Black women-owned businesses are vital to our economy and are amongst the hardest hit by the impacts of the pandemic.
Today, Mastercard is announcing the Strivers Initiative, a consumer-facing platform, elevating the visibility of Black female business owners overcoming obstacles to maintain and grow their business, as role models for the community and future generations. The initiative will kick-off with a national ad spot featuring Black women business owners from across the U.S. and GRAMMY Award winning singer/songwriter Jennifer Hudson.
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The initiative will include a grant program in partnership with Fearless Fund, a VC fund built by women of color for women of color. This will be complemented by a multi-city educational road show driving awareness of the state of women and minority-owned business in cities across the U.S. and providing insights into progressive actions cities can take to foster an equitable business climate.
This builds on the company’s previously announced half-billion-dollar commitment to support Black communities over the next five years. This commitment includes products, services, technology and financial support, as well as concentrated investments that will focus on providing Black-owned businesses and Black people access to affordable financial tools and capital.
“For years, Black women have built businesses at a pace far greater than any other minority group, with a focus on building businesses that give back to their communities,” said Cheryl Guerin, EVP Marketing and Communications in North America for Mastercard. “The pandemic has delivered financial headwinds that threaten the economic progress of Black female business owners and because of this, Mastercard is taking action, while also calling on consumers and corporates alike to shop, share and support these women.”
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The Strivers Initiative Grant Program and Educational Road Show
Mastercard is partnering with Fearless Fund to launch a grant program aimed at supporting Black women business owners in cities across the U.S. providing not only funding, but also leveraging Mastercard digital tools to help the businesses build and bolster their digital presence. The two will also embark on a multi-city educational road show in collaboration with women’s online community and digital platform, Create & Cultivate.
“We are thrilled to partner with Mastercard in highlighting women and minority-owned businesses across the country,” says Arian Simone, General Partner and Co-Founder of Fearless Fund. “The gap in the number of minority women opening new businesses every day and the number of minority women receiving funding is astounding, and we look forward to not only reducing this disparity but also utilizing Mastercard’s digital tools to help these business owners build their online presence.”
