Hiscox pledges $2 million to help small businesses
Small businesses need support now more than ever. Government programs and stimulus efforts will help, but as a champion of small business, Hiscox believes it is imperative to show our support, too.
Hiscox has pledged a $2 million contribution to small business relief efforts across the US. The support is made through the Hiscox Foundation USA, a non-profit corporation which supports social and humanitarian initiatives, and will go to established organizations that are providing support to businesses in the wake of COVID-19.
Russ Findlay, President of the Hiscox Foundation USA and Chief Marketing Officer for Hiscox Group, explained Hiscox’s motivation behind this charitable contribution when he said, “Small businesses are America’s backbone and we want to help them not only to survive, but to thrive in the coming months and well into the future.”
How Hiscox is showing support to small businesses
The foundation has selected one national partner and several local partners in our major regions of operation to make this happen. The organizations are:
- Kiva, which expands financial access to help underserved communities thrive. Kiva crowdfunds loans for the underserved, improves the quality and cost of financial services, and addresses barriers to financial access around the world.
- The Women's Business Development Center (WBDC), which provides technical assistance and financial advisory services, including microlending, to women and underserved communities.
- The Women's Business Enterprise Council (WBEC), which provides established businesses with networking, programming, and financial consulting services.
- Accion, which provides capital, coaching, and connections to entrepreneurs. Regional Accion organizations are independently operated and establish their own lending criteria.
The Hiscox Foundation USA is also contributing to programs that inspire its employees to get involved with charitable efforts in their local communities. Last year's funding for each regional US office will be doubled, and employee matches will be doubled for the next 90 days.
Supporting the communities Hiscox serves and the areas it operates in has always been important to Hiscox. As a Group, Hiscox has pledged over $4 million to support the global response to COVID-19, which includes these measures announced in the US. Hiscox’s contribution is broadly divided into three parts: supporting our existing charity partners and specific vulnerable groups affected by this crisis, improving access to SME services at a time when they are most needed, and giving our employees the means to support small businesses in their local area.
The Hiscox Foundation USA is an Illinois not-for-profit corporation that is a Section 501(c)(3) charitable organization under the Internal Revenue Code. For more information about the Hiscox Foundation USA visit www.hiscox.com/Foundation.