Mastercard is inviting women entrepreneurs in Canada to apply to receive one of 10 $10,000 CAD ($7,396) grants and access to mentorship opportunities to help them grow and scale their businesses.
The company will accept applications for the Mastercard x Pier Five Small Business Fund until Nov. 3, it said in a Wednesday (Sept. 18) press release.
Mastercard is offering this opportunity at a time when fewer than two in 10 small businesses in Canada are owned by women and when women small business owners’ companies historically receive 150% less funding than male-owned companies, according to the release.
“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,” Nishant Raina, vice president, small and medium enterprise, Mastercard, Canada, said in the release.
Together with the funding, recipients will receive access to a Priceless Experience in Toronto that includes mentorship opportunities with Mastercard executives and partners as well as networking opportunities with other entrepreneurs, according to the release.
Mastercard’s partner in offering this program, Pier Five, is a platform that supports creatives, entrepreneurs and small businesses and organizes events, fundraising programs and content series, according to its website.
This year’s Mastercard x Pier Five Small Business Fund is the third, following ones offered in 2022 and 2023, per the release. Previous winners included Canadian entrepreneurs in markets that include health and wellness, food and beverage, pet care, fashion, beauty, florist and outdoor excursions.
One of the 2023 recipients, Helen Yin, founder of Inoki Bathhouse, said in the release: “All small businesses need to be part of a community, to have a place to connect on things that only small business owners understand. I’m grateful to Mastercard for offering me not just important financial tools and resources, but in opening that community to me.”
Mastercard also offers the Strive fund, saying in December that the fund awarded nearly $2 million in grants to organizations that support small businesses. The Strive Innovation Fund announced at that time will support 11 organizations around the world.
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