Everyone’s favourite stealthy corporate overlord is at it again. Google has just announced a fair amount of economic investment in smaller South African companies and organisations. At a virtual Google for South Africa event, the company revealed just what it plans to do for companies hit by… well, all of this.
The company’s plans to “…accelerate digital transformation and help South Africa’s economy recover”, which involves giving cash to various non-profits, startups, and SMMEs in SA.
Google’s gold stars
Non-profit organisations Gift of the Givers and Food for Life South Africa are set to lock down $500,000 in grant funding and training. The money is much more impressive in local terms. The two non-profits will net about R7.6 million in assistance from the global search giant. It’s not clear whether they’re sharing that sum, or if they each get a payout.
The Google for Startups Black Founders Fund in Africa Program has R770 million ($50 million) in funding for 50 black-led startups on the continent. Of these, South Africa’s own Carry1st has already been a recipient of funding from the company. And don’t go thinking that the government has been left out of the game, either.
The Department of Small Business Development is teaming up with the tech juggernaut. Google’s Hustle Academy hopes to “…provide support, training and resources” to local SMMEs. In addition, the company has R46 million ($3 million) in loans earmarked for qualifying small businesses in South Africa. Distribution will be handled this year by a company called Kiva, and a local financial service provider who will be revealed later.