“Latinos open businesses at a rate about 55% higher than their white counterparts, and still have a harder time staying in business and getting the support they need to grow,” said Dawson in a statement. “By launching Forward, we’re eager to help entrepreneurs of color in the retail sector overcome systemic barriers and make their budding businesses grow.” 

Companies such as Square and American Express have long been champions of small businesses, to the point of making it a bedrock of their business models. But initiatives such as Forward can provide tools to support the longevity that has eluded promising ventures started by people of color. 

“While our mission to enable economic empowerment for all has not changed, Forward was launched with the purpose of helping entrepreneurs of color obtain the funding, mentorship and support they need to maintain long-term growth and success,” Weinberg said. “We are committed to increasing equitable access to the economy for Black and Latino small business owners to ensure that they can stay open and thrive by leveraging Square’s products, tools and resources.”

Weinberg also shared with Adweek that the company recently underwent a company-wide effort to make all its products and services available in Spanish. It’s a way to “meet sellers of color where they are and support them as they serve their communities,” she said.