Mastercard has announced the launch of a $25 million global initiative aimed at strengthening the financial resilience and growth of small and micro businesses.

The Strive initiative will seek to equip small and micro businesses with the tools and resources they need to digitize. According to the company, the pandemic necessitated a rapid shift to digital platforms, which created new opportunities but also negatively impacted many small businesses. Through the program, global platforms will combine with localized programs to address and respond to the unique challenges and opportunities within specific regions.

The first of those programs, Strive Community, will provide more than five million small businesses across Africa, Asia, Europe, Latin America, and the Middle East with technology resources to digitize their operations, streamline financial and back-office services, and improve market access. The second program launched as part of the initiative, Strive UK, aims to support six hundred and fifty thousand small and micro enterprises through personalized advisory services, data science-driven tools, and insights and digitization support.

"When small businesses thrive our local communities and economies thrive, but when they struggle, the impact is widespread," said Mastercard CEO Michael Miebach. "What small business owners need right now are partners who will listen to them and develop innovative solutions that will help them grow in the wake of the pandemic. It comes down to an investment in making their success our success. That’s what makes programs like Strive so critical today and tomorrow."

(Photo credit: Mastercard)