Company Announcements

Mastercard and Bank of America Launch Third Annual Grow Your Biz Contest

The national pitch competition provides four finalists with the opportunity to receive industry-expert consultation and $25,000

PURCHASE, N.Y.--(BUSINESS WIRE)--Sep. 16, 2019-- Seventy percent of mentored small businesses survive past the five-year mark—nearly twice the rate of non-mentored businesses [1]. As part of a shared commitment to empower small businesses, Mastercard and Bank of America are announcing the third annual Grow Your Biz Contest, which calls on small business owners to pitch their business growth plans for the opportunity to win $25k and business consultation with industry experts [2].

“We’re excited to partner with Mastercard for the third year of this contest and look forward to working with creative and passionate business owners from all over the country,” said Sharon Miller, head of Small Business, Bank of America. “Mentorship is a vital component of any career—especially entrepreneurship—and we’re committed to providing small businesses with the resources and guidance they need to grow their businesses and succeed.”

This year, to enter the Grow Your Biz Contest, small business owners must share their business strategy by submitting a video (up to one minute in length) on the Grow Your Biz microsite that answers the question: “How would $25,000 help grow your business?”

From the submissions, four finalists will be identified for their business strategy, video creativity and overall enthusiasm to receive a $1,000Mastercard prepaid card and the opportunity to pitch their businesses to the Grow Your Biz Panel during the final event in New York City on November 14, 2019.

The panel of expert judges for the Grow Your Biz contest include the host of CNBC’s Cleveland Hustles, Bonin Bough, founder and CEO of Create & Cultivate, Jaclyn Johnson, Mastercard Head of Small business, Ginger Siegel and Bank of America Head of Small Business Credit, Kelly Firment. The judges will provide individual consultation sessions and select one grand-prize winner, who will receive $25,000 to pursue their business plan.

“Over the past two years supporting the Grow Your Biz program, we have been able to connect with small business owners and understand their unique challenges,” said Ginger Siegel, Head of North America Small Business, Mastercard. “By collaborating with Bank of America, we are providing small businesses not only with holistic solutions and funds, but with industry perspective and mentorship that helps them grow in new ways.”

The Grow Your Biz Contest, which began as a Boston focused initiative in 2017, expanded nationally last year and received applications from small business owners across the U.S. From Femly’s monthly natural feminine subscription box, to Kin’s flavorful ramen, Draft Texas’ specialized draft beverage trailer and Cheeky Monkey’s joyful home accessories, each finalist showcased their unique business and passion.

[1] Best Ways To Find a Small Business Mentor, Forbes 2019

About the Grow Your Biz Contest

[2] NO PURCHASE NECESSARY TO ENTER OR WIN. Void where prohibited. Open only to small business owners who are legal U.S. residents, and 18 and older. Ends 10/6/19. For Official Rules and complete details, click here.

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

About Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, including more than 1,700 lending centers, more than 1,900 Merrill Edge investment centers and more than 1,300 business centers; approximately 16,100 ATMs; and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

Source: Mastercard Incorporated

Mastercard Communications
Sarah Ely
914.249.6714
Sarah.ely@mastercard.com

Bank of America Communications
Don Vecchiarello
980.387.4899
Don.vecchiarello@bankofamerica.com