--- description: Breaking news and analysis from time.com. Politics, world news, photos, video, tech reviews, health, science, and entertainment news. title: Small Businesses, Big Impact: Unlocking Inclusive Growth in a Digital World image: https://static.time.com/v3/assets/bltea6093859af6183b/blt1070e7b52ee83e38/6a4b52296338029ec31b1b7b/9F8B8134969F4FDDA396F3D5F64CF342.jpeg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 --- # Small Businesses, Big Impact: Unlocking Inclusive Growth in a Digital World  By Mark Barnett and Shamina Singh An under appreciated universal truth is that small and medium-sized enterprises (SMEs) power the global economy. According to the World Bank, they account for 90% of all businesses worldwide, generate over 70% of employment, and contribute nearly 50% of global GDP. Communities depend on local entrepreneurs to create jobs and build connections. When SMEs thrive, communities prosper. When they struggle, economies falter. Supporting them isn’t just good business—it’s essential for inclusive growth. **That’s why we all have a stake in supporting these businesses and making sure they have the resources to thrive in our fast-evolving digital economy.** At Mastercard, we work every day to help small businesses succeed—from empowering microentrepreneurs to digitize their first transactions to providing solutions that help established owners streamline operations and scale. Because when small businesses win, everyone wins. Though the specific needs of each SME is unique, the challenges they face are strikingly similar. A lack of access to capital. Vulnerability to cyber threats. Difficulty keeping pace with the rate of digitalization. We hear these stories everywhere—from a snack shop owner in Vietnam to a farmer in Uganda to a smoothie bar owner in the Mississippi Delta. At the top of almost every entrepreneur’s wish list is easier access to affordable financing—in fact, it’s the [#1 barrier to growth](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=9d0bc210-90b9-48a9-ae67-822d679faf33&ntv%5Fa=%5FioKAP791A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=-2026667758&ntv%5Fht=%5Fz4JagA&prx%5Fr=https://www.mastercard.com/us/en/news-and-trends/Insights/2023/small-and-medium-enterprises-are-big-business.html "undefined") for SMEs globally. For new businesses, the lack of documentation, digital identity, credit history, or collateral makes qualifying for loans difficult. Digitizing payments is a powerful first step—it builds financial credibility and unlocks new financing opportunities. But these challenges don’t disappear as small businesses scale. There’s also a “missing middle” phenomenon - businesses too large to qualify for microfinance loans but still too small or informal for commercial banks. These businesses need tools for expense management, cash flow optimization, and secure operations to scale successfully. To address this, Mastercard introduced the [Mid-Market Accelerator](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=9d0bc210-90b9-48a9-ae67-822d679faf33&ntv%5Fa=%5FioKAP791A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=-2026667758&ntv%5Fht=%5Fz4JagA&prx%5Fr=https://www.mastercard.com/us/en/news-and-trends/press/2025/february/mastercard-launches-new-product-innovation-to-address-unmet-needs-of-the-middle-market.html "undefined"), enabling financial providers to serve this overlooked, but critical, segment. In fact, these mid-sized businesses collectively spend [$24.2 trillion](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=9d0bc210-90b9-48a9-ae67-822d679faf33&ntv%5Fa=%5FioKAP791A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=-2026667758&ntv%5Fht=%5Fz4JagA&prx%5Fr=https://www.mastercard.com/content/dam/mccom/shared/news-and-trends/insights/2023/middle-market-businesses-are-a-growth-engine-for-the-economy/file/PDF.js%20viewer.pdf "undefined") worldwide, according to Kaiser Associates. But addressing these gaps requires more than innovative products—it calls for collaboration. Through Mastercard Strive, a program led by Mastercard’s social impact arm, the Center for Inclusive Growth, we help entrepreneurs learn the skills they need to succeed in business, connect to networks that unlock greater opportunity and partner with lending institutions to provide catalytic funding that can mean the difference between an SME closing shop or opening a second store front.  In the [United States](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercard.com/us/en/business/industry-segment/small-medium-business/strive.html "undefined"), Mastercard Strive has helped community development financial institutions (CDFIs), community banks, credit unions and others unlock $47B in loans being disbursed to SMBs. In [India](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercard.com/news/ap/en-in/newsroom/press-releases/en-in/2021/october/hdfc-bank-mastercard-usaid-and-dfc-launch-100-million-credit-facility-for-micro-small-and-medium-enterprises-msmes-in-india/ "undefined"), the program launched a $100 million credit facility that, to date, has provided loans to over 7000 small businesses that had never received commercial loans. In [Peru](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercardcenter.org/insights/article/give-her-credit-expanding-womens-access-to-finance "undefined"), we helped redesign loan products to remove spousal co-sign requirements. Since 2020, Mastercard Strive has reached more than 19 million small businesses globally. Another successful model comes when small businesses connect to the power of the digital economy, making it easier for them to expand their customer reach, streamline operations, and build long-term resilience. This can mean enabling payment acceptance through digital wallets or QR codes, so businesses don’t miss out on sales in an increasingly cashless world. Mastercard’s [Pay Local](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercard.com/us/en/news-and-trends/press/2024/november/mastercard-launches-pay-local-to-empower-digital-wallet-providers-with-new-ways-to-pay.html "undefined") initiative takes this a step further by allowing cardholders to link their cards to participating local digital wallets to shop at merchants – helping SMEs extend their reach to customers. It also means partnering with fintechs and consumer packaged goods (CPG) companies to replace outdated cash-on-delivery practices with secure, card-based payments—helping micro-retailers build credit histories, earn rewards, and strengthen their financial footing. We are forging [strategic partnerships](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercard.com/us/en/news-and-trends/stories/2025/cashing-out--how-big-consumer-goods-brands-can-be-key-to-digitiz.html "undefined") with brands like CBC in Latin America to integrate digital payment solutions into the environments where small businesses already operate—empowering them to transact securely and unlock new growth opportunities. Too many SMEs are held back by their dependence on cash and, most critically, their lack of access to credit. By closing the digital gap, we not only enable payment acceptance and operational efficiency but also create the foundation for building credit histories. This gives businesses the financial tools they need to secure funding, keep growing, and shape tomorrow’s economy. Inclusive economic growth starts with empowering small businesses. Now is the time for all of us—industry leaders, fintech innovators, financial institutions, and community advocates—to join forces. Together, we can fuel innovation, strengthen communities, and create an economy that works for everyone. Let’s act today—because when small businesses thrive, economies everywhere rise. [Shamina Singh](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercardcenter.org/people/shamina-singh "undefined") is founder and president of the Mastercard Center for Inclusive Growth and the EVP for Sustainability at Mastercard, where she leads the company’s global social and environmental impact strategy. [Mark Barnett](https://jadserve.postrelease.com/trk?ntv%5Fat=4&ntv%5Fui=85d2c26a-4652-4b1b-a615-b9f307310599&ntv%5Fa=%5FioKAPr91A7icRA&ntv%5Ffl=CF4se3gYGjAPzQcMJoAeWah-7AoE646eHlCds9z5ruO0PV6s9-rqNUTCI93GKsOtkKZmBdJU6NSjzEG73RIUJqOId7JwWfc4sgIgM%5FuSbnOmAstxzJ5cdQuxQQCcZPQaRwKgcNRGZrWm1ntZMX68kQi9M2gkJ%5FUlMA80ieS7PBEYNk9FDKp3iFdJ%5Fg%5F6h6GY7ws4jN3MvPll31SmmvWxPW-pbJWG0JfsmOd9mEwZHrKXbNJUoAHQpoF4bt9wfOo6TdYbC8fI8sW7LtKvO0zI2EETsmvng%5F9lM28mFuHCmFSCn%5FSkX0hf-HQrHaMCobJPZrMz93hHgcbQGmYFPKlVQMaijrvoD74Ku9S7zFzuNn2ZUUT7lLcMBlmJuQo06%5FpcJPlv4oDvuqxUlVvfYlSFCPMnKcXZgumaKlesQFFSp0v27bOgmOuHdbsP3WExwG9xXWDWvtw%5FsiVVxJh2ZxGiHfDTv11n8Gg%5FtTFVcC4s9YS0AlezwIvuVGz7u3bpErtQ&ord=2026911121&ntv%5Fht=qD8JagA&prx%5Fr=https://www.mastercard.com/us/en/news-and-trends/press/executive-bios/mark-barnett.html "undefined") is the Global Head of Small and Medium Enterprises at Mastercard, where he oversees all SME products and solutions. 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