Synchrony Foundation awarded a $2 million grant to LISC to provide emergency relief to small businesses hit hard by the pandemic, especially minority- and women-owned businesses. This grant is part of a larger recovery program announced by Synchrony that also includes connecting small businesses to customizable digital tools and consulting expertise.
Synchrony Launches Program to Help Small Businesses Recover and Grow
Synchrony Foundation Commits $5 Million to Support Small Businesses; Including Minority-Owned Businesses in Underserved Communities
Company Unveils New Digital Resource Center to Help Small Business Leaders and Healthcare Providers
STAMFORD, Conn., June 17, 2020 /PRNewswire/ -- Small businesses are the backbone of our economy and they deserve our support now more than ever. Synchrony (NYSE: SYF) has fueled small business growth for decades and has furthered that commitment with the launch of a new program designed to help local establishments recover and grow. This comprehensive program includes funding of small business grants through community organizations, access to customizable digital tools, and consulting expertise for small business owners throughout the United States.
Through the Synchrony Foundation, the company is committing $5 million in support to national community organizations that help small businesses. A portion of that is going to Local Initiatives Support Corporation (LISC), a national community development organization, which will provide emergency grants to minority- and women- owned businesses.
Synchrony will connect small businesses with resources including expert advice on topics like digital marketing and building loyalty, deep research and insights on market trends and how to navigate the new and ever evolving business environment. For Synchrony's partners, customers, and healthcare providers, the company also has tools and APIs to facilitate digital transformation.
Today, Synchrony partners with nearly one million small businesses, including those in the home, retail, and auto industries, as well as healthcare providers – from veterinarians to dentists to physicians. With a new digital resource center called, Synchrony Connect for Small Business the company is making it easier than ever for small business leaders to access the support and advice they need to recover and thrive.
"For nearly 90 years, helping America's small businesses has been a core part of our DNA and today, we are accelerating our efforts to ensure that 'small' stays 'strong,'" said Neeraj Mehta, Chief Executive Officer of Synchrony Payment Solutions. "We are heartbroken over the multiple crises that have recently hit small businesses across the country. At Synchrony, we realized we needed to do even more to support one another during this time and stand united in support of humanity. We are proud of our heritage of equipping small business leaders with the tools they need to revitalize their recovery, build resiliency and bolster communities—particularly businesses in underserved communities—through our core business and philanthropic support."
Providing vulnerable small businesses emergency grants, helping build resilience
Small businesses reflect the passion and ingenuity of millions of people. The Synchrony Foundation has committed $5 million to community development organizations that support small businesses and will help those hit hard by the pandemic recover and rebuild. This includes a $2 million grant to LISC. Synchrony will commit the remaining $3 million to local organizations to support long-term small business recovery over the next three years.
LISC will provide emergency grants of up to $10,000 to help small businesses, particularly minority-, women-, and veteran-owned businesses in underserved communities, address their immediate financial needs.
The funds will also enable LISC partners with frontline experience to help small businesses build resiliency and weather the pandemic through training, resources, and technical assistance, which includes web-based and remote sales and marketing, social media, and accounting.