Apple will offer grants to small companies to help them grow, hire and create jobs, its chief executive officer has said.
Apple’s business continuity initiative is expected to be rolled out by the end of next year, Mr. Tim Cook said in an interview at Apple’s headquarters on Wednesday.
“The idea is to help small businesses with some of the challenges we’re seeing in the economy today, including uncertainty about the future of manufacturing, a changing technology landscape and, most importantly, the changing needs of the people who work in them,” Mr. Cook said.
Apple has set aside $100B for the business continuity fund, which is expected have $100bn worth of funding by 2020, according to the company.
Mr. Cook was speaking to employees after the company unveiled the $1,000 AppleCare Business Card to help employees with their finances after they leave work.
Apple said in October that the business plan was aimed at helping small businesses stay competitive.
At the time, Mr Cook said that Apple was making money “through its employees, its contractors, and its suppliers” and was hoping that it could help small firms stay in business.
Apple is working on a plan for the program, which will give grants to help companies keep up with technology changes, Mr, Cook said on Wednesday’s conference call with employees.
In the interview, Mr