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The Mastercard Strive USA Innovation Fund provides support to organizations piloting early-stage solutions that help to solve the challenges that Strive USA focuses on: helping small businesses get capital, go digital and grow their networks and know-how. The fund is specifically focused on creating space for organizations to test and grow new products, services and strategies that harness innovation to address challenges in the small business ecosystem.&nbsp; This fund is not designed to scale already implemented solutions into new geographies, nor is it designed for entities without relevant experience working with or for financial intermediaries or small businesses.

What are we looking for?

Mastercard Strive USA aims to empower small businesses to overcome the common roadblocks of getting capital, going digital and growing networks and know-how. Applicants should define the problem their solution addresses, explain why the problem is important to solve and describe the expected impact of success. While scalability is not a prerequisite, we seek to support concepts with the potential for long-term, sustainable impact. The demonstration of existing demand or market opportunity is critical to preparing a successful application.

What problems do we want to solve?

Illustrative solutions include, but are not limited to:&nbsp; Get Capital:&nbsp;<ul><li>Digital solutions that attract new capital, enable liquidity and/or open new revenue streams for CFIs</li><li>Products and services that leverage AI and machine learning to create organizational efficiencies for intermediaries&nbsp;</li><li>Use of analytics, insights and data insights that increase access to affordable credit for underserved entrepreneurs</li><li>Enable delivery of government funding to small businesses via partnerships with CFIs and private sector partners</li></ul> Go Digital:&nbsp;<ul><li>Tools and platforms that aggregate and simplify use and access of e-commerce and digital marketing tools for small business owners</li><li>Digital solutions designed to standardize, integrate and automate CFI workflows, capital raising and/or customer acquisition&nbsp;</li></ul> Grow Networks and Know-How:&nbsp;<ul><li>Online community building hubs for small businesses leveraging value-added services such as banking, loans and business management tools</li><li>Culturally sustaining financial and business tools and platforms for entrepreneurs from under-resourced communities</li></ul>

What solutions are we interested in funding?

<ul><li>501c3, social enterprises or nonprofit/private sector partnership (e.g., CDFI/Fintech)</li><li>Be designed by/for or benefit CFIs and BSOs</li><li>Include natively digital and data analytics tools and insights</li><li>Have potential for scale and solve critical and systemic challenges facing underserved entrepreneurs&nbsp;</li><li>Be implemented in the U.S.</li></ul>

Proposed projects must

Project eligibility

<ul><li>501c3 CFIs such as Community Development Financial Institution, Minority Depository Institution, Credit Union, Community Development Fund, Community-Focused Venture Capital Loan Fund, or corresponding industry groups and associations</li><li>501c3 Business Support Organization</li><li>Non-profit/private sector partnership (e.g., CDFI/Fintech)</li><li>Technology Platform, Digital Service Provider, and others with products and/or services relevant to the small business ecosystem and/or CFI industry</li></ul>

Applicants must be one of the following

Organizational eligibility

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<ul><li>An organization’s geographic coverage in the U.S. does not impact eligibility; however, there will be preference for organizations operating locally, regionally, and at a state level</li><li>Organization must have a track record of working with intermediaries and/or small businesses with preference given to solutions focused on employers with 2-50 employees</li><li>Two+ organizations can submit one application as a partnership/consortium</li><li>Limit of one application per organization</li></ul> This fund is not designed to scale already implemented solutions into new geographies and contexts, nor is it designed for entities without relevant experience working with or for financial intermediaries or small businesses. This program seeks to contribute to the development of equitable and inclusive solutions. The program will give preference to solutions and organizations that creatively address entrepreneurial challenges facing historically underserved entrepreneurs across the focus areas described. Due Diligence Process All Mastercard Strive USA Innovation Fund finalists will be asked to take part in a due diligence process that will provide assurance that your organization is legally registered and conducting business in compliance with all applicable laws, rules, and regulations, as well as in accordance with the highest standards of business ethics.

Applicants should also consider

Eligibility

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Creative & scalable digital small business solutions


The application period is now closed

The Strive USA Innovation Fund provides grants to community financial institutions and business support organizations who are testing scalable capital and service products so underrepresented entrepreneurs can get capital, go digital and grow networks and know-how.

Strive USA Innovation Fund

The Strive USA Innovation Fund supports early-stage digital and data-first solutions that solve for the challenge of getting capital, going digital and growing networks and know-how.&nbsp;&nbsp; The Innovation Fund has made $1 million in grants available to enable community financial institutions (CFIs) and business support organizations (BSOs) to test data-driven digital tools, approaches, products and services that are in early stage or require support to prove a high potential concept. This grant opportunity helps grantees to grow their next big idea.&nbsp;&nbsp; The Mastercard Strive USA Innovation Fund has offered 501c3 CFIs and BSOs the opportunity to submit a grant application for up to $250,000 to support their proposed solution. Each grant awarded by the Mastercard Strive USA Innovation Fund will have a term of no less than 12 months and no more than 18 months, during which time applicants should demonstrate the efficacy of their solution and potential for scale.&nbsp;

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Overview

Innovative solutions to drive small business growth and financial resilience

<ul><li>Does the project address at least one of Mastercard Strive USA’s three pillars: getting capital, going digital, and growing networks and know-how?</li><li>Does the project align with Mastercard Strive USA’s commitment to equity?</li></ul>

Program Match

<ul><li>Does the application include a clear implementation strategy and goals?</li><li>Does the application clearly identify the problem(s) it is seeking to solve and the solution it will deploy?&nbsp;</li><li>Does the applicant demonstrate the organizational capacity to successfully implement the project?</li><li>Does the applicant demonstrate a strong knowledge of the field, market opportunity, and potential impact?</li><li>Is the solution likely to reach the desired outcome?</li><li>Does the requested budget seem reasonable for the project proposed?</li><li>Can the proposed work plan be accomplished in the proposed timeline? </li></ul>

Feasibility

<ul><li>What impact will be achieved if the project is successful? Are the outputs and outcomes clearly expressed?&nbsp;</li><li>Can other organizations benefit from the knowledge and insights generated from this project?</li><li>Does the solution have the potential to be adapted to other organizations or contexts?</li></ul>

Potential for Impact

<ul><li>Would this project move forward without support from the Mastercard Strive USA Innovation Fund?</li><li>Is the proposed project innovative and/or new for the CFI and/or BSO sector?</li></ul>

Additional Considerations 

Applicants will be scored on the following selection criteria.

Selection

Applications Open

Applications Close

Shortlisted Applicants Selected

Shortlisted Applicants Submit Mini Proposals

Winners Selected

Timeline

Applicants can be 501c3 organizations including community financial institutions and business support organizations seeking to test, enhance, and grow digital and data-first products and/or services that support growth, resiliency and/or stability of U.S. small businesses led and founded by underserved entrepreneurs.&nbsp; Applicants operating locally, regionally and at a state level are encouraged to apply during the application window. We also encourage partnership with private sector actors with a 501c3 CFI or BSO as the applicant. Preference will be given to solutions and organizations that address entrepreneurial challenges facing historically underserved entrepreneurs across the focus areas described.

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Who should apply?

The Mastercard Strive USA Innovation Fund is designed to elevate and accelerate promising ideas for strengthening the small business ecosystem through digital and data-first approaches.