding from Finance Fund Capital Corporation (FCAP), made possible through Google’s initiative. This funding played a crucial role in helping Gem City Market provide affordable and high-quality kitchen staples to its community.
4) In Europe, Google’s collaboration with the European Investment Fund (EIF) marked a pioneering step. Google invested $15 million in loan capital to support over a thousand European small businesses and allocated $10 million to EIF’s Life Sciences Fund, assisting around 200 life sciences companies, many of which were engaged in addressing the COVID-19 crisis.
5) Similarly, in Latin America, Google partnered with the Inter-American Development Bank, allocating $8 million to bolster capital availability for small businesses. Recognizing the region’s reliance on small businesses for employment and economic recovery, this partnership holds immense promise.
6) In India, Google committed $15 million to support small and micro enterprises, exemplifying its dedication to communities worldwide.
Apart from this, Google Cloud Platform (GCP) is also helping businesses transform their operations, enhance customer experiences, and pave the way for future success. GCP offers a comprehensive range of services, from cost-saving and scalable infrastructure to data storage, analytics, application development, AI, machine learning, and security.
On this National Small Industry Day, as we reflect on the crucial role of small businesses, we invite you to join the Arcade and get hands-on experience with Google Cloud Platform’s powerful cloud computing tools that are helping small industries grow bigger everyday!