Mastercard Introduces Small Business Navigator to Aid American Start-ups and SMEs
Mastercard Introduces Small Business Navigator: A Comprehensive Digital Platform for U.S. SME Growth and Security
Mastercard has unveiled Small Business Navigator, a comprehensive digital platform designed to support and empower U.S. small and medium-sized enterprises (SMEs) in managing their operations, enhancing security, and fostering growth. This initiative aims to provide entrepreneurs with an array of tools, data, and education in three crucial areas: knowledge and insights, security and protection, and financial empowerment.
SMEs make up over 99% of U.S. businesses, representing a significant portion of the economy, and Mastercard's Small Business Navigator aims to offer practical, actionable assistance. According to Ginger Siegel, head of Small Business in the U.S. at Mastercard, "Small businesses are the backbone of our economy, and they need more than just encouragement; they require tangible support."
Key features of the Small Business Navigator platform include an AI-powered chatbot serving as a virtual mentor, offering on-demand guidance for diverse business challenges. SMEs can also tap into valuable insights from the Mastercard Economic Institute and Mastercard SpendingPulse reports, providing economic trends and consumer spending data relevant to business planning.
Understanding the importance of cybersecurity, the platform includes the My Cyber Risk tool powered by RiskRecon, offering a cybersecurity assessment quiz and personalized recommendations to improve business cybersecurity defenses. This feature is available free for three months upon registration, helping businesses understand and strengthen their cyber risk posture.
In terms of financial planning and cost management, Small Business Navigator partners with Biz2Credit to offer Virtual CFO services. Through these services, businesses can receive assistance with financial planning, budgeting, and cost management. Additionally, participating businesses may get featured on Mastercard's social media channels, providing additional marketing exposure opportunities.
Mastercard also supports the initiative by providing Business Builder cards with benefits such as easy savings, ID theft protection, zero liability on unauthorized purchases, and access to digital tools to support business operations and security.
The introduction of Small Business Navigator is part of Mastercard's broader commitment to supporting small businesses and promoting inclusive economic growth through innovation and strategic partnerships. By offering cost-effective access to advanced tools, enhanced business security, data-driven decision making, increased operational efficiency, growth and visibility opportunities, and tailored solutions for SMEs, Mastercard's Small Business Navigator aims to empower small businesses in today's digital economy.
Businesses can take advantage of the cybersecurity tools within Small Business Navigator, such as the My Cyber Risk tool, which provides a cybersecurity assessment quiz and personalized recommendations to improve defenses against cyber threats. This platform also assists with financial planning and managing costs, partnering with Biz2Credit to offer Virtual CFO services for businesses seeking help with financial planning, budgeting, and cost management.
