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American Express has committed more than $200 million to help get customers to shop with small businesses. An additional $10 million will fund a grant program dedicated to supporting U.S. Black-owned small businesses in recovery.
According to survey data conducted for the small business recovery research by American Express, 62 percent of U.S. small business owners need to see spending return to pre-pandemic levels by the end of the year in order to stay in business.
“We know the impact that movements like Shop Small and Card Member offers can have in helping small businesses thrive,” said Walter Frye, vice president of global brand engagement and design at American Express. “Over the past decade, Small Business Saturday has helped drive over $120 billion in reported consumer spend at local businesses in the U.S. Our previous research also shows that for every dollar spent