Visa Foundation Helps Increase More Than Four Million SMEs

Photo: Doc. Visa

The Visa Foundation released its first Impact Report, which recorded grants and investment activities impacted six years since its founding. As a corporate foundation for Visa, the Visa Foundation partners with local organizations to invest in small and micro enterprises (SMEs) most of which are owned by women, creating a positive impact on entrepreneurs and their employees, as well as customers and communities they serve.

Based on the report, the Visa Foundation has had a positive impact on aid and investment recipients. The Visa Foundation has supported more than four million SMEs in 60 countries, supported the creation of more than one million jobs, and provided operating capital of up to $2 billion to local communities around the world, reaffirming the Foundation's goal of improving everyone's lives, anywhere, through economic mobility forces.

SMEs are the backbone of the local economy. They encourage innovation, create jobs, and encourage upward mobility. However, as many as 67 percent of SMEs around the world are still struggling to survive and 80 percent of women's SMEs in Indonesia still have not been able to meet their financing needs. The Visa Foundation advances financial inclusion by providing education about digital literacy and finance, as well as financing which is a catalyst for SME owners by investing in female business actors.

In Indonesia, the Visa Foundation has so far invested around $4 million, and through its network of aid recipients, reaching more than 900,000 small businesses and supporting around 100,000 jobs, in line with its vision to encourage sustainable change and increase people's economic resilience. In addition to support for SMEs, the Visa Foundation also actively supports disaster relief efforts, for example through grants to Mercy Corps to help victims of the Sulawesi Earthquake and Tsunami in 2023.

"As a Visa corporate foundation, we are also carrying out global missions to improve the lives of everyone, anywhere, and use our global reach to enable individuals, businesses and developing economies," said Graham Macmillan, President of the Visa Foundation.

"We are very happy to be in Jakarta to continue working with local partners in the field and prioritizing women's SMEs that are less served. Together, we will continue to invest in the community, encourage positive changes, and ensure a more equal future for all," he added, in a written statement, Monday, March 25.

Riko Abdurrahman, President Director of Visa Indonesia said that his party was honored to be the host of the Visa Foundation, partners and beneficiaries, as well as guests in Indonesia recently, in a special session to share initiatives and social impact ideas that could advance missions with Visa to improve everyone's lives, anywhere.

"Our focus in empowering SMEs, especially those led by women, has been one of our priorities in recent years. In the context of International Women's Day this month, we hope to be able to expand related programs in Indonesia, by working with all stakeholders to ensure we can continue to support women business actors, and invest in sustainable empowerment," he explained.

Visa Foundation's continued commitment affirms its dedication to building an inclusive economy and encourages transformative changes in Indonesia and the world.