Mastercard has launched the Mastercard x Pier Five Small Business Fund, a program designed to empower women entrepreneurs in Canada with vital funding, resources, and support. This initiative seeks to address the significant funding gap experienced by women-owned businesses, which historically receive 150% less funding than their male counterparts.
Applications are now open for ten $10,000 CAD grants and a Priceless Experience in Toronto, offering exclusive mentorship opportunities. The application period runs until November 3, 2024.
Mastercard recognizes the critical role of networking and mentorship in the growth of small businesses. Beyond the financial support, the Mastercard x Pier Five Small Business Fund provides recipients with access to a Priceless experience, where they can connect with Mastercard executives, partners, and fellow entrepreneurs. This program fosters a supportive community where women entrepreneurs can share insights and learn from each other’s experiences.
The program has a proven track record of success. Past recipients have leveraged the funding and mentorship to achieve a wide range of objectives, including advancing marketing strategies, expanding into major retail markets, developing innovative products, building apps, and strengthening their online presence.
Helen Yin, founder of Inoki Bathhouse, a 2023 recipient, emphasized the importance of community support for small business owners. “All small businesses need to be part of a community, to have a place to connect on things that only small business owners understand,” she said. “I’m grateful to Mastercard for offering me not just important financial tools and resources, but in opening that community to me. I’ve been able to expand my business as a direct result of their support.”
Mastercard’s commitment to supporting small businesses extends beyond this program. The company provides innovative solutions and resources through the Mastercard Small Business Resource Centre, which includes a free cyber assessment tool. Mastercard has also launched the Mastercard Small Business Community, a platform connecting small business owners with Mastercard and its partners, offering access to valuable resources and events designed to help manage and grow their businesses.
This program is a testament to Mastercard’s dedication to fostering inclusivity and leveling the playing field for small business owners in Canada. By providing financial support, mentorship opportunities, and a vibrant community, Mastercard is empowering women entrepreneurs to thrive and contribute to the economic growth of the country.
