Ripple, a financial technology company known for its cryptocurrency solutions, has announced a significant commitment of $25 million aimed at supporting American small businesses and veterans. This funding will be directed to two leading nonprofit organizations: Accion Opportunity Fund and Hire Heroes USA. The financial commitment will be delivered in Ripple USD (RLUSD), the company’s stablecoin tied to the U.S. dollar.
The initiative is designed to expand access to capital for underserved small business owners and to facilitate career pathways for veterans and military spouses. Ripple aims to equip these entrepreneurs with essential digital payment tools to help communities thrive in an increasingly digital economy. This contribution marks Ripple’s second $25 million donation this year, reflecting the company’s ongoing dedication to improving economic opportunities across the country.
Small businesses play a vital role in the American economy, employing nearly half of the nation’s workforce and contributing approximately 43.5% to the nation’s GDP. However, many small business owners face significant hurdles in acquiring the funding necessary for growth. Simultaneously, of the 16 million veterans in the U.S., around 200,000 transition to civilian life each year, with a staggering 80% of them doing so without secured employment. This disparity highlights the pressing need for accessible resources, training, and support, which Ripple aims to address through its partnerships with Accion Opportunity Fund and Hire Heroes USA.
Brad Garlinghouse, CEO of Ripple, emphasized the importance of supporting these groups, stating, “Small businesses and veterans are two of the most powerful engines of American progress, yet both face barriers that limit their full economic impact.” He added that Ripple’s financial commitment aims to provide the necessary funding and resources to empower these communities, enabling them to grow and lead in the next chapter of the digital economy.
Through this collaboration, Ripple and its partners will implement various high-impact initiatives that focus on increasing access to capital and creating career opportunities. With Ripple’s support, Accion Opportunity Fund expects its grant to generate a remarkable $125 million in lending impact for small businesses. Meanwhile, Ripple’s Digital Leap Forward accelerator program will provide underserved entrepreneurs across the U.S. with training and immediate funding totaling $500,000.
In conjunction with this, Hire Heroes USA anticipates generating 14,000 job opportunities for veterans and military spouses, along with the launch of a new Fintech Pathways program, which will focus on careers in the financial technology sector. The program has the potential to achieve an estimated economic impact of over $900 million annually. Collectively, these partnerships are projected to yield an impressive total impact of $1 billion.
Ross Dickman, CEO of Hire Heroes USA, remarked on the significance of Ripple’s investment, stating it strongly aligns with their mission to support veterans and military spouses as they transition to the civilian workforce. Through this collaboration, they plan to enhance access to personalized career coaching and initiatives directing veterans into emerging fields, thus bolstering veteran-owned enterprises and fostering economic stability.
Accion Opportunity Fund and Hire Heroes USA will receive the $25 million in RLUSD, facilitated by Uphold, a digital asset trading platform. This partnership not only supports the nonprofits in their missions but also provides them with practical experience in managing digital wallets and utilizing cryptocurrency. The use of stablecoins is anticipated to expedite and reduce the costs associated with fund disbursement, ensuring that resources reach small business owners, veterans, and military spouses promptly.
Luz Urrutia, President and CEO of Accion Opportunity Fund, expressed her enthusiasm about the partnership, stating it represents more than just a philanthropic effort—it is a strategic investment in expanding affordable capital access and resources for small businesses. This investment will enable quicker development of digitization and educational programs, fostering innovation and job creation in communities nationwide.
This latest contribution follows Ripple’s earlier $25 million donation in May to DonorsChoose and Teach For America, highlighting the growing significance of stablecoins within nonprofit sectors. Ripple’s ongoing commitment to education has already enabled substantial funding for classroom projects across public schools, with initiatives like the Ripple STEM Innovation Challenge aiming to further enhance access to educational resources nationwide.
