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We saw an opportunity to target
a growing population, help them through the cradling process,
and build a new customer base out of the ‘graduates’
of the program. |
Donna Vieira
Vice President, Business Finance
OPEN: The Small Business Networksm |
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| American Express |
In April 2001, American Express Small Business Services (now
OPEN: The Small Business Networksm from American Express) capitalized on a natural opportunity to address two company
objectives – fulfill its mission to help advance the
growth and success of small business and meet long-term business
growth goals. The launch of the American Express Community
Businesssm Card was an effort to support community development
and grow the customer base.
This credit card offers small business owners the opportunity
to support entrepreneurship and microenterprise. OPEN: The
Small Business Networksm contributes 1% of every dollar Cardmembers
spend on the Card to not-for-profit, microlending organizations
that provide small loans and training to aspiring entrepreneurs
with capital needs of less than $35,000. These organizations
serve a significant number of women and minority-owned businesses
– the fastest growing segments of the small business
community. Often, individuals starting out in business have
little or no access to the credit needed to start and grow
their small businesses.
To help ensure its success, the OPEN Network turned to organizations
like the Association for Enterprise Opportunity (AEO),
a trade organization of local micro-development groups including
those primarily serving African American, Native American,
and disabled micro-entrepreneurs. In addition to helping the
OPEN Network learn how stable microenterprise lenders allocate
funds, AEO is also one of the receipt organizations of the
Community Business Award, in addition to ACCION and Count
Me In for Women’s Economic Independence.
In 2002, the OPEN Network will expand marketing of the Community
Business Card to include national coverage, media, and direct
mail.
For more information, contact American Express at 1-800-521-6121.
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