Visa Announces $100 Million Investment to Support Minority-Led Businesses and Borrowers
A Brief Summary
Visa, the global payments technology company, recently announced investments worth $100 million under a new multi-year program called Visa Minority Depository Institutions Accelerate, aimed at clamping down on economic disparities and expanding opportunities and access in communities of colour across the US.
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The rollout of Visa Minority Depository Institutions Accelerate will allow lenders to offer funds to minority-led small businesses and borrowers.
The minority-led institutions include the oldest American banks and new institutions dealing with the economic disparity in minority communities.
The new initiative kick-started following the appointment of Michelle Gethers-Clark by Visa as Chief Diversity Officer & Head of Corporate Responsibility. His role also includes supervising firm's social impact efforts to enhance equitable economic growth, particularly focusing on supporting small and micro-businesses besides leading the firm's inclusion and diversity, social impact and sustainability efforts.
Gethers-Clark said:“ Visa acknowledges that economic disparities must be addressed through equitable access to financial resources. We want to do our part by working with MDIs and other associations tied to diverse communities. We believe MDIs play a critical role in improving economic outcomes and are proud that Visa MDI Accelerate will advance our shared goal of uplifting everyone everywhere.”
Nicole Elam, Executive Director of the National Bankers Community Alliance, said: “Creating more equitable wealth distribution requires more inclusive opportunities for MDIs to uplift the communities they serve. We are pleased this multi-faceted program will enhance the lending capacity of MDIs as well as empower minority-owned and -operated banks with social and economic impact data to better serve their customers and communities.”
