Back2Business program rolls into hard-hit communities to help jump-start small minority-owned businesses affected by COVID-19 pandemic(Fiserv)
Small businesses that have been impacted by the effects of the COVID-19 pandemic now have access to crucial resources as part of a new program from Fiserv, a leading global provider of payments and financial services technology solutions. The Back2Business program debuted in Brooklyn and will expand to select communities across the country with a focus on helping small minority-owned businesses disproportionately impacted by the pandemic and systemic inequities.
Small businesses impacted by the effects of the COVID-19 pandemic now have access to crucial resources through the #Back2Business program from @Fiserv
According to the U.S. Small Business Administration, small businesses represent 46% of the U.S. GDP, and businesses with less than 20 employees make up close to 90% of businesses nationwide. Many of these businesses have been negatively impacted by the COVID-19 pandemic, and the effects are even more acute for minority-owned small businesses. In New York City, a large number of minority- or women-owned enterprises were unsuccessful in their applications for government aid, and a New York City Comptroller survey found 30% of city-certified minority or women-owned enterprises said they were unlikely to survive the next 30 days given their current cash on hand.
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“The pandemic has had a devastating impact on small businesses across the country, and there is growing awareness of both the disproportionate impact of the pandemic and systemic hurdles faced by minority-owned businesses. Fiserv has proudly served millions of small businesses with technology and payment solutions for more than 30 years, and we are committed to helping this critical segment of our economy emerge stronger,” said Frank Bisignano, President and Chief Executive Officer of Fiserv. “That’s why we’re taking our business expertise and leading technology solutions to hundreds of businesses, beginning in my hard-hit hometown of Brooklyn, and we expect to help many more businesses and communities as the Back2Business program expands.”
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