Mastercard Recognizes Women’s Small Business Month Expanding Partnership with Impact Investment Platform CNote
Company reinforces its commitment to supporting the prosperity of 25 million women entrepreneurs and 50 million small businesses in the digital economy
This National Women’s Small Business Month, Mastercard is recognizing those that serve as the foundation of our communities and our economy with the expansion of its partnership with female-founded impact investment platform CNote. Mastercard and the Mastercard Impact Fund are collectively deploying $20 million into the CNote Promise Account – an insured, 100% impact cash management solution – to provide funding for underserved communities and help women- and minority-owned businesses across the U.S. recover and grow. Mastercard will also host its second annual Small Business Summit in partnership with Create & Cultivate on October 24th, open for all to attend online at no cost.
Mastercard recognizes women’s small business month expanding partnership with impact investment platform @goCNote
Supporting a More Inclusive Funding Ecosystem
In its continued efforts to ensure that entrepreneurs have access to the funding they need to start and grow their businesses affordably, safely, quickly and efficiently, Mastercard has further expanded its partnership with CNote, which began with CNote’s earlier participation in Mastercard’s start-up engagement program.
Through a $20 million commitment to the CNote Promise Account, funds will be deposited into Community Development Financial Institution (CDFI) banks and Low-Income Designated credit unions that focus on supporting communities of color and low-income communities across the U.S. This is part of Mastercard’s broader commitment to help close the racial wealth and opportunity gap, starting in seven cities across the country.
“The inequalities that exist are deeply ingrained in historic systems and processes, which means we have to make an ongoing, active effort to redesign them,” said Catherine Berman, CEO of CNote. “Financial freedom and economic opportunity should be accessible to all – and not denied because of the color of someone’s skin or where they were born. This is what we are fighting for at CNote.”
“Sklyar Security is not just the bodyguard in me, but the community advocate and all my passions wrapped into one,” said Jamine Moton founder and CEO of Skylar Security. “I’m not a former business owner and I don’t come from a family of entrepreneurs, so I didn’t have anyone helping me navigate the path to building my own business. It’s also very difficult for minorities to obtain fair capital so we need organizations like CNote and Mastercard that can give owners like me a fair shot to pursue our passion. We represent minority female owners to show others there is a path to prosperity.”