Asking for help with the economic effects of the SARS-CoV-2 coronavirus pandemic that is still spreading, MasterCard (NYSE: MA) announced a new initiative to help small businesses. The payment card giant said it is pledging $ 250 million to help finance efforts to support these businesses, many of which are struggling with coronavirus and will likely continue to do so.
Much of this assistance will take the form of a Mastercard which provides resources and direct support. The company will offer cyber vulnerability assessments, as well as provide its identity theft protection services. Both will be free of charge for qualified businesses for three months.
These companies will also be able to access the company’s local Market Intelligence analysis tool.
All in all, about 28 million businesses eligible for U.S.-led salary protection programs Small Business Administration can take advantage of these offers.
“When our small businesses suffer our nation suffers, so it is up to everyone to ensure that we are supporting businesses that are the lifeblood of our economy and pillars of our communities,” said Mastercard.
The company added that “[w]we are leveraging our network, insights, technology and partnerships to offer the resources that small business owners need now to help them support their business as they quickly adapt to a new way of operating and evolved customer needs “.
Although Mastercard’s work in this regard is beneficial, the company is considered beneficial if the small business sector recovers. Nowadays, most small businesses rely on credit card transactions for at least some of their income, so the healthier their finances will be, the better the Mastercard and its colleagues will be.
The company’s shares had a good day Wednesday. They rose 4.7%, beating the gains of several other major stocks and major stock market indices.