Retail

Discover Serves Up $5M To Bolster Black-Owned Restaurants

Discover Supports Black-Owned Restaurants

Discover Financial Services has launched a $5 million program targeting Black-owned restaurants. The move comes against the backdrop of the COVID-19 economic crisis and the Black Lives Matter protests that have swept the country.

The Riverwood, Illinois company said the move was “an effort to support the restaurant industry as it rebounds” from the pandemic and associated lockdowns. To take part, consumers can go to Discover’s Facebook, Twitter and Instagram pages to nominate their favorite Black-owned restaurant. Nominations have begun and will run through Oct. 31.

Discover said in a press release that consumers can go to Discover’s Facebook, Twitter and Instagram pages to nominate their favorite Black-owned restaurant, and 200 nominees will be randomly selected to receive $25,000 each.

To launch the program, three Black-owned restaurants have been selected to receive $25,000 each: Back in the Day Bakery in Savannah, Georgia, Post Office Pies in Birmingham, Alabama and Rodney Scott’s BBQ, which has locations in both Birmingham and Charleston, South Carolina. Discover said it will feature the winners through its communications channels.

Weekly drawings will start on July 13, with the final drawing date for the #EatItForward program taking place in November.

Discover joins other major companies in starting programs aimed at minority communities, which have been particularly hard-hit by the pandemic and ensuing economic crisis.

Lowe’s Cos. has a $25 million program, including grant applications, to offer relief to minority-owned businesses. Lowe’s said its contribution will back emergency grants in areas that have been traditionally underserved and will aid companies struggling with pandemic challenges.

For its part, San Jose-based PayPal Holdings has made a $530 million commitment to support Black- and minority-owned businesses and communities.

Dan Schulman, president and CEO of PayPal, said his company is “committed to doing our part to address the unacceptable racial divide by advancing a more just economy and society.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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