April 21, 2024

Back2Business is a multilevel initiative to help small businesses grow in African American communities and other target groups by offering financial assistance, business expertise, and technology solutions. It also encourages community involvement and strategic partnerships. Fiserv has committed $10 million to support small businesses and positive mentorship, business coaching, and subject matter expertise for its employees through Employee Resource groups. The program will help small enterprises establish relationships with local financial institutions and lenders and set up contactless payment capabilities.

Back2Business, launched in Brooklyn, New York, on August 13, has already given grants to three Black-owned local businesses.

  • Brooklyn Tea is a coffee and tea retail store that offers healthy and energizing natural products. Jamila McGill, Alfonso Wright, and Brooklyn Tea are co-owners.
  • Myriam Nicholas owns the cozy Bed-Stuy cafe and offers delicious specialty drinks and foods.
  • Kola Ologundudu’s Daddy Greens Pizza is a collaboration between Rodney Davis and Kola Ologundudu. It serves classic Italian food like pasta, sandwiches, pizza, and specialty Italian dishes.

The grant money has helped these businesses to adapt to the current economic climate. They have retained staff that would have otherwise been laid off. They have also reorganized their physical operations to ensure the safety of their employees and upgraded their website and online ordering capability.

We are looking to expand this program to other boroughs of New York City and additional cities in the United States, including Atlanta, Chicago, Miami, and Oakland. In the coming weeks and months, the expansion will be rolled out to ensure that small minority-owned businesses can weather the challenges of the COVID-19 epidemic.

Partnership and support become more vital in these difficult times. More giant corporations are responsible for working with small businesses in the local community. This collaboration is essential to minority-owned firms and the communities they serve. Fiserv Back2Business aims to create an economy where all businesses can thrive. We can use the growing interdependence between large corporations and smaller local companies to create a vibrant and equitable business environment for the country.

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