Thursday, September 19, 2024 Mastercard has opened applications for the Mastercard x Pier Five Small Business Fund, aiming to empower women entrepreneurs in Canada with vital funding, resources, and support to scale their businesses. Women business owners can apply for one of ten $10,000 CAD grants and a Priceless Experience in Toronto, which includes exclusive mentorship opportunities. Applications are open until November 3.
While small businesses represent 98% of all employers in Canada, fewer than 20% are owned by women, according to Statistics Canada. One of the most significant hurdles for women entrepreneurs is access to funding, with women-owned businesses historically receiving 150% less funding than their male counterparts. This initiative by Mastercard seeks to address this gap, offering women entrepreneurs the financial boost and guidance they need to thrive.
“We are committed to furthering inclusivity and levelling the playing field for small business owners in Canada by opening access to resources, opportunities and partnerships for every business to flourish,” said Nishant Raina, Vice President, Small and Medium Enterprise, Mastercard, Canada . “Through the Mastercard x Pier Five Small Business Fund we are especially proud to continue our important work in helping to build a community of women entrepreneurs who are fostering meaningful connections and mentorship opportunities with each other.” Beyond funding, Mastercard recognizes the crucial role of networking and mentorship in helping women scale their businesses.
Alongside the $10,000 CAD grant, recipients of the Mastercard x Pier Five Small Business Fund gain access to a Priceless experience, offering valuable mentorship opportunities with Mastercard executives, partners, and fellow entrepreneurs. By fostering connections among small business owners, Mastercard enables entrepreneurs to share insights and learn from each other’s experiences, driving further business development. In its ongoing commitment to small business support, Mastercard provides innovative solutions and resources through the Mastercard Small Business Resource Centre, including a free cyber assessment tool.
Understanding that mentorship and community are at the core of small business success, Mastercard has also launched the Mastercard Small Business Community. This platform allows small business owners to connect with Mastercard and its partners, access valuable resources, and participate in events designed to help manage and grow their businesses. “Small businesses are the heart of our communities,” Raina said.
“We know that their success is a shared one — when a small business succeeds, it benefits everyone.” Pier Five co-founders Julian Golden and Jeff Lei highlight that the Fund has been instrumental in helping women-owned small businesses reach a wide range of objectives. Beneficiaries have successfully advanced marketing strategies, expanded into major retail markets, developed innovative products, built apps, and strengthened their online presence.
“The impact we’ve witnessed from the Mastercard x Pier Five Small Business Fund over the last two years is remarkable,” Golden said. “It’s an honour to be able to improve access to funding, as well as open unique mentorship opportunities, to ten more deserving small business owners this year.” They will join the 2022 and 2023 Fund winners—a diverse group of Canadian entrepreneurs breaking ground in various markets, including health and wellness, food and beverage, pet care, fashion, beauty, floristry, outdoor excursions, and more.
Among the 2023 recipients is Helen Yin, founder of Inoki Bathhouse, which helps people prioritize wellness through at-home tea baths. “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.” Starting today and running until November 3, 2024, Canadian women small business owners can apply for the Mastercard x Pier Five Small Business Fund..
