Visa Foundation commits $2 million to aid U.S. small business support groups

Visa Foundation announced on Wednesday, Sept. 30, that it will allocate $2 million in grants to entrepreneurial support organizations serving U.S. small businesses. The foundation plans to select up to twelve eligible 501(c)(3) organizations, awarding each between $100,000 and $250,000 based on their scope of work.

Grants are intended for entrepreneurial support organizations that provide training, mentorship, funding and other assistance to small business owners seeking to build skills, access capital, adopt new technologies and pursue growth opportunities. The program is open to U.S.-based 501(c)(3) entities with a demonstrated commitment to small business success, as defined by the Visa Foundation. Applications will be reviewed after the announcement date, with funding disbursed to selected organizations to expand their services to local entrepreneurs. The Visa Foundation cited U.S. Small Business Administration data showing that SMBs face ongoing barriers to growth and resilience despite representing the vast majority of enterprises.

“Small businesses have a distinct ability to pivot faster, to move faster,” Sara Craven, general manager of Verifi/ANET at Visa said.

Research by PYMNTS Intelligence has shown that the smallest of America’s SMBs have barely grown compared to their larger contemporaries, and report much lower confidence in their ability to remain afloat in the next two years. At the same time, SMBs have added digital storefronts, payment options and global suppliers that provide them greater control over where they find customers and how they manage their businesses, PYMNTS wrote earlier this month.

What we know

Visa Foundation committed $2 million to support small businesses.
The announcement was made on Wednesday, Sept. 30.
Visa Foundation plans to select up to twelve eligible 501(c)(3) organizations, awarding each between $100,000 and $250,000 based on their scope of work.
Small and medium-sized businesses make up more than 98 percent of enterprises in the United States.