BROOKFIELD, Wis.--(BUSINESS WIRE)--Small businesses that have been impacted by the effects of the COVID-19 pandemic now have access to crucial resources as part of a new program from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions. The Back2Business program debuted in Brooklyn and will expand to select communities across the country with a focus on helping small minority-owned businesses disproportionately impacted by the pandemic and systemic inequities.
According to the U.S. Small Business Administration, small businesses represent 46% of the U.S. GDP, and businesses with less than 20 employees make up close to 90% of businesses nationwide. Many of these businesses have been negatively impacted by the COVID-19 pandemic, and the effects are even more acute for minority-owned small businesses. In New York City, a large number of minority- or women-owned enterprises were unsuccessful in their applications for government aid, and a New York City Comptroller survey found 30% of city-certified minority or women-owned enterprises said they were unlikely to survive the next 30 days given their current cash on hand.
“The pandemic has had a devastating impact on small businesses across the country, and there is growing awareness of both the disproportionate impact of the pandemic and systemic hurdles faced by minority-owned businesses. Fiserv has proudly served millions of small businesses with technology and payment solutions for more than 30 years, and we are committed to helping this critical segment of our economy emerge stronger,” said Frank Bisignano, President and Chief Executive Officer of Fiserv. “That’s why we’re taking our business expertise and leading technology solutions to hundreds of businesses, beginning in my hard-hit hometown of Brooklyn, and we expect to help many more businesses and communities as the Back2Business program expands.”
Back2Business in Action
Back2Business is a multi-pronged initiative to strengthen small businesses in targeted communities, with a specific focus on minority-owned businesses. The program is designed to strengthen businesses through financial support, business expertise, leading technology solutions such as the popular Clover® point-of-sale platform from Fiserv, strategic partnerships and community engagement.
The program will include:
- Investment: Fiserv has pledged $10 million to strengthen small businesses and support disproportionately impacted businesses as they as they operate through the pandemic and prepare for what’s next. Businesses interested in applying for a Back2Business grant from Fiserv can apply at clover.com/grant.
- Expertise: Fiserv associates will provide complimentary mentorship, subject matter expertise, and business coaching through Employee Resource Groups.
- Technology: Businesses will receive technology to help them accept contactless payments with Clover Flex or other devices, enable Clover Online Ordering, Clover apps or build a website.
- Connections: Through existing relationships and trusted partnerships with community financial institutions the program will help small businesses connect to lenders and set up capabilities like contactless payments.
Fiserv is working directly with Chambers of Commerce and other national and local community and resource-providing organizations to ensure businesses are getting the support they need most and that efforts are having a real impact on small businesses. Bisignano was recently joined by Brooklyn Chamber of Commerce President and CEO Randy Peers to present Back2Business grants to three Brooklyn-based small businesses.
“After six months of economic devastation, Brooklyn’s small businesses, especially in communities of color, urgently need help toward recovery,” said Randy Peers, President and Chief Executive Officer of the Brooklyn Chamber of Commerce. “The generous Fiserv Back2Business grant program provides businesses with vital cash, online ordering technology and contactless point of sale equipment that can help businesses get back on their feet, improve operations, and protect staff and customers’ health and safety.”
Rolling Along Nationwide
Fiserv plans to roll out the Back2Business program in additional New York City boroughs and cities, including Atlanta, Chicago, Miami and Oakland, California, in the coming weeks and months to help ensure that minority-owned small businesses have access to the tools they need to emerge from the COVID-19 pandemic.
Fiserv, Inc. (NASDAQ:FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.