Grants available for community financial institutions and business support organizations who are testing scalable capital and service products so underrepresented entrepreneurs can get capital, go digital, and grow networks and know-how.
Donor Name: Strive Community
State: All States
County: All Counties
Type of Grant: Grant
Deadline: 05/12/2023
Size of the Grant: up to $250,000
Grant Duration: 18 months
Details:
The Innovation Fund will make $1 million in grants available to enable community financial institutions (CFIs) and business support organizations (BSOs) to test data-driven digital tools, approaches, products, and services that are in early stage or require support to prove a high potential concept. This grant opportunity intends to enable grantees to grow their next big idea.
The Mastercard Strive USA Innovation Fund offers 501c3 CFIs and BSOs the opportunity to submit a grant application for up to $250,000 to support their proposed solution. Each grant awarded by the Mastercard Strive USA Innovation Fund will have a term of no less than 12 months and no more than 18 months, during which time applicants should demonstrate efficacy of their solution and potential for scale.
Objectives
Strive USA brings together financial service providers, small business support organizations and tech platforms to empower small businesses to overcome three common roadblocks:
- Getting capital
- To make it easier for small businesses to access capital, Strive USA will help build the digital capacity of Community Financial Institutions (CFIs) that specialize in serving low- and moderate-income communities.
- Going digital
- Strive USA will bring together tools and resources to make it simpler for small businesses to digitalize their operations and transition to tech-forward ways of working.
- Growing networks and know-how
- Working with local and national partners, Strive USA will connect entrepreneurs with expert organizations to develop new skills and gain knowledge to build thriving and resilient small businesses.
Eligibility Criteria
- Proposed projects must:
- 501c3, certified BCorp, social enterprises or nonprofit/private sector partnership (e.g., CDFI/Fintech)
- Be designed by/for or benefit CFIs and BSOs
- Include natively digital and data analytics tools and insights
- Have potential for scale and solve critical and systemic challenges facing underserved entrepreneurs
- Be implemented in the U.S.
- Organizational eligibility
- Applicants must be one of the following:
- 501c3 CFIs such as Community Development Financial Institution, Minority Depository Institution, Credit Union, Community Development Fund, Community-Focused Venture Capital Loan Fund, or corresponding industry groups and associations
- 501c3 Business Support Organization
- Certified B Corp Social Enterprise
- Non-profit/private sector partnership (e.g., CDFI/Fintech)
- Technology Platform, Digital Service Provider, and others with products and/or services relevant to the small business ecosystem and/or CFI industry
- Applicants must be one of the following:
Applicants should also consider
- Organization’s geographic coverage in the U.S. does not impact eligibility, however there will be preference for organizations operating locally, regionally, and at a state level.
- Organization must have a track record of working with intermediaries and/or small businesses with preference given to solutions focused on employers with 2-50 employees.
- Two+ organizations can submit one application as a partnership/consortium.
Limit of one application per organization
- This fund is not designed to scale already implemented solutions into new geographies and contexts, nor is it designed for entities without relevant experience working with or for financial intermediaries or small businesses.
- This program seeks to contribute to the development of equitable and inclusive solutions. The program will give preference to solutions and organizations that creatively address entrepreneurial challenges facing historically underserved entrepreneurs (i.e., low-income communities, people of color, immigrants, women, veterans, disabled, and transgender people) across the focus areas described.
For more information, visit Strive Community.
