Visa Commits $2 Million to Fuel Small Businesses Growth

Visa Foundation has pledged $2 million to support organizations that aid small businesses, as announced on September 30. The grant program targets entrepreneurial support organizations (ESOs) in the U.S., providing funding to small business owners who aim to improve their skills, access capital, adopt new technology, and expand their growth opportunities.

According to the U.S. Small Business Administration, small and medium-sized businesses (SMBs) constitute over 98% of all enterprises in the country. However, many face ongoing challenges in growth and resilience due to shifting costs and limited access to capital. Digital technology and artificial intelligence are increasing the need for modern tools and hands-on training, Visa notes.

Visa Foundation intends to select up to 12 eligible 501(c)(3) ESOs with a proven commitment to small business success. These organizations will receive grants ranging from $100,000 to $250,000, contingent on the size and scope of their work. PYMNTS Intelligence's research indicates that the smallest SMBs have shown minimal growth compared to larger businesses and exhibit lower confidence in their survival in the next two years.

Despite this, SMBs have embraced digital storefronts, payment options, and global suppliers, thereby gaining greater control over customer acquisition and business management. However, these businesses with limited financial reserves have also embraced tools to reach beyond their traditional customer base, payment methods, and suppliers.

Despite this progress, PYMNTS Intelligence and Visa Acceptance Solutions' research suggests that SMBs are not well-prepared to adopt agentic AI. Still, Sara Craven, Visa's general manager of Verifi/ANET, stated in an interview with PYMNTS CEO Karen Webster that SMBs can close the gap faster than larger firms. According to Craven, "small businesses have a distinct ability to pivot faster, to move faster," and that "with AI, they have the ability to learn a lot faster."