Alphabet Commits $800+ Million to SMBs, Health Organizations, Governments and Health Workers

Alphabet Inc announced a new $800+ million commitment to support small- and medium-sized businesses, health organizations and governments, and health workers on the front line of the coronavirus pandemic. via CEO Sundar Pichai’s blog post on Friday.

The company is working with longtime supplier and partner Magid Glove and Safety to produce two million to three million face masks, and will financially support efforts to boost the production capacity for lifesaving medical devices and personal protective equipment, Pichai said.

The rapid outbreak, which has killed nearly 25,000 people globally, has strained healthcare systems around the world and led to a shortage of medical equipment including face masks and ventilators.

The company will provide $340 million in Google ad credits to small and medium businesses active on its platform and $250 million in ad grants for the World Health Organization and many government agencies.

Alphabet will also create a $200 million investment fund to support global NGOs and financial institutions in helping to provide small businesses with access to capital. For example, Alphabet is working with the Opportunity Finance Network, the leading network of community development financial institutions in the U.S., to help fill gaps in financing for people and communities underserved by mainstream financial institutions.

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Source: Equities News