Ripple, a leading digital asset service provider for financial institutions, has announced the investment of $25 million in leading nonprofits Accion Opportunity Fund and Hire Heroes USA. The firm confirmed the development in a blog post on Monday, adding that the fund will support small businesses in America.Â
The investment, to be delivered in RLUSD, will be used to expand access to capital for underserved small business owners. It will also be used to establish career pathways that cater to veterans and the military. Similarly, Ripple also plans to equip entrepreneurs with digital payment tools needed to thrive in today’s rapidly evolving economy.
Ripple plans to implement series of high-impact initiatives
Ripple, along with Accion Opportunity Fund and Hire Heroes USA, plans to implement a series of high-impact initiatives. This initiative, as revealed is aimed at expanding access to capital and creating new career opportunities. Powered by Accion Opportunity Fund, Ripple’s grant is projected to create $125 million in lending impact for small businesses. The new Ripple Digital Leap Forward accelerator program will also provide underserved entrepreneurs across the U.S. with training and $500,000 in immediate funding.
In the same vein, Hire Heroes USA is expected to create 14,000 job opportunities for veterans and military spouses. Additionally, a new Fintech Pathways program will also be introduced to foster careers in financial technology. This program is projected to contribute over $900 million annually to the economy. Collectively, these collaborations are expected to yield a total impact of $1 billion.
Brad Garlinghouse, the Chief Executive Officer at Ripple has reacted to the development. According to him, small businesses and veterans face barriers that limit their full economic impact despite being the most powerful engines of American progress. He also added that with the $25 million, Ripple plans to deliver funding, training, and the resources needed to help these communities grow and compete, and lead in the next phase of the digital economy.
Similarly, the CEO of Hire Heros USA, Ross Dickman has also reacted to the partnership. Dickman noted that through this partnership, the organization plans to expand access to personalized career coaching. He also added that the partnership will introduce initiatives that create pathways into emerging fields like financial technology.
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