Global investment firm KKR remains committed to its support of small business during the global economic recovery due to COVID-19. The company announced today that grants were given to 100 small businesses as well as support for nonprofits.
Under the company’s two initiatives, KKR Small Business Builders (SBB) and KKR Grants, 72 grants of $10, 000 each were given to small business owners, helping businesses located in 61 cities, 30 states and three countries. In the latter initiative KKR made commitments of more than $4.7 million to 28 nonprofits based in the US, UK, Singapore, Spain and Sweden.
As the Covid-19 pandemic grew, its toll on small businesses and local communities became evident. Since the start of these two initiatives in spring of 2020, KKR and its employees have aided in the recovery of 231 small businesses with both grants and technical assistance, while also providing over $30 million in funding to 110 nonprofits. The non-profits selected focus on workforce recovery and development across communities and the “championing frontline heroes”.
Grant funds in the most recent round were given to a range of recipients that were 69% women-owned businesses, 81% minority-owned businesses and 24% owned by veterans or their immediate family members. When surveyed as to the importance of the grants, they learned that 74% of small business owners indicated that the grant was critical to their survival.
“We continue to be inspired by the resilience and perseverance of our communities and small businesses and we are pleased to expand our partnership with Hello Alice and GEN Global. As we have already seen, the path to a global economic recovery is not straightforward and we plan to continue our KKR Relief Effort programs to support the high-impact organizations and businesses playing a critical role in rebuilding and strengthening our communities,” said Joe Bae and Scott Nuttall, Co-Presidents and Co-Chief Operating Officers of KKR.
While small businesses received support from the Federal small business recovery grant program, large corporations and foundations joined in upon realizing the severity of COVID-19’s impact on small businesses and local communities.
In addition to continuing both the KKR SBB and KKR Grants programs into 2022, the company also pledged an additional $1.5 million to its ongoing partnership with multichannel entrepreneurship platform Hello Alice and global partner GEN Global. In total, KKR has committed $4 million to small businesses.
“…Small business owners across the country are finding unique ways to not only survive but thrive and we see that in the data. 50% of all grant applicants indicated they have introduced a new product or service in reaction to the challenges created by the COVID-19 pandemic, an explicit demonstration of the entrepreneurial spirit that powers our economy,” said Elizabeth Gore, Co-Founder and President of Hello Alice.
With its continuing commitment to aid in the recovery of the small business sector, the company’s KKR SBB and KKR Grants application process is being done on an ongoing basis. KKR SBB’s next round of small business grant applications with Hello Alice will open in September.
“Through our strategic partnership with KKR, we have been able to provide small business owners with capital that we hope allows them to ensure the long term viability of their businesses,” Gore said.
