American Express Launches Grant Program to Back Independent, Small Restaurants around the World
October 19 2021 - 11:00AM
Business Wire
American Express (NYSE: AXP) today announced the launch of
“Backing International Small Restaurants”, a new grant program to
support culturally-significant, independent restaurants owned by
individuals from underrepresented groups in five major cities:
London, Mexico City, Sydney, Tokyo, and Toronto. American Express
has committed US $500,000 to this program, which will be
administered in partnership with the International Downtown
Association (IDA) Foundation. This is the first grant the IDA
Foundation has ever received. Building on “Backing Historic Small
Restaurants”, a recent $1 million grant program that supported
historic restaurants across the United States, this new initiative
takes the company’s efforts to support small and independent
restaurants to the international stage.
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American Express "Backing Historic Small
Restaurants" Grantee Chinatown Garden in Washington, D.C. (Photo:
Business Wire)
The selected restaurants will receive up to US $15,000 each to
help them recover from the effects of the pandemic and to make
critical improvements needed to sustain their operations such as
enhancing digital capabilities, building outdoor dining spaces, and
making other physical improvements. “Backing International Small
Restaurants” aims to highlight the important role these businesses
play in their communities and provide them with the support to stay
open for years to come.
“Local restaurants not only enliven our neighborhoods, they are
also a reflection of the rich, diverse histories and cultures of
our communities and cultivate our sense of belonging,” said
Jennifer Skyler, Chief Corporate Affairs Officer, American Express,
and Chair of the American Express Foundation. “We are proud to
expand our efforts of backing small restaurants to iconic cities
around the world through this grant, as we continue to foster the
small business economy and vibrant communities around the
world.”
The IDA Foundation will work with local place management
organizations in each city, such as business improvement districts
or downtown partnerships and alliances, to select the grant
recipients in focus districts. Restaurants must currently be open
for business and owned or operated by individuals in each city. The
“Backing International Small Restaurants” program will also provide
financial support directly to the place management organizations in
each city that will assist with identifying the local grant
recipients.
"We are able to implement this groundbreaking work thanks to the
generous support of American Express," said David Downey, Executive
Director, IDA Foundation. "We must do everything we can to build
these businesses back up following the devastating economic
consequences resulting from the COVID-19 pandemic, and that means
infusing our local mainstays with as much direct assistance as
possible. Not only will Backing International Small Restaurants
help small businesses thrive, but it also will play a role in
furthering diversity, equity and inclusion—a key objective of the
IDA Foundation."
The IDA Foundation is the new nonprofit arm of the International
Downtown Association, a Washington, D.C.-based organization
empowering place management leaders with knowledge, research, and
public policies for creating prosperous city centers, commercial
neighborhoods and livable urban places for all.
“Backing International Small Restaurants” expands American
Express’ support for local, independent restaurants. In February
this year, the company announced a similar program in the United
States, “Backing Historic Small Restaurants” to support the
recovery and long-term success of historic small restaurants in the
U.S. with $1 million in funding. Both programs are an extension of
American Express’ Shop Small movement, a global effort to spotlight
and support small, independent businesses. More about these
historic restaurants’ stories and this initiative can be found on
Resy.com, which partnered to help support the campaign.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: personal cards, business cards, travel services, gift
cards, prepaid cards, merchant services, Accertify, Kabbage, Resy,
corporate card, business travel, diversity and inclusion, corporate
responsibility and Environmental, Social, and Governance
reports.
ABOUT IDA FOUNDATION
The IDA Foundation is a charitable nonprofit organization
working in collaboration with the International Downtown
Association to provide education, research, and support for urban
renewal and development. For more information, please visit
downtown.org.
Source: American Express Company
Location: U.S.
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version on businesswire.com: https://www.businesswire.com/news/home/20211019005868/en/
AMERICAN EXPRESS Randi Friedman
Randi.L.Friedman@aexp.com
Sarah Abebe Sarah.Abebe@aexp.com
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