The holidays are the perfect time to spread cheer, love and support. Every year, people and businesses come together to give money, goods and resources to those in need. This year, the season of giving is more important than ever. Millions have endured hardships while navigating the coronavirus pandemic, and Black and minority-owned small businesses have felt the brunt of it. Numerous small business owners have had to put their businesses on hold to care for their loved ones. But despite their own fight to survive, many small businesses are still finding ways to support their local communities.
In today’s interconnected economic environment, it takes everyone, big and small, to come together and uplift local communities, which collectively buoy the national economy. It’s companies like Fiserv, a global leader in payments and financial technologies, and Clover, its point-of-sale platform, that can leverage their combined market power to support smaller businesses and help them prosper.
In addition, special days like #GivingTuesday shine a bright light on the value of individuals and organizational support through donating, organizing and volunteering, as highlighted here on Clover’s blog. Supporting local small businesses can help them regain their economic strength, boost community ties and help communities maintain their rich culture.
But #GivingTuesday is just one day; engaging with and supporting our local community needs to run 365 days a year to have a consistent, lasting impact. This is where global companies that believe in the power of small business come in.
How the FinTech Industry Can Provide Support
Black and minority-owned small businesses are especially known for their community support, as they hire local residents and offer services or products that may not otherwise be readily available. These businesses also partner with local nonprofits, schools and libraries to help marginalized groups. This intercommunal relationship between businesses and the communities they serve helps build a diverse economy.
#GivingTuesday is a great way to support small businesses, but they still need inventory, customer interaction and technology to function smoothly. That’s where the FinTech industry can pitch in. There are numerous ways small businesses can work together to serve locally. All companies have their high and low moments, but the key to surviving difficult times is resilience and vision. Fiserv works with these businesses by evaluating economic cycles and finding ways to maintain job retention and preserve financial capital.
Other intangibles that financial services can offer are mentorship, consulting services, educational content such as webinars and panels, and co-marketing and strategic collaborations or partnerships to maintain long-term stability, viability and connections within local communities.
How Fiserv Is Doing Its Part
Fiserv is creating multiple initiatives to help elevate communities and minority-owned businesses across the country. One way the company pays it forward is with its $10-million Back2Business Grant Program. The initiative offers grants up to $10,000 to companies impacted by the pandemic. The Back2Business program supports Black and minority-owned small businesses by providing them with resources such as financial support, business expertise and coaching, as well as connecting them with lenders, community engagement and leading technology solutions such as Clover. The Clover point-of-sale platform offers business management tools such as contactless payments, Clover Online Ordering and Clover apps.
By providing the education and coaching merchants need to secure capital despite the ongoing economic hardships, Fiserv is effectively leveling the playing field for these small businesses. The company has already awarded Back2Business grants in New York, Atlanta and Coral Springs, Florida, and the initiative continues to support businesses in cities such as Chicago, Milwaukee and Oakland, California.
Businesses interested in applying for a Fiserv Back2Business grant can apply at clover.com/grant.
How You Can Help
Fiserv wants you to join their mission to give back. Check out these quick and simple ways for showing support:
- Follow small minority-owned businesses on social media and engage with their posts.
- Purchase Gyft cards (a digital gift card) that allow friends and family to check out your favorite small business(es).
- Fill out surveys to help small minority-owned businesses leverage feedback and ways to improve.
The world is moving faster than ever before, and Fiserv is helping businesses find solutions at the speed of light. Want to find out how Fiserv can help your small business? Learn more at fiserv.com.
This editorial is brought to you in partnership with Fiserv/Clover.