MasterCard announces $250 million to support small businesses over the next five years

MasterCard, the world’s leading payment technology company, announced at the “Small Business Care Relief” event hosted online at the White House.

MasterCard will invest $250 million over the next five years to support small businesses struggling with the effects of the outbreak.

“Small businesses are the lifeblood of the national economy and a pillar of society’s stability,” MasterCard said. MasterCard is committed to supporting small businesses to weather the storm.

In response to the tax cuts and jobs act of 2017, MasterCard launched the MasterCard impact fund and pledged $500 million to promote inclusive growth. MasterCard’s $250 million investment will focus on resource support such as finance, technology, products, and data insights, and will strengthen the financial security and vitality of small businesses and their employees and deepen MasterCard’s long-term efforts for inclusive financing.

As part of the support, MasterCard 28 million eligible to participate in the United States will face the United States Small Business Administration wage Protection plan (Small Business Administration ‘s Paycheck Protection Program) of the two Small businesses free of its security tools, the Cyber Vulnerability Assessments (assessment) network security and Identity Theft Protection, Identity Theft Protection.

MasterCard will also help business owners and employees increase the security of their identity information in response to the potential risk of cyber attacks.

Based on its own data and insights, MasterCard also plans to offer Local Market Intelligence ™ solutions to small business owners in the U.S. to help them better understand consumer trends in their markets.

Together with Banks and fintech companies, MasterCard is helping small businesses transform the way they do business and create more effective marketing and product pitches.

Both services are free for three months.

Meeting the unique business needs of small businesses has always been the main focus of MasterCard. In the face of the crisis, MasterCard launched these targeted new initiatives and a broad coalition of industry pioneers, including Financial Jet Group, Salesforce and Microsoft, to fully support small businesses out of the forest.

PAYPAL also announced a series of measures on April 1 to help small businesses cope with the harmful economic effects of the pandemic.

It is believed that as more and more large U.S. companies join the relief team to help small businesses, small businesses won’t be as overwhelmed as they were at the beginning of the outbreak.