Visa announced this week that it will be creating a new $100,000 grant program aimed toward Black women-owned small businesses across the country as a part of its $50 million global commitment to small businesses.
“Small businesses on the frontlines of the global economy deserve extraordinary support in this extraordinary time,” said Al Kelly, CEO and chairman of Visa in a press statement according to Businesswire. “We are putting our network to work to help 50 million businesses globally not only survive but also to thrive, along with the communities they serve.”
Women are the fastest-growing group of entrepreneurs in the US, yet they receive less than 5 percent of small business lending (only $1 in $23). The number of startups founded by Black women has more than doubled since 2016, yet they represent just 0.06 percent of the $424.7 billion in total tech venture funding raised since 2009.
In addition to the grants, Visa and IFundWomen are providing business coaching, educational resources and a series of on-demand videos designed specifically to help women-led small businesses sharpen their business pitches and content.
Black entrepreneurs are on the rise in this country, especially black women entrepreneurs. Unfortunately, COVID-19 put a setback on their progress and this fund created by Visa will help weather the storm.
Applications will open on June 30 at www.ifundwomen.com/visa.