Card giants offer to support small businesses in COVID-19 Crisis

Published: April 14th 2020

Mastercard and Visa, in separate press releases, have announced support for small businesses during the COVID-19 crisis. Mastercard and Visa have announced aid sums of $250 million and $210 million respectively.

Mastercard will provide aid to 28 million small businesses which are eligible to participate in the Small Business Administration’s Paycheck Protection Program. The company commits to providing all necessary help to small businesses in the US through free cyber vulnerability assessments and identity theft protection. The aid will be spread over five years and will serve other markets apart from the US.

“When our small businesses suffer our nation suffers, so it is incumbent upon all to ensure that we’re supporting the businesses who are the lifeblood of our economy and pillars of our communities. We are leveraging our network, insights, technology and partnerships to deliver the resources small business owners need now to help them sustain their business as they quickly adapt to a new way of operating and evolved customer needs,” said President of Mastercard, Michael Miebach. The $250 million includes financial, technology, product and insight assets to support the financial security and vitality of small businesses and their workers.

Meanwhile, Visa Foundation has designated $10 million for immediate emergency relief to support charitable organizations on the frontline responding to the COVID-19 pandemic. The other $200 million will be used to support small and micro-businesses around the world, with a focus on fostering women’s economic advancement.

Out of $200 million, $60 million will be used to provide grants to NGOs dedicated to supporting small and micro business owners in every region where Visa operates. Other $140 million will be allocated with investment partners that generate social and financial returns for small and micro-businesses.

“Two hundred million dollars in new financial resources demonstrates our continuing commitment to support small and micro businesses, with a focus on women’s economic advancement globally. When women thrive, communities thrive. We know this matters now more than ever as the global economy seeks to recover and rebuild.” said President of the Visa Foundation Graham Macmillan.