Mastercard Commits $250 Million for Small Business Support

Mastercard Commits $250 Million for Small Business Support

Mastercard has announced a commitment of $250 million in financial and in-kind support over five years to bolster the security of small businesses impacted by the spread of COVID-19.

The commitment includes financial, technology, product, and insight assets in support of small businesses in the United States and non-U.S. markets where Mastercard operates. In response to the public health emergency, many small businesses are moving online and, as a result, facing increased exposure to cyber threats. To help protect those businesses and their employees, Mastercard will provide access to cyber vulnerability assessments and identity-theft protection to the twenty-eight million small businesses eligible to participate in the Small Business Administration's Paycheck Protection Program. The financial services company also will provide small business owners with access to its Local Market Intelligence solution, which leverages anonymized Mastercard data to provide insights into local retail sales patterns. Both programs will be offered at no cost for three months.

"When our small businesses suffer, our nation suffers, so it is incumbent upon all to ensure that we're supporting the businesses [that] are the lifeblood of our economy and pillars of our communities," said Mastercard president Michael Miebach. "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."