Visa Canada Announces Grant Program to Provide Needed Financial Support for Women-Owned Canadian Small Businesses

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<br /> Visa Canada Announces Grant Program to Provide Needed Financial Support for Women-Owned Canadian Small Businesses<br />
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Canada NewsWire


In partnership with IFundWomen, Visa will provide ten women entrepreneurs with funding through grants, along with resources and mentorship to grow and expand their business


TORONTO

,

Feb. 23

2021 /CNW/ – In advance of International Women’s Day, Visa Canada announced today the extension of Visa’s global grant program bolstering the company’s support of small businesses in

Canada

. In partnership with IFundWomen, ten women entrepreneurs in

Canada

will have the opportunity to apply for grants of

$10,000

CAD each and receive one-year mentorship to support growing and expanding their business. Starting today until

March 12

, IFundWomen will be seeking applications from Canadian women entrepreneurs across all sectors.


Visa Canada (CNW Group/Visa Canada)

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Small businesses in

Canada

continue to struggle during the pandemic. The Visa

Back to Business Study

revealed that Canadian small businesses are the least likely among all markets to say that their business is fully operational or will be in the next six months (62%, compared to the global average of 78%)

i

.

While there are signs of recovery, women-owned businesses in

Canada

are taking nearly twice as long to recover from the financial setbacks brought on by COVID-19 compared to businesses owned by men

ii

. According to a recent Visa survey, 48 per cent of women small business owners indicated a grant would be helpful for near-term survival or growth. Furthermore, a

$10,000

grant would cover at least half of the financing needs for over 60 per cent of these women-owned small businesses

iii

.

“Starting, owning or growing a business is an incredible journey but not always an easy one, especially during a pandemic,” said

Stacey Madge

, president and country manager, Visa Canada. “The reality is, COVID-19 has had a disproportionate impact on women business owners. Together with IFundWomen, we are excited to provide a much-needed grant to help empower women entrepreneurs to tackle the unique challenges they face while better positioning them to lead our collective recovery, and we remain committed to championing

Canada’s

small business community.”

“At IFundWomen, our number one goal is to see women entrepreneurs worldwide get funded. We’re so proud to be partnered with Visa to support these innovative entrepreneurs in

Canada

,” said

Karen Cahn

, Founder & CEO at IFundWomen. “We couldn’t think of a better partner with which to do our first Canadian grant program.”

To learn more and participate in the Visa IFundWomen grant program, applicants are asked to submit details about their business and online presence, along with a short video about their business to

ifundwomen.com/visa-canada

. Ten winners will be selected from the shortlist and receive grants of

$10,000

each and coaching for a year from leaders within the Visa and IFundWomen network.

Visa has


committed


to supporting 50 million small businesses globally to power recovery and enable them digitally. Now with the announcement of this grant program, Visa Canada furthers its commitment to support small businesses, particularly those led by women entrepreneurs across

Canada

. The company’s more recent efforts include the launch of its

#MySmallBizReco campaign

with the introduction of a new

Visa Canada Small Business Hub

which has new programs and solutions to enable SMBs to drive efficiency and sales through acceptance of digital payments and expanding businesses online.


About Visa

Visa Inc. (NYSE: V) is a world leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit


visa.ca


,


visa.com/blog


and


@VisaCA


.


__________________________



i

The Visa Back to Business Study



ii

FreshBooks Study (2020)



iii

In January 2021, the

Visa Canada Small Business Outlook Spring Survey

surveyed 1,010 Canadian business owners and business decision makers from various sectors using the Maru Voice research panel, as part of Maru’s quarterly BizPulse study. Fielding took place between Jan 20

th

and Jan 29

th

, 2021.

SOURCE Visa Canada

Cision
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