Walker’s Legacy apart of American Express coalition to support minority and women-owned businesses.
On June 29, 2020, American Express announced its largest to date global initiative through the ‘Shop Small Campaign’. American Express committed more than $200 million in funding (to be dispersed over the next several months) to jumpstart consumer spending at small businesses. In addition to strengthening the company’s longstanding support of minority and women-owned businesses, American Express is building a coalition with the U.S. Chamber of Commerce Foundation, which will consist of the U.S. Black Chambers, the National Black Chamber of Commerce, the National Business League and Walker’s Legacy. The American multinational financial services corporation also pledged $10 million over the next four years to fund a program that will provide grants to U.S. Black-owned small businesses to assist in their recovery and address the challenges they face due to racial and social inequalities. A portion of the grant will also fund building the capacity of the network by offering leadership development and business mentoring. More information will be available at ShopSmall.com.
How it Works
American Express will be giving eligible card members $5 for every dollar spent at an eligible small merchant when they shop online or in-store through September 2020. Cardholders must enroll by July 26 and can qualify for the discount up to 10 times during the promotion period. Since Shop Small Campaign is a global promotion, it is also available in Canada, UK, and Australia, with rollouts planned for France, Germany, Italy, Japan, Mexico, and Spain. This is due to the fact that approximately 62 percent of U.S. small businesses reported that they need to see consumer spending return to pre-COVID levels by the end of 2020 in order to stay in business, as found in the Small Business Recovery Research conducted by American Express.
Small Business Recovery Research Findings
Nearly 25 percent of small business owners stopped paying themselves a salary to be able to remain open in the current climate, but without customers, they are not sure if they will make it to 2021. Although many U.S. small businesses have adapted their operations through the COVID-19 pandemic, 65 percent of U.S. business owners said it would be most helpful to their business to have their “regulars” return and start making purchases again.
Fortunately, the Small Business Recovery Research shows that approximately 75 percent of U.S. consumers are currently looking for ways to Shop Small and support their community, while 62 percent say that they will prioritize shopping small when businesses in their area reopen, assuming that they will be able to follow social-distancing guidelines. U.S. small business owners have a similar outlook, with 78 percent saying they are optimistic about surviving COVID-19 impacts and 80 percent expecting to see customers return once it is safe to do.
For more information check out the official press release here.