Google Announces New $50 Million Investment in CDFIs and Black Community
On June 17, Alphabet and Google Sr. Vice President & CFO Ruth Porat published a blog post regarding the company’s commitment to helping small businesses access capital. This commitment includes a new $50 million in financing and grants focused specifically on the Black community—announced in a blog post by Alphabet and Google CEO Sundar Pichai.
Google’s latest investment brings the company’s total support for CDFIs and the small businesses they serve to $170 million in loans and $10 million in Google.org grants. Porat’s blog post highlights the first seven OFN member CDFIs to receive the first round of funding through the Grow with Google Small Business Fund and Google.org Grant Program:
- Grameen America
- Opportunity Fund
- Citizens Potawatomi Community Development Corporation (CPCDC)
- Pacific Community Ventures (PCV)
- Washington Area Community Investment Fund (Wacif)
“Although most CDFIs are not household names, they play a vital role for small businesses throughout the U.S., many of whom are overlooked by traditional lenders,” Porat said.
Read Porat’s full blog post.