Hello Alice launches best-in-class small business credit card with Mastercard

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Hello Alice, the free platform helping over a million small businesses get started and grow, today proudly announced the launch of the Hello Alice Small Business Mastercard as it expands its range of inclusive capital products. In partnership with MasterCard, the proprietary payment network and First National Bank of Omaha (FNBO), the card offers small business owners access to industry-leading tools and services, including expert business advice, powerful business insights, cash back and a unique rewards program offering the opportunity to earn points by performing business development activities on the Hello Alice Platform.

“We designed the Hello Alice Small Business Mastercard to meet the needs of small business owners where they are, breaking down long-standing barriers to mentorship, access to credit and the overall financial health of those who have traditionally been denied access,” said Elizabeth Gore and Caroline Rodzco-founders of Hello Alice, “During economic booms and busts, access to capital remains the biggest challenge for all small business owners, and especially new majority owners, which is why we continue to focus our efforts on expanding the capital continuum beyond our existing grant and loan programs.

To maximize the accessibility of capital for all small business owners, the Hello Alice Small Business Mastercard will be offered in the form of a traditional credit card as well as a card with additional provisions to help build credit. For business owners with a limited or poor credit history, the Credit Enhancement Credit Card gives cardholders all the benefits of the card while they improve their credit. In just twelve months, small business owners can, subject to credit approval, seamlessly switch from a secured to an unsecured card, a unique feature in the market.

“Small businesses are the backbone of our communities, but too often they face significant barriers to getting the resources they deserve, especially if the owners come from underserved communities,” said Linda Kirkpatrickpresident for North America at MasterCard. “The launch of the Hello Alice Small Business Mastercard is an important step in our mission to build a more inclusive digital economy by providing small businesses with the financial tools and capital they need to thrive, while advancing our commitment to half a billion dollars to help close the racial wealth and opportunity gap for black communities.

The card is part of Hello Alice’s Fair Access to Capital program, a commitment to ensure that all small businesses have access to the capital they need to grow the sustainable businesses that fuel the national economy. The program provides all the financial products, tools and training to help owners scale their business, including its own grant fund providing security deposits to owners of high-potential but credit-challenged small businesses. By 2025, Hello Alice estimates that approximately $70 million in grants could fund credit improvements for approximately 30,000 business owners, unlocking up to $1 billion in access to credit.

Entrepreneurs who are women, people of color, members of the LGBTQIA+ community, veterans, or people with disabilities continue to face barriers to accessing the capital they need to succeed over the long term. In the last Small Business Access to Capital Study supplemented by Hello Alice*, seventy-eight percent of small business owners say access to capital limits their ability to manage day-to-day operations, with black (84%) and multiracial (82%) owners over-indexing on this claim. Eighty-nine percent of owners say access to capital limits the growth potential of their business. The added stress of the pandemic and its lasting effects continue to impact small businesses. In a recent Hello Alice Survey of Black Business Owners, 34%** of Black owners cited raising capital as their biggest obstacle in 2022.

“FNBO has been committed to helping small businesses succeed for 165 years, and we are proud to partner with Hello Alice and Mastercard in this vital initiative to uplift all small businesses,” said Jerry J. O’FlanaganExecutive Vice President, Partner Client Segment at First National Bank of Omaha.

Hello Alice serves a diverse community of business owners across the country. About 68% of the owners are BIPOC, 63% are women and 17% are affiliated with the military. For small business owners who want to learn more about the card, please visit https://hialice.co/meet-the-card.

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