The Michael & Susan Dell Foundation is joining a consortium of funders to create the
Road to Recovery initiative
News Desk, News Nation 360: the Michael & Susan Dell Foundation in India announced its support of the Road to Recovery, an initiative formed by a coalition of funders to stabilize small businesses, micro-entrepreneurs and gig workers, whose livelihoods are so important to their families, communities, and the Indian economy. Leveraging their experience in supporting low-income gig workers and micro-entrepreneurs over the last several years, the Dell foundation is working with the Global Alliance for the Mass Entrepreneurship and Impact Investors Council to help seed two funds - a COVID-19 Sustenance Fund and a COVID-19 Liquidity Fund. Current research shows that gig workers across the country have seen a decrease in their income levels from 50 per cent, and in some cases, no income at all. The COVID- 19 Sustenance Fund is targeted to raise Rs. 100 crore and will provide concessional loans or returnable grants for gig workers who have experienced a substantial drop in their income levels. Companies such as Super Money and Shubh loans, and the CSR platform, Samhita, will help to disburse grants and loans from the fund to support gig workers to navigate this new normal and regain their livelihoods. The COVID-19 Liquidity Fund is a Rs 500 crore fund being set up with Northern Arc (formerly IFMR), with the primary objective of lending to micro and small businesses through Non-Banking Financial Corporations (NBFC). Geeta Goel, Country Director – India, Michael &Susan Dell Foundation, told their commitment is to ensure that MSMEs and gig workers can get back to work for their families, communities, and the economy. They encourage other funders, investors, CSRs and philanthropies to join these collaborative platforms with the goal of supporting the stabilization of small and micro businesses gig workers whose livelihoods impact the community and the overall economy. Together, these sectors employ over 100 million of the country’s workforce.
Report : Anustup Kundu