Citi has become the latest financial giant to step forward to boost a rising nonprofit dedicated to minority and women-owned small businesses hit hard by the coronavirus crisis and the economic downturn.
Starting Wednesday (July 1), Citi and Mastercard together will donate a few cents on all credit card transactions involving small businesses to Start Small Think Big, a New York-based nonprofit scrambling to help shore up the bottom lines of some of the country’s hardest hit entrepreneurs.
Each time shoppers use their Citi Mastercard in the month of July to buy anything from a cup of coffee to a new shirt, Citi and Mastercard will chip in 5 cents for each purchase and up to $1 million overall to Start Small Think Big.
As part of their “Shop Small Businesses in July” campaign, Citi and Mastercard are also taking donations to support the nonprofit, which works with businesses with revenue under $1 million. It is a segment of the business community that has been particularly hard hit, with Start Small Think Big noting their clients have seen revenue fall from 80 percent to drying up altogether.
Earlier in June, PayPal announced plans to create a $5 million grant and employee contribution matching fund to support Black business owners, pairing up with a number of organizations, including Start Small Think Big.
In May, eBay rolled out its own, $15 million grant program to support Start Small and Think Big and other organizations, including the World Health Organization and the Local Initiatives Support Corporation.
“This incredibly generous grant from the eBay Foundation will help save small businesses on the front lines of this unparalleled crisis,” Jennifer DaSilva, executive director of Start Small Think Big, said in a press release. “With eBay’s support, Start Small Think Big will be able to ensure that small businesses, who are so often left behind, have critical access to the services they need the most now.”