A TRAIN builder has pledged to donate $1m to a campaign set up to help business owners impacted by Covid-19.

Newton Aycliffe firm, Hitachi, will contribute $1m to small businesses through loans by Kiva, an American non-profit organisation that supports lending to small businesses, entrepreneurs, farmers and families around the world through crowdfunding.

Hitachi is one of the first major contributors to Kiva's global Covid-19 fund and hopes to fund communities hit hardest by the crisis.

As repayments from these loans return to Hitachi's account, this will fund new loans over a four year period, after which the balance will be donated to Kiva.

Hidenobu Nakahata, senior vice president and executive officer at Hitachi said: "All Hitachi employees are working on the Covid-19 spread prevention by collecting ideas in the Hitachi Group internal idea contest 'Make a Difference".

"In addition to supplying masks and other goods and manufacturing and providing face shields free of charge the loans through the Kiva platform are realised by "Make a Difference".

"Hitachi will contribute to a sustainable society through Hitachi's employees' proactive commitment to financial support through Kiva for the business operators affected by the spread of Covid-19."

Hitachi Group employees will have an opportunity to choose business owners affected by Covid-19 and a loan of $25 from the Hitachi fund.

The firm hopes to engage their community in Kiva's Covid-19 response through Hitachi's social media accounts.

Individuals who make a loan on Kiva first will receive an additional $25 credit on behalf of Hitachi to lend to another borrower.

Any remaining funds will be used to match loans made on the Kiva platform.

By engaging employees and the community, Hitachi hopes to provide support of $1m in total to the small business operators all over the world.

Neville Crawley, chief executive of Kiva said: "At Kiva, we are incredibly proud to launch a Covid-19 response fund with the support of Hitachi.

"It is through this response that we able to accelerate the necessary loans required to support all people when they need it the most.

"Currently, we are seeing a financial support gap, the most vulnerable are being left behind and we need to provide our support to them. Our vision has always been financial inclusivity and now it is more important than ever.

"We thank Hitachi and their amazing employees for their support."

To join Hitachi's social media community and help small business owners around the world affected by the pandemic through Kiva visit facebook.com/hitachiglobal or twitter.com/hitachiglobal