Diversity and inclusion are extremely important values to Dueplex. We are a minority-founded and women-advised company, and we strive to weave these values throughout all that we do.
That’s why we’re so excited to partner with Visa and support their Cybersource Empower Hackathon initiative. Dueplex has the honor of being the only payment-agnostic platform selected by Visa for this campaign, and we’re thrilled to be a part of this important project. Here's a closer look at the reality business owners are currently facing and how Dueplex and Visa are working together to provide solutions.
By the end of April 2020, the effects of the COVID-19 pandemic had wiped out nearly half of all small black-owned businesses. According to a report released by the New York Fed, the pandemic disproportionately impacted minority communities, making black-owned businesses more than twice as likely to shut their doors for good.
Between February and April 2020, the number of active small business owners declined by 22%, which was the largest drop on record. However, black businesses experienced a 41% drop – nearly double the overall average. Since then, even more businesses have fallen as a result of the ongoing hardships and the recent resurgence of the Delta variant.
While government relief in the form of the Paycheck Protection Program (PPP) offered support for many struggling business owners, in states with the highest number of black-owned firms, these loans only reached about 20% of eligible businesses. In counties with the most density of black-owned business activity, coverage rates were often far lower than that. The overall availability of lending options and prevalence of unfavorable banking decisions have continued to be a problem for many minority-owned businesses, creating an ongoing threat to their viability.
If these statistics sound shocking to you, you’re not alone. When Visa learned of this disturbing reality, they began collaborating with other partners to launch their Cybersource Empower Hackathon. This initiative is focused on creating community technology solutions to support black-owned businesses and other small business owners.
The project’s goal is to combine the skills and creativity of the developer community, business owners, and idea generators to design innovative and flexible commerce solutions that are widely available to all business owners regardless of their ethnicity, location, or the size of their business.
Every day, Dueplex works hard to empower all businesses by helping them get the payment and financial processing technology they need to be successful. From the platform’s cutting-edge technology and top-notch customer service to the transparent fee structure, Dueplex puts its full focus on helping business owners receive faster funding and retain higher revenues.