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American Express® Launches New Fully Digital Business Checking Account for U.S. Small and Mid-Sized Businesses, with First-Ever Amex-Issued Debit Card

October 29, 2021 (updated October 29, 2021) Published by BusinessWire

Earn $300 deposit as a welcome bonus¹ with a new Business Checking account
Earn interest on balances up to $500,000 with a competitive APY of 1.1%²
No monthly maintenance fees or minimum balance requirement
Full-service digital banking that makes it easy to access and manage your checking account, while also connecting to existing American Express Cards

NEW YORK–(BUSINESS WIRE)–American Express^® (NYSE: AXP), the leading small business Card issuer in the U.S.³, today introduced its new Business Checking account designed for small and mid-sized (SME) businesses. This fully digital Business Checking account offers a secure, high-yield, and low fee digital banking experience with a competitive APY of 1.1% on balances up to $500,000². The checking account connects with existing American Express Credit Cards and comes with a Business Debit Card, the first to be issued in the U.S. by American Express.

“We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer first, full-service digital business checking account that makes cash management easy, processes a range of payment types and earns high-yield interest on balances up to $500,000. Plus, customers will soon be able to earn and redeem Membership Rewards^® points,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express. “This is business checking with the best of American Express – security, service and rewards they can invest back into their business.”

In early 2022, Business Checking customers will be able to earn Membership Rewards^® points and redeem them for deposits into their Business Checking account⁴.

The announcement further expands American Express’ small business offerings within and beyond the Card, building on its acquisition of Kabbage, a FinTech providing small business cash flow solutions.

U.S. small and mid-sized businesses can now apply for the new Business Checking account in as little as 10 minutes and, if approved, receive all the initial features listed below:

Welcome Bonus: New Business Checking customers will earn a $300 deposit as a welcome bonus¹.
Competitive APY: Benefit from high-yield APY of 1.1% on balances up to $500,000².
No Monthly fees: Enjoy $0 monthly maintenance fee and no minimum balance requirement.
ATM Access via Moneypass: American Express has also partnered with MoneyPass^® to offer a network of 37,000 fee-free ATMs to Business Checking customers for ATM cash withdrawals and balance inquiries.
Supports multiple transaction types: Access a full suite of payment options to receive and transfer funds including Debit Card, Bill Pay, ACH, Wire transfers and Check.
Connected Membership Features: View your existing American Express Cards and your Business Checking account all in one place. Starting in 2022, Business Checking customers will be able to earn Membership Rewards points and redeem them for deposits into their Business Checking account⁴.
Fast onboarding process: Apply and get a decision in as little as 10 minutes – all without needing to step foot into a bank branch.
Simple and intuitive app functionality: Manage your account via a full-feature, one-stop iOS app, including mobile check deposit capability.
View-based access: Provide members on your team with access to view your Business Checking account. Additional role-based functionalities to come in 2022.
Trusted customer service: Access to 24/7 support and American Express specialists, just a call or click away.

To learn more about American Express Business Checking or to apply, visit americanexpress.com/en-us/business/checking.

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.

Source: American Express Company

Location: U.S.

___________________________

¹ Upon completing qualifying activities

² APY and cap subject to change

³ Nilson Report for non-American Express purchase volume in 2020; American Express based on internal data

⁴ Details about important redemption limitations and other terms coming soon

Contacts

MEDIA
AMERICAN EXPRESS
Taylor Grip

Taylor.e.grip@aexp.com

American Express’ Coalition to Back Black Businesses Awards $25,000 Enhancement Grants to 25 Black-Owned Small Businesses

July 21, 2021 (updated July 21, 2021) Published by BusinessWire

NEW YORK–(BUSINESS WIRE)–American Express (NYSE: AXP) today announced that the Coalition to Back Black Businesses will award 25 Black-owned small businesses from the Coalition’s 2020 grant program an additional $25,000 enhancement grant to support their long-term success and resilience. Approximately 60% of the grant recipients were Black women-owned small businesses and 75% were Black-owned businesses with six or fewer employees.

“My business and life have done a full 180 since receiving support from the Coalition to Back Black Businesses program,” said Deandre Wade, owner of Fresh Sportswear, a small business in Antioch, TN that designs and manufactures custom uniforms for sports teams, with a focus on youth. “With the enhancement grant, I will be moving my business out of my living room and purchasing the tools and equipment needed to begin mass-producing our products.”

Established in September 2020, the Coalition to Back Black Businesses is a multi-year grantmaking and training initiative with an initial $10 million commitment to help support and empower Black-owned small businesses. Through 2024, the Coalition will distribute $5,000 grants to qualifying Black-owned small businesses each fall and will provide the opportunity to apply for select $25,000 enhancement grants the following spring. In addition, the Coalition is providing grant recipients with exclusive access to mentorship programs, training and online resources to help them grow and manage their businesses.

American Express established the Coalition to Back Black Businesses, a first-of-its-kind collaboration with the U.S. Chamber of Commerce Foundation and four major Black chambers, including the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy. The AIG Foundation℠, Altice USA (Optimum & Suddenlink), Cummins Inc., Dow, and Stanley Black & Decker joined the effort as partners, contributing additional funds and resources to help advance the Coalition’s work.

In its first year, the Coalition partners distributed 600 grants to Black-owned small businesses located in 33 states. The initial funds supported a wide range of critical business needs including paying employees, repaying debts, covering rent and utility bills, developing e-commerce capabilities, funding PPE purchases and expanding or pivoting business models. Grant recipients from 2020 were invited to apply for additional funds through the enhancement grants to help sustain and grow their businesses.

“The Coalition to Back Black Businesses gave us an opportunity to re-invest back into our business through marketing and advertising,” stated Melissa Hyles, owner of Oak Tree Financial and Tax Services, a family-owned financial services firm that has served the Rancho Cucamonga, CA area for over 25 years. “With the first grant of $5,000, we were able to update our website, which allowed us to have a much more visible presence on the internet. We plan on using the $25,000 enhancement grant to continue investing in marketing, opening a second location, and starting a mentorship program for our community so that we can pay it forward and give back.”

25 RECIPIENTS OF THE ENHANCEMENT GRANTS

American Express worked closely with the U.S. Chamber of Commerce Foundation and a selection board comprised of Coalition representatives to select the 25 grantees from across the U.S. The 25 Black-owned small businesses hail from 14 states and across 9 industries, with the largest percentage of grants awarded to small businesses in the trade and services, retail and healthcare industries. The leading reasons for requesting an enhancement grant included developing a stronger online presence, relocating to a larger physical space and increasing marketing efforts.

The full list of grantees includes:

Business Name (Industry)	Location	Owner
424 Fashionz LLC (Sales)	Duluth, Georgia	Delores Salley
Alexandria Primary Care Clinic (Healthcare & Medical)	Alexandria, Louisiana	Melanie LaCour
Be-Moor Radio, L3C (Advertising, Arts & Media)	Detroit, Michigan	Dennis Talbert
Daemarii’s Unique Boutique, LLC (Sales)	Macon, Georgia	Virginia Sharp
Dancing with the Nordés, LLC (Education & Training)	Lansing, Michigan	Tiffany Nordé
Elk City Auto Spa (Trades & Services)	Charleston, West Virginia	C. Anthony Parker
Everybody’s Juice (Food and Beverage)	Washington DC	Najee Ellerbe
Excel Cleaning Services (Trades & Services)	Nashville, Tennessee	Caryn Clopton
Fresh Sportswear (Sport & Recreation)	Antioch, Tennessee	Deandre Wade
Genesis Printing Co, Inc. (Trades & Services)	Jacksonville, Arkansas	Goldman Jackson Jr.
Hands N Harmony (Trades & Services)	Universal City, Texas	Nancy Brewington
Harness Innovation (Education & Training)	Detroit, Michigan	Sean Harness
Heartsleeve (Sales)	New Orleans, Louisiana	Bernie January Jr.
Hope Pharmacy Inc (Healthcare & Medical)	Richmond, Virginia	Shantelle Brown
Impact 4 Change, PLLC (Healthcare & Medical)	Houston, Texas	Catherine Mukes
Julia Lynn Productions Inc (Education & Training)	Bronx, New York	LaVerne Bowen
Keeping It Clean Commercial Cleaning (Trades & Services)	Saginaw, Michigan	Cecilia Webb
L & R Human Resource Consulting, LLC (Human Resources)	Bossier City, Louisiana	Mary Webber
Lamik, Inc (Sales)	Houston, Texas	Kim Roxie
Let’s Go Outdoors (Education & Training)	Cheltenham, Pennsylvania	Tarsha Scovens
Oak Tree Financial and Tax Services (Banking & Financial Services)	Rancho Cucamonga, California	Melissa Hyles
Paradigm Dental Center LLC (Healthcare & Medical)	Memphis, Tennessee	Christina Rosenthal
TBM Logistics (Sales)	Raeford, North Carolina	Thomas McMillan
The Suite Service (Trades & Services)	New York City, New York	Jessica Ogonor
Tonnie’s Minis (Food and Beverage)	Newark, New Jersey	Tonnie Rozier

Learn more about the winners and positive impact this funding will have on their businesses at www.webackblackbusinesses.com/recipients.

This September, more eligible U.S. Black-owned small businesses will have the opportunity to receive support, when applications open for the Coalition to Back Black Businesses’ 2021 grants. Please visit www.webackblackbusinesses.com for more details.

About American Express’ Continued Support for Black-Owned Businesses

In the fall of 2020 American Express announced a $1 billion action plan to enhance diverse representation and promote equal opportunities for colleagues, customers and communities. As part of this commitment, by the end of 2024 the company plans to provide financial support and education to at least 250,000 Black-owned small and mid-sized businesses. Among the company’s previously announced initiatives aimed to support Black-owned businesses are the “100 for 100” program for Black women entrepreneurs, the Coalition to Back Black Businesses grant program, a $1+ million grant program for “Backing Historic Small Restaurants” with a focus on those owned by underrepresented groups, a $40 million investment to the non-profit lender Accion Opportunity Fund to provide loans and resources to underfunded small business owners and an expanded ByBlack national certification and directory platform developed by the U.S. Black Chambers, Inc. exclusively for Black-owned businesses.

Business owners can learn more about these American Express initiatives, resources and more here.

ABOUT AMERICAN EXPRESS

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

ABOUT THE COALITION TO BACK BLACK BUSINESSES

American Express established the Coalition to Back Black Businesses in September 2020 with a $10 million commitment to fund a grant program, over four years, to help Black-owned small businesses recover from the disproportionate impact of COVID-19.The grant program is administered by the U.S. Chamber of Commerce Foundation, in partnership with the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy. The U.S. Chamber of Commerce Foundation is a private sector 501(c)(3) charity affiliated with the U.S. Chamber of Commerce and is not a government agency.

Source: American Express Company

Location: U.S.

Contacts

AMERICAN EXPRESS
Sarah Abebe

Sarah.Abebe@aexp.com

American Express Commits More Than $100 Million to Inspire Consumers to Support Small Businesses Globally Through its Year-Round Shop Small® Campaign

June 23, 2021 (updated June 23, 2021) Published by BusinessWire

Shopping Small on Summer Weekends Can Help Inject over $27 Billion into the National Economy

NEW YORK–(BUSINESS WIRE)–American Express (NYSE: AXP) announced that it is launching its new “Let’s Go Shop Small” campaign with a more than $100 million commitment to inspire consumers to support small businesses globally through its year-round Shop Small campaign¹. As part of its year-round Shop Small movement, the new campaign builds on its commitment last year to help further encourage U.S. consumers to Shop Small to support local businesses as they continue to recover. In addition to encouraging consumers to Shop Small with Shop Small offers, American Express is supporting small businesses digitally in collaboration with Pinterest and continuing to help Black-owned small businesses to recover through the Coalition to Back Black Businesses.

A new Shop Small Summer Study from American Express revealed that almost half of survey respondents (47%) say they are concerned about their business’ profits over the next few months when their regular customers travel during the summer. According to the study, shopping small over summer weekends alone can help inject $27 billion into the national economy².

In 2020, American Express rolled out its largest ever global Shop Small campaign with a $200 Million commitment to help jumpstart spending at small businesses hurt by the pandemic³. This global effort has become an annual focus, with more than a dozen countries participating this year to provide continued support to their small business communities.

“Local businesses like retail shops, restaurants and personal services were severely impacted by prolonged lockdowns since last year, and they continue to need our help in order to make up for lost revenues,” said Elizabeth Rutledge, Chief Marketing Officer, American Express. “This is why we are committed to keeping shopping small top of mind for consumers as they get back out, during summer weekends, which are typically peak shopping moments for businesses and consumers alike.”

SHOP SMALL OFFERS FOR CONSUMERS AND MERCHANTS

American Express is making it easy to identify how to support small merchants through a curated list of Shop Small Amex Offers for eligible Card Members through the online hub⁴. U.S. Consumer Card Members will be able to find offers that are redeemable at small businesses, whether locally or during their travels, as the study found 75% of consumers that responded to the survey would shop with small businesses more often if there were more ways to do so. Consumers can also find Amex accepting independent retailers near them and across the nation by visiting the American Express Shop Small Map. From savings on tools to help with marketing, operations and more, merchants can also access a suite of offers to help them get their business ready for summer foot traffic here.

SUPPORTING SMALL BUSINESSES DIGITALLY

In addition to supporting local shops and restaurants, American Express is teaming up with Pinterest to launch the first-ever digital Shop Small Summer Pinterest Shop to drive consumer awareness and support for independent businesses nationwide, which are increasingly adopting digital platforms to sell their goods. Pinterest reported that searches for “how to support small business quote” have increased more than 50% as Pinners look for individual makers and small businesses to support online⁵. The digital Shop Small Summer Pinterest Shop will help consumers discover and shop products from Amex accepting small businesses and feature unique seasonal items from categories consumers are pinning now, including outdoor, fashion, beauty, and home essentials.

“Our customers are the heart of our business and without them, we wouldn’t be able to support the amazing small designers featured in our shop,” said Helena Barquet and Fabiana Faria, co-founders of Coming Soon NY. “We’re excited to be working with American Express and Pinterest to draw attention and support for the independent designers in our store. It’s never been more important to support independent designers, because it not only means supporting the future of design but the larger community, as well.”

CONTINUING THE SUPPORT FOR BLACK-OWNED SMALL BUSINESS RECOVERY

American Express is continuing its support of the Coalition to Back Black Businesses – a collaboration between the U.S. Chamber of Commerce Foundation and four major Black chambers formed in 2020 with a $10 million commitment to provide Black-owned small businesses with a series of grants, mentorship and training programs through 2024.

The program supported 600 Black-owned businesses last year and this July, 25 businesses from the 2020 cohort will receive an additional $25,000 enhancement grant from the Coalition to further support their business needs. American Express is also pleased to share that the 2021 cohort application will open to eligible U.S. Black-owned businesses this coming September. Please visit www.webackblackbusinesses.com for more details.

American Express and the U.S. Black Chambers, Inc. – one of the four major Black chambers that’s part of the Coalition to Back Black Businesses – are also working together to launch an expanded ByBlack, the only national certification exclusively for Black-owned businesses and an extensive national directory. Black-owned businesses will gain more opportunities to reach new customers, plus gain access to business education and resources, through the no-cost, digital ByBlack platform. ByBlack also provides a way for both consumers and large corporations to find and buy from U.S. based Black-owned businesses.

ABOUT AMERICAN EXPRESS

Key links to products, services and corporate responsibility information: personal cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

ABOUT SHOP SMALL

Shop Small is an international movement to support small, independent businesses and call attention to the valuable and distinct contributions they make to their communities and the economy. Shop Small celebrates small businesses ranging from retail stores and restaurants to fitness studios and salons, and everything in between. The Shop Small movement was spurred by the widespread participation in Small Business Saturday®, a day founded in 2010 by American Express in the U.S. This national holiday shopping tradition is dedicated to celebrating small businesses and driving more customers through their doors on the Saturday after Thanksgiving. Learn more and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday.

AMERICAN EXPRESS SHOP SMALL SUMMER STUDY METHODOLOGY

Consumer data is based on a survey of 1,004 Americans. The anonymous survey was conducted online May 24-26, 2021. Data was weighted to reflect the demographic composition of the 18+ population of the U.S. based upon gender, age, education, race and region. Small business owner data is based on an online study conducted among 500 small business owners/managers in the U.S. whose businesses involve arts/entertainment/recreation, retail trade, restaurant/bar/coffee shop/hotel/hospitality, or personal services. Respondent companies must conduct sales in a physical location. The sample for the study came from an online panel. The anonymous survey was conducted online May 27 through June 9, 2021

Source: American Express Company

Location: U.S.

¹ Our commitment of more than $100M supports Card Member offers, as well as marketing to encourage customers in select countries to support small businesses in 2021.

² The analysis of the 2021 small business economy, and impact from weekend spending, was conducted by Econsult Solutions, Inc. (ESI). ESI calculated the number and composition of small businesses in the US in Q1 2021 using data from the U.S. Census Statistics of US Businesses and the Bureau of Economic Analysis. ESI also estimated spending among all US small businesses in select industries using survey data from Teneo on estimated revenue at small consumer-facing businesses during an average weekend during the summer of 2021. Further, ESI used input-output analysis for the entire U.S. to calculate the additional economic impact that is generated nationally as the result of the spending of small business employees and the spending of the small business with suppliers and service providers.

³ Our commitment of more than $200M supported a Card Member offer and the associated marketing campaign to encourage American Express® Card Members in select countries around the globe to Shop Small in their local communities and online.

⁴ Amex Offers vary by Card Member. Offers available to eligible Card Members for limited times and are subject to change. Terms vary by offer; in some cases, enrollment limited. Log into your American Express Card Account to view and enroll in your offers. Terms apply. Card Members can learn more at https://amex.co/3ePtsW4.

⁵ Trends are calculated by comparing normalized searches May ’21 to May ’20; global

Contacts

AMERICAN EXPRESS
Megan Hunsicker

megan.c.hunsicker@aexp.com

DAY ONE AGENCY
Keri Fitzpatrick

keri@d1a.com

Tag: American Express

American Express® Launches New Fully Digital Business Checking Account for U.S. Small and Mid-Sized Businesses, with First-Ever Amex-Issued Debit Card

American Express’ Coalition to Back Black Businesses Awards $25,000 Enhancement Grants to 25 Black-Owned Small Businesses

American Express Commits More Than $100 Million to Inspire Consumers to Support Small Businesses Globally Through its Year-Round Shop Small® Campaign

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