October 21, 2021

Mastercard to Pledge $500M To Help End Financial Inequity in Black Communities

The struggle is long lived, and has a way to go. However, more citizens, and companies are realizing America has perpetuated racial discrimination, and inequality. Those becoming aware are speaking on behalf of Black Lives Matter, and corporations like Mastercard are helping Black communities get an equal shot with a $500 million investment over the next five years.

The program is designed to help Black entrepreneurs, and residents get equal access to financial support to fund products, services, and technology. Vice chairman & president, Strategic Growth for Mastercard, Mike Froman says they have always focused on financial inclusion, but the current push for equality has refocused their efforts.

Mastercard will take on several projects across the nation, including he L.A. Mayors Fund and Accelerator for America. These particular funds will help L.A. residents impacted by coronavirus and increase banking relationships in the Black and African American community.

During the coronavirus pandemic, where 17% of white businesses failed, 41% of Black owned businesses perished. Thus far, and since 2018, Mastercard has enabled $250 million in capital to Black businesses and intend to triple that amount going forward. Visit Mastercard online to learn more about their new initiative.

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