Uber and Visa Provide $1 Million in Grants and Resources to Support Small Businesses

Rhea-AI Summary

Uber (NYSE: UBER) and Visa (NYSE: V) announced the Grants for Growth program, providing $1 million in funding to support small businesses in 10 U.S. cities through the Local Initiatives Support Corporation (LISC). 100 merchants received $10,000 each to address immediate operational needs. Notably, 92% of recipients were entrepreneurs of color and 69% were female-owned. The initiative aims to assist restaurants as they recover from pandemic challenges, focusing on minority, veteran, and women business owners.

Positive

• Uber and Visa provided $1 million in grant funding to small businesses.
• 100 merchants received $10,000 grants to support operational costs.
• 92% of grant recipients were entrepreneurs of color; 69% were female-owned businesses.

Negative

• None.

SAN FRANCISCO, Sept. 29, 2022 /PRNewswire/ -- Uber (NYSE:UBER) and Visa (NYSE:V) today announced the recipients of Grants for Growth, a program that provided $1 million in grant funding to small businesses in 10 U.S. cities that are currently active on Uber Eats. The program was administered by Local Initiatives Support Corporation (LISC). Focused on restaurant recovery and entrepreneurship, the program was created earlier this year as a way to support merchants when they need it most, particularly as they recover from the pandemic.

Through Grants for Growth, 100 merchants received grants of $10,000, which can be used toward immediate needs such as payroll, paying outstanding debt to vendors, upgrading payment technology infrastructure, and other immediate operational costs. In addition to financial support, selected merchants received disaster recovery and resiliency guides from Uber and LISC.

"From labor challenges to supply chain issues, independently-owned businesses have had another trying year, and it's important to us that Uber Eats support our merchant partners with the resources and tools they need to continue to grow." said Sarfraz Maredia, VP of US and Canada Delivery at Uber. "With our partners at Visa and LISC, we're happy to have created a program that's had such impact and has helped restaurants across the country fund critical investments."

Among the recipients selected by LISC, 92% were entrepreneurs of color, 69% were female-owned businesses, and 88% of the businesses were in low or moderate-income areas.

"The proceeds of this grant allowed us to survive, said Umber Ahmad, Founder of Mahzedahr Bakery in New York City. "We were able to pay vendors. I was able to pay my team. We were able to keep the doors open and the lights on and I'm very grateful for that."

Restaurants active on Uber Eats in Atlanta, Chicago, Los Angeles, Washington DC, Miami, Detroit, the NYC metro/New Jersey area, the San Francisco Bay Area, Philadelphia, and Boston were eligible to apply for the program. Grant recipients were independently selected by LISC, using criteria to give preference to veteran, minority, women, and LGBTQIA+ business owners.

"Small businesses are a vital part of our local communities and we're committed to supporting them for the long-term," said Mary Ann Reilly, CMO of North America, Visa. "Alongside our partners at Uber, we're honored to support the diverse recipients of this program with resources and capital to help them continue to grow."

For additional information about Grants for Growth and a list of recipients, visit uber.com/newsroom,  https://merchants.ubereats.com/us/en/resources/community/grants-for-growth/.

About Uber

Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Media Contact
Uber
press@uber.com

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

Media Contact
Visa
Kryssa Guntrum
press@visa.com

About LISC

LISC is one the country's largest community development organizations, helping forge vibrant, resilient communities across America. We work with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and places can thrive. Since our founding in 1979, LISC has invested $26.7 billion to create more than 436,000 affordable homes and apartments, develop 78.5 million square feet of retail, community and educational space, and help tens of thousands of people find employment and improve their finances. For more, visit www.lisc.org.

Media Contact
LISC
Colleen Mulcahy
colleen@mulcahycommunications.com

 

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SOURCE Uber

FAQ

What is the Grants for Growth program announced by Uber and Visa?

The Grants for Growth program, announced by Uber and Visa, provides $1 million in funding to support small businesses in 10 U.S. cities.

How much funding did small businesses receive from the Grants for Growth program?

Small businesses received $10,000 each, amounting to a total of $1 million in grants.

What percentage of grant recipients were minority-owned businesses?

92% of the grant recipients were entrepreneurs of color.

In which cities did the Grants for Growth program provide funding?

The program supported small businesses in Atlanta, Chicago, Los Angeles, Washington DC, Miami, Detroit, NYC metro/New Jersey, San Francisco Bay Area, Philadelphia, and Boston.

What challenges are the small businesses supported by the Grants for Growth program facing?

The small businesses are facing labor challenges, supply chain issues, and the ongoing impact of the pandemic.