American Express Launches $1M Grant Program To Aid Small, Historic Restaurants

American Express AXP has teamed with the National Trust for Historic Preservation for a new grant program, “Backing Historic Small Restaurants,” which will provide more than $1 million to the owners of small, historic restaurants impacted by the COVID-19 pandemic.

What Happened: The program will award 25 grants of $40,000, funded by American Express and administered by the National Trust.

Eligible restaurants will need to be independently owned, operating for at least 25 years and located within a historic building or neighborhood.

The restaurants will need to show significant financial hardship due to the impacts of the pandemic and and not have already received significant pandemic-related assistance.

Preference will be given to businesses owned by underrepresented groups, including women and people of color.

As part of the program, American Express’ hospitality technology platform Resy will offer grant recipients one year’s worth of complimentary use of ResyOS, its restaurant management software.

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AT&T Business T and Dell Technologies DELL will each offer each grant recipient up to $5,000 to spend on their respective products and services for digital upgrades.

Also, the nonprofit Main Street America will provide specialized technical assistance on small business marketing strategy through a series of three training webinars and Q&A “ask the expert” opportunities with UrbanMain Marketing Specialists.

The National Restaurant Association and National Restaurant Association Educational Foundation will also offer access to virtual educational tools and training to the 25-awarded restaurants and up to 75 nominees.

Why It’s Important: According to the gourmand magazine Bon Appetit, the food and beverage industry accounted for one in four jobs lost during the pandemic, which is greater than any other sector of the U.S. economy.

The National Restaurant Association released a survey in December that found 17% of U.S. restaurants — approximately 110,000 businesses — closed during the pandemic, with 10,000 closing in the fourth quarter of 2020. The majority of the closed establishments had, on average, been in operation for 16 years.

“For generations, our nation’s oldest and most historic small restaurants have been safe spaces for customers to share meals, ideas, and their culture,” said Colleen Taylor, president of U.S. merchant services at American Express.

“They are at the heart of our neighborhoods, serve our communities, and help advance cultural and social change for those who live there. Many have stood the test of time, but the pandemic has tested them in ways they could have never imagined. The ‘Backing Historic Small Restaurants’ program will help preserve these spaces not only for their legacy, but also for their earned place in our nation’s future.”

What's Next: Nominations for the program will be accepted through March 9 and the grantees will be announced in May to coincide with National Preservation Month.

Photo courtesy William Helsen/Flickr.