Financial payments giant Visa is launching a new initiative to support and digitize Black and women-owned businesses in several major cities throughout the U.S.
In a partnership with Black Girl Ventures, a Virginia organization that helps Black women access social and financial capital to grow their businesses, Visa will provide grants, mentorship, education and technology resources to small businesses in Chicago, Atlanta, Detroit, Los Angeles, Miami and Washington, D.C.
Visa is committing $1 million to the program, which will be given to companies in the form of grants. Applications opened Thursday.
The initiative aims to help small businesses beef up their technology offerings by introducing entrepreneurs to innovative products and software that can streamline their company operations.
The initiative will also include a “multi-million dollar” marketing campaign from Visa, in which it will encourage consumers to shop from Black and women entrepreneurs. The ads will run on transit systems, radio broadcasts and other mediums throughout the six cities, Visa said.
“The pandemic has impacted all small businesses — but those run by women and people of color have been disproportionately affected,” said Kimberly Lawrence, the head of U.S., Visa, in a statement. “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.”
The news comes after Visa announced that it was providing $210 million to small businesses across the U.S. in response to the Covid-19 pandemic. The first phase includes $10 million that is designated for charitable organizations on the frontlines. The other $200 million goes to Visa's small and micro business program, which provides $60 million in grants to nonprofits that support small- and micro-business owners, while the additional $140 million is allocated to investment partners that generate financial returns for small and micro businesses.
