Opportunity Fund Awarded $100,000 grant from Google's Bay Area Impact Challenge
Congratulations on Google announcing it is awarding Opportunity Fund a $100,000 grant to scale their innovative EasyPay microfinance loan. This award-winning idea allows small business owners in California to pay back a loan only when and if they have the money.
Nonprofits across the Bay Area competed in Google’s Bay Area Impact Challenge, which sought to identify the most innovative ideas for making our communities an even better place to live. A six-member panel—which included Honorable Aida Alvarez, Jacquelline Fuller, Director, Google.org, Secretary Norman Mineta, Major League Baseball Player Barry Zito, Reverend Cecil Williams, Chief Teresa Deloach Reed —reviewed proposals, making the selections based on: community impact, innovation, scalability and feasibility.
EasyPay is an innovative microfinance loan that allows small business owners to pay back their loan as a percentage of their daily credit/debit card sales, making the loan more affordable for the business. Already, Opportunity Fund has lent $4 million in EasyPay loans to help 216 California entrepreneurs start-up or scale-up their businesses.
With Google’s support, Opportunity Fund will help more small business owners grow their enterprise, create and sustain jobs, and build a brighter future for their families and their communities.
Published at 12:06 PM PST on May 27, 2014