Mastercard Introduces Strivers Initiative To Support Black Women-Owned Businesses

Mastercard has unveiled the Strivers Initiative consumer-facing platform, which elevates the visibility of Black female business owners overcoming obstacles to maintain and expand their companies as role models for the community and generations to come. The program will launch with a national ad spot showcasing Black women business owners from throughout the country and Jennifer Hudson, the GRAMMY Award winning singer/songwriter, according to a Wednesday (Feb. 17) announcement.

“For years, Black women have built businesses at a pace far greater than any other minority group, with a focus on building businesses that give back to their communities,” Mastercard EVP, Marketing and Communications in North America Cheryl Guerin said in the announcement. “The pandemic has delivered financial headwinds that threaten the economic progress of Black female business owners and because of this, Mastercard is taking action, while also calling on consumers and corporates alike to shop, share and support these women.”

The effort will include a grant program in collaboration with Fearless Fund, a venture capital fund built by women of color for women of color. It will also include a multi-city educational road show fueling awareness of the state of women and minority-owned business in cities throughout the country and offering “insights into progressive actions cities can take to foster an equitable business climate,” according to the announcement.

“We are thrilled to partner with Mastercard in highlighting women and minority-owned businesses across the country,” Fearless Fund General Partner and Co-Founder Arian Simone said in the announcement. “The gap in the number of minority women opening new businesses every day and the number of minority women receiving funding is astounding, and we look forward to not only reducing this disparity but also utilizing Mastercard’s digital tools to help these business owners build their online presence.”

The news comes as Mastercard said it will invest $500 million in Black communities throughout the country over the five years to come in an effort to address racial disparities in financial services.