Women-owned businesses represent nearly one-fifth of Canada’s private sector and are outpacing their peers in innovation, yet they continue to face significant hurdles in accessing capital and scaling. To help bridge this divide, Mastercard has launched the fourth annual Mastercard Small Business Fund, offering ten women entrepreneurs $10,000 CAD each alongside critical mentorship and digital resources.
We sat down with Nishant Raina, Vice President, Small and Medium Enterprises at Mastercard Canada, to discuss how this fund empowers entrepreneurs to transform market uncertainty into opportunity. From the “Priceless Experience” in Toronto to the newly expanded Small Business Navigator suite, Nishant shares how Mastercard is dedicated to building a sustainable economy where women-led innovation can reach its fullest potential. —Noa Nichol
With women entrepreneurs representing one-fifth of private sector businesses in Canada but still facing heightened challenges in securing financing, what is the most significant “unseen” barrier preventing these businesses from scaling at the same rate as their male-led counterparts?
Small businesses fuel our economy and inspire innovation across the country, which is why Mastercard is dedicated to providing all small business owners with tangible support to help them grow to their fullest potential.
Like most small businesses, women-owned small businesses often face challenges that come with rising costs and limited resources. Key barriers such as limited access to capital and resources that support their business growth are one of the most significant. According to a study done by the Canadian Federation of Independent Business, roughly 51% of women owned business owners reported challenges accessing financing for their business, and 22% of financing applications from women-owned firms were rejected compared with 15% total, highlighting the disproportionate barriers women face in securing capital. That said, at Mastercard, we know that scaling requires more than funding alone. It requires mentorship, access to community, and the right resources to navigate uncertainty and seize new opportunities. Through the Mastercard Small Business Fund, we are empowering small business growth through connection by providing funding and resources that equip women small business owners for long-term success.
The Mastercard Small Business Fund offers a combination of a $10,000 grant and tailored mentorship; in your experience, how crucial is that “human capital” (mentorship and guidance) compared to the raw funding in ensuring a small business survives market uncertainty?
Access to capital is important, but the tailored mentorship and community-focused resources the Fund provides is a huge part of what creates meaningful, lasting impact for these women small business owners. Building community is consistently one of the top needs we hear from small business owners we work with, and we see the impacts in action through the Small Business Community events and initiatives we host throughout the year. Providing opportunities to build community gives small business owners the chance to form meaningful business connections, openly discuss common challenges and share practical solutions that help them move forward with confidence.
The Mastercard Small Business Fund is designed to offer solutions to help make running a business easier, so owners can focus on the things that matter most: their customers and their growth. By pairing financial support with mentorship, community and resources for innovation, we are equipping women entrepreneurs with the tools they need not only to manage change, but to grow through it.
As we enter the fourth year of this fund, how has the “economic and market uncertainty” shifted for Canadian women-owned businesses, and what specific growth opportunities are you seeing them unlock with this $100,000 total investment?
Now in its fourth year, the Fund continues to reflect Mastercard’s ongoing commitment to supporting small businesses at every stage of their journey. In today’s unpredictable market, where managing cash flow is more important than ever, access to timely funding can provide critical flexibility and stability for growing businesses. Over the years, we often see recipients use the funds for scaling operations, marketing initiatives, new product research and testing out new markets, uncovering opportunities that were once seemingly out of reach.
Recipients will take part in a Priceless Experience in Toronto focused on shared learnings; why is fostering a peer-to-peer network for women entrepreneurs just as vital for the Canadian economy as providing individual grants?
Community and connection are powerful catalysts for growth. The Priceless Experience in Toronto will bring women small businesses together to share insights, learnings and experiences, and that will strengthen not only their own businesses, but also Canada’s broader small business ecosystem. We have seen examples of recipients from the same cohort who’ve connected at previous Mastercard Priceless Experiences and go on to form business deals, supporting both of their growth journeys. Peer networks foster collaboration, spark innovation and build community and relationships that extend far beyond a single grant cycle, often translating into tangible partnerships and in some cases new revenue opportunities.
Looking back at the past three years of this program, what is one success story that illustrates how a Mastercard Small Business Fund recipient leveraged these resources to transition from a “budding entrepreneur” to a major player in Canada’s innovation landscape?
The Fund’s impact can be seen in the success stories of past recipients who have expanded operations and achieved milestones that were once beyond reach.
One example is Helen Yin, Founder of Inoki Bathhouse and Fund recipient in 2023 who has been able to unlock meaningful growth opportunities for her business. Since receiving the grant, Inoki Bathhouse expanded into the world’s most renowned luxury hotel spas, including the Four Seasons, Ritz-Carlton and the St. Regis, with another major luxury partnership in the works overseas. In addition, the company has grown from Helen working as the only full-time permanent staff to six full-time team members across their core business and bath-making operations, helping to transform all packaging to be retail-ready!
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