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SMALL BUSINESS ADVICE
Visa | December 17, 2020
Supporting small and micro businesses (SMBs) has been an earnest need all through the COVID-19 pandemic, with an extraordinary need among minority-claimed small businesses, which are lopsidedly affected. Expanding on Visa's drawn out obligation to this network, Visa Foundation today declared new activities to give almost $5 million in funding to minority-drove SMBs, in the midst of a second influx of COVID-19. Visa likewise reported mentorship projects to additional help minority-drove SMBs. Simultaneously, the Visa Economic Empowerment Institute (VEEI) delivered another white paper, Supporting Social Equity by Boosting Small Businesses. The paper features that Black and African American-claimed businesses encountered a bigger drop in business possession (41 percent) than different businesses.
The VEEI white paper subtleties the recorded patterns and fundamental hindrances fueling the present status of Black-claimed SMBs across the U.S. It traces strategy measures to address these obstructions, zeroed in on aiding businesses endure, putting resources into value in instruction and in focused chances, for example, preparing and grant programs.
As part of its commitment to support SMBs and to address the challenges in access to capital of underrepresented groups broadly, including women and racial and ethnic minority communities, Visa Foundation commits the following:
$3 million to Black Ambition, a newly launched racial equity and entrepreneurship initiative launched by producer and entrepreneur Pharrell Williams in partnership with five Historically Black Colleges and Universities (HBCUs).
$1.5 million to Local Initiatives Support Corporation (LISC) to increase small business resiliency for women entrepreneurs of color directly impacted by COVID-19.
$300,000 to VC Include, a Women of Color-led organization building economic justice infrastructure for Black, Latinx, Indigenous, people of color, and women-led funds through education and training programs to support their fundraising journey and build relationships with Limited Partners.
“The capital gap for entrepreneurs of color must be closed if we are to achieve inclusive economic growth for everyone, everywhere,” said Graham Macmillan, president, Visa Foundation. “Visa Foundation is privileged to partner with these organizations that are addressing this funding and opportunity gap by helping them to empower women, Black and Latinx entrepreneurs. These grants represent just the beginning of our commitment to allocate capital, both grants and investments, to gender and racially-diverse investors and entrepreneurs."
Additionally, Visa recently launched a Visa worker mentorship program with Bridge for Billions. Through this online program, Visa representatives will tutor Black, basically ladies claimed SMBs on a three-month brooding excursion to help them audit their plan of action, characterize their monetary projections, make a development plan for their endeavor and substantially more. New businesses or beginning phase business people are urged to apply here by December 31, 2020, to be considered for the program beginning in February 2021.
SMALL BUSINESS TRENDS
PINTEC | August 31, 2021
Pintec Technology Holdings Limited, a leading independent technology platform enabling financial services in China, today announced its decision to expand its technical services to focus on better empowering the small and medium enterprise ("SME") ecosystem, by leveraging the Company's advanced technology in big data, artificial intelligence, and cloud-based infrastructure. Specifically, the Company plans to utilize its "SaaS + Fintech" model as a total solution in order to accelerate the digitization of SMEs, encompassing technology-based credit services and solutions to the manufacturing process and operations of the SMEs.
Part of this decision requires strategic review of the Company's existing operations in order to optimize resource and talent deployment. As a result, the Company has determined to restructure certain non-core technical services, which require long-term investment but may generate negative earnings currently and in the foreseeable future, by transferring out 85% of its equity interest in FT Synergy Pte. Ltd. ("FT") at nil consideration (the "Deconsolidation"). Upon the completion of this deconsolidation, the financial results of FT will no longer be included in the Company's consolidated financial statements, therefore eliminating its negative financial impacts to the Company. Going forward, the Company will be focused on offering of comprehensive technology-based credit services and solutions to SMEs.
As a leading developer for credit services, PINTEC initiated a technology-based credit assessment system for SMEs as early as 2016. PINTEC's technology-based credit services and solutions focus on customer acquisition and risk control, and were adopted in several business aspects, including e-commerce, payment, corporate finance and taxation. As of the end of 2020, PINTEC's solution has enabled over 80,000 SMEs in managing their cash flows and needs.
Mr. Victor Li, Chief Executive Officer of PINTEC, stated, "Our historical proven track records, cumulative partnership collaborations, and advanced technology will enable us to naturally extend our focus on the SME digitization ecosystem, and to scale our offerings for expanded accessibility. Our total solution leverages our "SaaS + Fintech" capabilities in encompassing end-to-end services from manufacturing to operations, distribution, inventory control, human resources management, property management, financing, etc. for SMEs of various industry sectors. Our aim is to significantly enable these enterprises to enhance their operational efficiency and to reduce overall financial costs. In addition, we are confident that the deconsolidation of our loss-making non-core operation can effectively streamline our overall operations and improve our financial performance. These decisions and efforts fully reflect the execution of our strategic initiatives in optimizing our portfolio offerings, servicing and internalization."
PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions.