Today, Mastercard is proud to open applications for the Mastercard x Pier Five Small Business Fund, which provides women entrepreneurs in Canada with access to funding, resources and support to further grow and scale their businesses.
Until November 3, women entrepreneurs can apply to receive one of 10 $10,000 CAD grants and a Priceless Experience in Toronto connecting them to valuable mentorship opportunities.
Small businesses make up 98 per cent of all employers in Canada, yet fewer than two in 10 are owned by women, according to Statistics Canada. Access to funding is commonly cited as a major obstacle to success for women small business owners, whose companies historically receive 150% less funding than male-owned companies.
“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.”
Accessing a Priceless experience – and a growing community
In addition to funding, Mastercard understands that networking and mentorship help women grow and scale their businesses. That’s why in addition to the $10,000 CAD grant, Mastercard x Pier Five Small Business Fund recipients gain access to a Priceless experience that brings valuable mentorship opportunities with Mastercard executives and partners – and each other. By connecting small business owners with peers and experts, Mastercard is helping entrepreneurs share experiences and gain important insights to help them further develop their businesses.
As part of its ongoing support of small business, Mastercard offers innovative, solutions and offerings – including a free cyber assessment tool - through the Mastercard Small Business Resource Centre. Understanding mentorship and support are at the heart of small business success, Mastercard has also launched the Mastercard Small Business Community, which provides small business owners the opportunity to learn and connect with Mastercard and its partners, plus events and resources to help manage and grow their business.
“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.”
Providing integral support for business goals
Pier Five co-founders Julian Golden and Jeff Lei say the Fund has helped women-owned small businesses achieve diverse business goals, which have included advancing marketing plans, expanding into major retailers, developing new products, building apps, and growing 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 Fund winners from 2022 and 2023 – a diverse group of Canadian entrepreneurs making inroads in markets that include health and wellness, food and beverage, pet care, fashion, beauty, florist, 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.”