American Express Pledged To Donate $10 Million To Fund Grants For Black Businesses

The ongoing global #BlackLivesMatter movement against the inhuman treatment of blacks in the United States has sparked a turnaround in the relationship between the blacks and the whites. Most whites are beginning to see the extent the blacks have been relegated and the little or no assistance to their plight. The move has also revealed the marginalization of blacks in terms of economy and business opportunity. 

Furthermore, the movement revealed little or no support mapped out for the development of black businesses. This has held many business corporations accountable for relegating the blacks in their services. While a lot of white-owned companies and corporation has risen to contribute their quota to the blacks' plight, American Financial giant, Empress has taken its move in restoring black business.    

This week  American Express (AXP) announced its new coalition with the National Black Chamber of Commerce, U.S Chamber of Commerce Foundation and the US Black Chambers, the National Black Chamber of Commerce, the National Business League, and Walker’s Legacy. Express is joining hands with these corporations to donate $10 million towards creating a new program that will support Black-owned businesses in the next four years.  This initiative is part of the finance giant’s global Shop Small campaign. 

“We intend for this offer to help jumpstart spending at small businesses during initial reopening by encouraging our global Card Member base of $110 million to Shop Small. In fact, we launched Small Business Saturday with a statement credit offer, which was critical in helping it become a movement and a staple on the retail calendar every year,” said Walter Frye, VP of Global Brand Engagement and Design, American Express, in an email statement sent to BLACK ENTERPRISE. 

“For many ‘regulars,’ small businesses are like a second home. Think about your local coffee shop—the barista knows your name, they know your order and they know when you’re having a good or bad day. Let’s be honest, that relationship is an important part of your life. Our survey showed that owners believe that the return of these individuals will have the most impact on their businesses and that’s one of the reasons we’ve designed our spend offer to allow up to 10 redemptions. We want to encourage our Card Members to visit their everyday favorites to spark the much-needed foot traffic small businesses need during this time."

The initiative is to support Black and minority-owned businesses in underserved communities.