American Express is attempting to promote independent merchants by starting a Small Business Saturday.
The initiative, which is a joint effort by American Express and the city of New York, will give the first 10,000 businesses who sign up for the program $100 worth of free Facebook advertising.
The credit card issuer also pledges to give consumers who use their cards at stores an additional $25, according to The Associated Press. New York City store managers say the program may help push consumers who may be on the fence about purchases.
“Large retailers have Black Friday and online retailers have Cyber Monday, and now, small business owners will have Small Business Saturday,” American Express CEO Kenneth Chenault told the news provider.
Chenault says Small Business Saturday may not succeed overnight, as Cyber Monday took years of slow growth to achieve noteriety. However, the company says it is committed to pursuing the effort for years to come, the news source says.
Small Business Saturday is scheduled for November 27, the day after Black Friday.