As Black History Month (February) leads into Women’s History Month (March), Visa (NYSE:V) today announced a new locally-focused program to help digitally enable Black-owned small businesses, with an emphasis on those owned by Black women.
Addressing the needs of local entrepreneurs in cities with the highest concentration of Black-owned businesses in the U.S. – Atlanta, Chicago, Detroit, Los Angeles, Miami and Washington, D.C.—the programming will consist of grants and mentorship, new educational and technology resources plus direct community relationships in partnership with Black Girl Ventures.
“The pandemic has impacted all small businesses – but those run by women and people of color have been disproportionately affected,” said Kimberly Lawrence, head of U.S., Visa. “With this hyperlocal focus on some of the hardest hit cities, Visa aims to make a meaningful difference, quickly, for the communities and their business owners who need it most.”
Black-owned businesses play a critical role in communities across the country, with more than a third headed by women – the highest share of any racial or ethnic group. According to Visa’s Black Women-Owned Business Report2, nearly three quarters (71%) of Black-women owned businesses surveyed across the U.S. estimate they cannot survive another year under current pandemic conditions.
Building on the support Visa provides women-owned small businesses through its She’s Next program, this new effort brings resources and expertise to provide entrepreneurs with tailored solutions for each city.
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