Visa Commits $2 Million to Fuel Small Businesses Growth
PYMNTS | ·
Visa says it is giving $2 million to support organizations that support small businesses. That commitment from the Visa Foundation is aimed at entrepreneurial support organizations (ESOs) serving small businesses in the U.S., the company announced Wednesday (Sept. 30), opening the program to grant applications. Those grants are geared toward small business owners who want to “build skills, access […] The post Visa Commits $2 Million to Fuel Small Businesses Growth appeared first on PYMNTS.com .
Visa says it is giving $2 million to support organizations that support small businesses.
That commitment from the Visa Foundation is aimed at entrepreneurial support organizations (ESOs) serving small businesses in the U.S., the company announced Wednesday (Sept. 30), opening the program to grant applications.
Those grants are geared toward small business owners who want to “build skills, access capital, adopt new technologies and pursue opportunities for growth,” the announcement said.
Visa notes U.S. Small Business Administration figures which show that small and medium-sized businesses ( SMBs ) make up more than 98% percent of enterprises in the country, though many of them face ongoing barriers to growth and resilience.
“Shifting costs and limited access to capital can make it difficult for businesses to invest,” Visa said. “At the same time, advances in digital technology and artificial intelligence are increasing the need for modern tools and hands-on training.”
ESOs play a key role in helping business owners meet these challenges, the announcement said, offering training, mentorship, funding and other assistance.
Visa Foundation says it expects to choose up to 12 eligible 501(c)(3) ESOs “with a demonstrated commitment to small business success,” providing grants of $100,000 to $250,000, based on the size and scope of their work.
Research by PYMNTS Intelligence has shown that the smallest of America’s SMBs have barely grown compared to their larger contemporaries, and report much lower confidence in their ability to remain afloat in the next two years.
At the same time, SMBs have added digital storefronts, payment options and global suppliers that provide them greater control over where they find customers and how they manage their businesses, PYMNTS wrote earlier this month.
“For smaller firms, that flexibility will be tested by a consumer economy in which purchasing power is far from uniform,” the report said. “The businesses with the least financial cushion have also acquired more tools for reaching beyond the customers, payment methods and suppliers on which they once depended.”
Additional research by PYMNTS Intelligence and Visa Acceptance Solutions shows that SMBs aren’t especially ready to adopt agentic AI.
Still Sara Craven , general manager of Verifi/ANET at Visa, said in a recent interview with PYMNTS CEO Karen Webster that SMBs could be able to close the gap faster than larger firms.
“Small businesses have a distinct ability to pivot faster, to move faster,” Craven said, adding that “with AI, they have the ability to learn a lot faster.”
The post Visa Commits $2 Million to Fuel Small Businesses Growth appeared first on PYMNTS.com .