A new Capital One business grant program aimed at supporting Black-owned businesses, as well as a welcome bonus for its Spark Cash Plus credit card, has been announced on Tuesday.
As per the press release, Capital One will partner with the Association for Enterprise Opportunity (AEO) “to support Black-owned businesses in building resilient futures,” which will include granting Black-owned businesses $10,000 each, Zdnet reported.
A portion of the revenue lost during the peak of the pandemic will be redirected to the program.
“The combination of preexisting systemic inequities and pandemic-related setbacks has created a uniquely challenging environment for Black business owners to navigate,” according to AEO President and CEO Connie Evans.
By joining forces with Capital One, Black-owned businesses can achieve lasting success.
A welcome bonus of up to $3,000 is also being offered by Capital One to new Spark Cash Plus cardholders.
You can earn $500 if you spend $5,000 within three months, and $2,500 if you spend $50,000 within six months.
2% cashback is earned on every purchase with this card, and the annual fee is $150.
If you spend $50,000 within six months, you’ll receive a reward (and a welcome bonus) that will potentially enable small business owners with high expenses to add to their savings, help employees, or purchase new equipment.
As per a report from the U.S. Bureau of Labor Statistics, 4.3% of Americans quit their jobs in December, meaning many people will be looking to start their own business this year.
The small business sector is expected to grow at a record pace in 2022.
In its Business Insights report, Intuit projects that 17 million new small businesses will be started this year.
“At Capital One, we know that small businesses are the heart of our communities, and now, more than ever, they need our support to endure and thrive,” a Capital One spokesperson told ZDNet.
The Capital One grant program and the new welcome bonus are just two of the new programs Capital One has introduced to assist small business owners.
The company also offers a business hub that provides advice and resources for business owners.
Also, the Capital One Impact Initiative includes a five-year commitment to help underserved communities, including small business assistance.
“In these challenging times, it’s important for all business owners to know that they are not alone and that there are resources available that can offer both support and community,” Capital One stated in a email.