Uber And Visa Are Now Dedicating $1M To Minority Start-Up Founders
Uber and Visa have announced Grants for Growth, a program that will provide $1 million in grant funding to small businesses in 10 US cities that are currently active on Uber Eats.
The program will be administered by the Local Initiatives Support Corporation (LISC).
Focused on restaurant recovery and entrepreneurship, the program was created to support merchants when they need it most.
“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 Sarfraz Maredia, VP of the US and Canada Delivery at Uber.
Restaurants active on Uber Eats since January 1, 2022, in Atlanta, Chicago, Los Angeles, Washington DC, Miami, Detroit, the NYC metro/New Jersey area, the San Francisco Bay Area, Philadelphia, and Boston are eligible to apply for the program.
Grant recipients will be independently selected by LISC, using criteria to give preference to veterans, minorities, women, and LGBTQIA+ business owners.
Through Grants for Growth, 100 merchants will receive grants of $10,000, which can be used toward immediate needs such as payroll, paying an outstanding debt to vendors, upgrading payment technology infrastructure, and other immediate operational costs.
In addition to financial support, selected merchants will receive placement in the Uber Eats app and disaster recovery and resiliency guides from Uber and LISC.