BROOKFIELD, Wis.– Fiserv has released a new program designed to help and offer resources to small businesses that have been impacted by the effects of the COVID-19 pandemic. The company’s “Back2Business” program, which debuted in Brooklyn, will now expand to select communities across the country with a focus on helping small, minority-owned businesses disproportionately impacted by the pandemic and systemic inequities, Fiserv said.
Fiserv cited U.S. Small Business Administration data indicating small businesses represent 46% of the U.S. GDP, and businesses with less than 20 employees make up close to 90% of businesses nationwide.
“Many of these businesses have been negatively impacted by the COVID-19 pandemic, and the effects are even more acute for minority-owned small businesses,” Fiserv said.
The company noted a New York City Comptroller survey found 30% of city-certified minority or women-owned enterprises said they were unlikely to survive the next 30 days given their current cash on hand.
‘Devastating Impact’
“The pandemic has had a devastating impact on small businesses across the country, and there is growing awareness of both the disproportionate impact of the pandemic and systemic hurdles faced by minority-owned businesses. Fiserv has proudly served millions of small businesses with technology and payment solutions for more than 30 years, and we are committed to helping this critical segment of our economy emerge stronger,” said President/CEO Frank Bisignano. “That’s why we’re taking our business expertise and leading technology solutions to hundreds of businesses, beginning in my hard-hit hometown of Brooklyn, and we expect to help many more businesses and communities as the Back2Business program expands.”
Back2Business in Action
According to Fiserv, Back2Business is a multi-pronged initiative to strengthen small businesses in targeted communities, with a specific focus on minority-owned businesses. The program is designed to strengthen businesses through financial support, business expertise, leading technology solutions such as the Cloverpoint-of-sale platform from Fiserv, strategic partnerships and community engagement, it added.
What Program Includes
Fiserv said the program will include:
- Investment: Fiserv has pledged $10 million to strengthen small businesses and support disproportionately impacted businesses as they as they operate through the pandemic and prepare for what’s next. Businesses interested in applying for a Back2Business grant from Fiserv can apply at clover.com/grant.
- Expertise: Fiserv associates will provide complimentary mentorship, subject matter expertise, and business coaching through Employee Resource Groups.
- Technology: Businesses will receive technology to help them accept contactless payments with Clover Flex or other devices, enable Clover Online Ordering, Clover apps or build a website.
- Connections: Through existing relationships and trusted partnerships with community financial institutions the program will help small businesses connect to lenders and set up capabilities like contactless payments.
Working With Chambers
Fiserv said it is working directly with Chambers of Commerce and other national and local community and resource-providing organizations to ensure businesses are getting the support they need most and that efforts are having a real impact on small businesses.
Bisignano was recently joined by Brooklyn Chamber of Commerce President and CEO Randy Peers to present Back2Business grants to three Brooklyn-based small businesses.
Rolling Along Nationwide
Fiserv said it plans to roll out the Back2Business program in additional New York City boroughs and cities, including Atlanta, Chicago, Miami and Oakland, Calif., in the coming weeks and months to help ensure that minority-owned small businesses have access to the tools they need to emerge from the COVID-19 pandemic.