Stamford-headquartered Synchrony is pledging $5 million to a new initiative design to assist small businesses whose operations were disrupted during the COVID-19 pandemic.
The funds are being provided through the company”™s Synchrony Foundation with $2 million given to Local Initiatives Support Corp., a national community development organization, which will provide emergency grants to small business in underserved areas, with a focus on helping companies owned by women, minorities and veterans. The remaining $3 million will be disbursed to community-based organizations that will support long-term small business recovery over the next three years.
The company is also launching a digital resource center called Synchrony Connect for Small Business, which will connect business owners with resources to help grow and retain their customer base.
“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, CEO 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.”
