Black women small business owners have the ongoing and growing support of global payments leader Mastercard, with the company recently announcing that it is expanding its partnership with Fearless Fund, a black women’s venture capital firm funding black women entrepreneurs. The two are jointly committed to supporting and funding black women small business owners by providing them with a range of critical resources to start and grow their businesses.
This initiative is part of Mastercard’s half-billion-dollar commitment it made in support of Black communities over the next five years. The company’s efforts are focused on making the digital economy inclusive by working to close the racial wealth and opportunity gap that exists in the U.S. and around the world.
For black women business owners Mastercard’s Strivers Initiative is a multi-prong approach for assisting Black women business owners through funding, mentorship and digital and cyber tools that are critical for online businesses to be successful.
In the area of funding Mastercard noted in its press statement that Black women received less than 1% of venture capital funding in the first half of 2021 (Crunchbase data), though they start and build businesses at a faster pace than any other segment. To spotlight this gap Mastercard is recognizing the successes of black women business owners’ during the celebration of Black History Month, while furthering its partnership with Fearless Fund.
“As Black women business owners look towards the recovery of the pandemic, Mastercard’s commitment to empowering this community of Strivers for long-term growth remains stronger than ever,” said Rustom Dastoor, EVP of North America Marketing and Communications at Mastercard. “Together with our partners, with tools and resources, data, mentorship, partnerships and brand power, the impact we’re able to make on individuals and in turn society at large, is truly Priceless.”
The Fearless Fund, with ongoing support from Mastercard, is now holding its second annual Fearless Strivers Grant Contest*. Black women small business owners across the U.S. will be awarded $10,000 grants, digital tools and mentorship, giving them timely resources and support to sustain their business. Each month throughout 2022, one national winner per month will be announced, with Mastercard’s in Solidarity cities program to soon follow, providing city-specific grant opportunities for Black women small business owners.
“We are thrilled to continue Fearless Fund’s partnership with Mastercard and host the Fearless Strivers Grant Contest for a second year,” said Arian Simone, Co-Founder and General Partner of Fearless Fund. “Women of color-led businesses continue to be one of the fastest-growing economic forces, and Mastercard’s commitment to help us create a more equitable playing field for these women is exactly the kind of support needed to ensure their success.”
To be eligible for the skill based contest, applicants must be black females who are legal U.S. residents (including DC), 18 years old and above, and be a principal owner of a U.S.-based small business. More details may be found in the contest’s official rules on the Fearless Fund web site.
In the area of mentorship, Mastercard seeks to address the low percentage of black women business owners who do not have ready access to mentors which 76% of those polled (Forbes) feel is of great value. The company also recently established the Strivers Mentor Collective, bringing together subject matter experts, celebrity entrepreneurs and Mastercard ambassadors who are successful entrepreneurs who have agreed to participate in “Priceless one-on-one sessions”.
The list of preeminent participants includes Fearless Fund Co-Founder and General Partner Arian Simone, World Golf Hall of Fame golfer and entrepreneur Annika Sörenstam, L.A. Dodgers manager and business owner Dave Roberts, and others. Those participating will share their journeys of how they gained experience to reach their high levels of success that will serve to assist and inspire small business owners.
Marcus Samuelsson, Red Rooster Harlem’s acclaimed chef sees the timely value of these programs, stating, “Small business owners are bonded by the entrepreneurial journey we face. It’s often an uphill battle. Black-owned restaurants and businesses, in particular, have been disproportionately affected by the pandemic. Now is a time to rebuild and grow, which is why I am proud to work with Mastercard in helping entrepreneurs at this moment in their path forward.”
Given its strong commitment to inclusiveness in the rising digital economy, Mastercard will provide 1,000 free licenses for cybersecurity to its Trust Center Marketplace that will be given to Fearless Strivers grant recipients, as well as be distributed at small business partner events throughout the year. This adds to their Mastercard Digital Doors™ program that provides small business owners with online tools and resources to digitally transform their businesses.
Black small business women owners now have a broad range of assistance to help them succeed through the ongoing partnership of Mastercard and the Fearless Fund. All entrepreneurs, black women small business owners in particular, who receive timely resources when dealing with the challenges of growing their businesses truly appreciate the assistance they receive. Many will look back and see how much of a difference those resources made—and were “priceless” to their success.
