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Supporting Black-Owned Businesses

Supporting Black-Owned Businesses

Supporting Black-Owned Businesses

2020 was an especially hard year for retailers. With COVID and other social factors, Black businesses have been hit disproportionately hard. Black-owned businesses have been hit so hard by the pandemic they need help beyond the consumer to survive. If you are a Black business, this is no surprise to you. As a society, we’re waking up to how we do business and attempting to level the playing field. With a greater emphasis on local community support and buying local, consumers have shifted their spending dollars. All of the major credit card brands have launched programs to help Black-owned businesses:

Discover Card

Discover Card: Discover card has the #EatitForward campaign.

“We’re giving $5 million to Black-owned restaurants. You could get $25,000 from Discover®—and your customers, friends, family, and community could help you get it.”

https://www.cnn.com/2020/07/24/business/ciara-discover-eat-it-forward/index.html

American Express

American Express: Amex has a black-owned business initiative offering grants, using a dedicated website, posters, decals, and social media.

AMEX has the Coalition to Back Black Businesses grant program.

“A $10 million commitment to fund a grant program and support Black-owned small business recovery in the U.S. over the next four years.”

https://about.americanexpress.com/all-news/news-details/2020/American-Express-Coalition-to-Back-Black-Businesses-Awards-Grants-to-600-Black-Owned-Small-Businesses-/default.aspx

Mastercard

MasterCard: MasterCard is investing $500M in Black communities over the next five years.

 

MasterCard has the Solidarity in Action program.

“As a part of our journey to build an economy that works for everyone, everywhere, we are investing $500M in Black communities over the next five years.”

https://www.mastercard.com/news/perspectives/featured-topics/solidarity-in-action/

Visa

VISA: Visa has a Black Women-Owned initiative in collaboration with iFundWomen

VISA has the IFundWomen Grant Program for Black women-owned businesses program.

“Visa has extended its partnership with IFundWomen to support Black women-owned small businesses in the United States through a new grant program and educational resources.”

https://ifundwomen.com/visa

Looking Forward

2021 will be a pivotal year for Black-owned businesses. With help from these credit card brands, government incentives, the vaccine rollout and a new administration in Washington could see a turnaround for their success.

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