Mastercard Launches Toolkit to Help Community Leaders Drive Sustainable, Inclusive Growth
October 21 2019 - 9:00AM
Business Wire
Groundbreaking Inclusive Growth Toolkit reveals
new insights about the nature and potential of Qualified
Opportunity Zones (QOZs)
Toolkit provides more timely, local data-driven
insights for community leaders to encourage sustainable, long-term
investment
The Mastercard Center for Inclusive Growth is unveiling a
groundbreaking suite of tools that will provide local leaders with
timely data-driven insights on the current state of and potential
for inclusive growth in their communities. The announcement comes
as private and public sector leaders gather in Washington for the
inaugural Global Inclusive Growth Summit.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20191021005221/en/
(Graphic: Business Wire)
For the first time, the new Inclusive Growth Toolkit brings
together a clear, simple view of social and economic growth in
underserved communities across the U.S., at the census-tract level.
This was created in response to growing demand from community
leaders for more evidence-based insights, to help them steer impact
investment dollars to locally-led economic development initiatives,
unlock the potential of neighborhoods, and improve quality of life
for all.
The Inclusive Growth Toolkit includes:
- The Inclusive Growth Score, an interactive online map where
users can view measures of inclusion and growth and then download a
PDF Scorecard for any of the QOZs at census tract level
- A deep-dive analytics consultancy service that provides
community leaders with customized insights to inform policy
decisions, prospectus development, and impact investor
discussions
The initial design of the toolkit is focused on driving
sustainable growth for the more than 37 million people living in
the 8,700+ QOZs throughout the U.S. This comprehensive picture
reveals that neighborhoods can look very different and may require
different types of interventions to achieve successful and
sustainable growth.
To date, stakeholders have often relied on generalized, outdated
sources of information that aren’t connected. This new approach
provides one simple view, bringing together a broad set of sources,
including publicly available information1, firmographic data from
third party data providers and unique and timely insights based on
Mastercard’s anonymized and aggregated transaction data.
“To achieve better outputs we need to ensure better inputs,”
said Mike Froman, chairman, Mastercard Center for Inclusive Growth.
“At Mastercard, we’re working to build a digital economy that works
for everyone everywhere. That requires us to apply the full range
of our assets – from philanthropy and thought leadership to
products, technology, data science and expertise. We are working
hand in hand with community leaders in a collaborative effort to
reimagine growth.”
The Inclusive Growth Score uses 18 different metrics under three
pillars (place, economy and community) to reflect the social and
economic profile of a neighborhood and the potential it may hold.
It also provides a baseline from which to understand change as
investments start to flow. Example metrics include: percentage of
affordable housing, growth in small business loans, growth in
spending and early education enrollment. Scores for both inclusion
and growth can be viewed and compared against all QOZs in the U.S.,
in the same state, in the same metro area, or in the same urban
code.
The methodology was developed with input from the Urban
Institute, the Economic Innovation Group, The Governance Project,
Accelerator for America and the Center of Rural Innovation.
Local Community Engagement
The Mastercard Center for Inclusive Growth has been working with
local stakeholders on-the-ground in their cities to combine
data-driven insights with local knowledge to uncover opportunities,
for example, where there might be spending power but no grocery
stores in a particular neighborhood. These local deep dives are
already helping teams in Erie, Louisville, Chicago, New Orleans and
Oklahoma City to validate or accelerate community investment
programs.
“Initially, outside consultants recommended a 20-25 year
development plan. But thanks to Opportunity Zones and other
factors, such as Mastercard’s data-driven insights, we have
shortened this development plan to 5 years,” said John Persinger,
Erie Economic Development Corporation.
“When we’re trying to create economic activity in challenged
areas, we’re often held back by perceptions,” said Oklahoma City
Mayor David Holt, “but with data like this we can persuasively
communicate a message of potential."
“The insights can help local advocates fight the battle of
perceptions in the developer and investor communities. These
insights are not for what the community was, but for what can be.
It allows us to forecast a better life in these communities,” said
Norman Barnum, chief financial officer, New Orleans Business
Alliance.
The Mastercard Center for Inclusive Growth is also partnering
with Accelerator for America and the Center on Rural Innovation
(CORI) to provide assistance to local leaders in attracting the
most impactful investments for everyone in their communities.
About the Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth focuses on promoting
equitable and sustainable economic growth and financial inclusion
around the world. As a subsidiary of Mastercard, the Center
leverages the company’s data insights, expertise and technology,
along with administering the Mastercard Impact Fund’s philanthropic
investments, to empower a community of thinkers, leaders and
innovators on the front lines of inclusive growth. For more
information and to receive its latest insights, follow the Center
on Twitter @CNTR4growth, subscribe to its newsletter and visit
www.mastercardcenter.org.
###
1 Data from the American Community Survey (ACS)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191021005221/en/
Mastercard Communications: Caroline Niven
Caroline.niven@mastercard.com 914.707.9859
MasterCard (NYSE:MA)
Historical Stock Chart
From Aug 2024 to Sep 2024
MasterCard (NYSE:MA)
Historical Stock Chart
From Sep 2023 to Sep 2024