Supporting small and micro businesses (SMBs) has been an urgent priority throughout the COVID-19 pandemic, with a great need among minority-owned small businesses, which are disproportionately impacted.
Building on Visa’s long-term commitment to this community, Visa Foundation today announced new initiatives to provide nearly $5 million in capital to minority-led SMBs, amid a second wave of COVID-19. Visa also announced mentorship programs to further support minority-led SMBs. At the same time, the Visa Economic Empowerment Institute (VEEI) released a new white paper, Supporting Social Equity by Boosting Small Businesses. The paper highlights that Black and African American-owned businesses experienced a larger drop in business ownership (41 percent) than other businesses.
Read the full release here.