Synchrony Awards More Than $200K in Grants to Small Businesses as Part of Pillars Project

Company Names Recipients of 2022 Synchrony Pillars Project Grants to Improve Digital Transformation

STAMFORD, Conn., Nov. 1, 2022 /PRNewswire/ -- Synchrony, (NYSE: SYF) a premier consumer financial services company, today announced 21 winners of the Synchrony Pillars Project Grants (#Pillars). Launched in 2016, Synchrony's small business grant program has honored entrepreneurial retail owners and health and wellness providers who have risen above in times of change. This year the company will help small businesses address digital transformation through a total of $210,000 in grant awards. Each grant recipient receives $10,000 and consulting services from Synchrony experts to expand the digital transformation of their business.

Small businesses today face multi-layered challenges, including supply chain chaos, inflation, talent wars, and continued impacts from the pandemic. This year, Synchrony's Pillars Project increases its focus on digital transformation for small businesses facing these challenges.

A recent survey¹ found small businesses that are leading in digital transformation saw eight times the revenue growth of small businesses in the earliest stages of their digital efforts. The Pillars Project grants will help the winning small businesses and healthcare providers advance their digital competitiveness through transformational projects, including:

• Increasing their digital capabilities by enhancing website and mobile experiences, search engine optimization, digital marketing, and social media content;
• Updating technology including mobile devices, cybersecurity software, company-based apps, and wireless connections; and 
• Driving brand awareness and enhancing marketing.

Michael Bopp, Synchrony's EVP and Chief Growth Officer, congratulated the winners saying, "Supporting small businesses is foundational to Synchrony's commitment to helping partners grow. With these funds and our experts giving time and talent, small businesses will have the opportunity to accelerate their growth and digital transformation."

Synchrony chose the winners of this year's grants from more than 500 applicants. Synchrony celebrates the following small business leaders who shape their local community and strengthen their economy.

The Pillars Project Grant program was open to both current and prospective partners of Synchrony and CareCredit, a Synchrony Solution, with 30 or fewer employees. This year's application focused on both the vision and transformation of the business – how the business adopted digital tools and processes to adapt to changing needs. The small business winners represent a wide range of industries, including retail (e.g., automotive, bicycle, furniture, flooring, HVAC, jewelry, powersports, and sewing) and health and wellness (e.g., audiology, chiropractic, dentistry, massage therapy, and physicians).

The Synchrony Pillars Project Grant program is one of many ways that Synchrony helps small businesses move forward. Synchrony also offers many innovative, turnkey business tools that enable nearly one million small businesses to manage, market, and grow their businesses, including:

• Financing programs that include a straightforward application process, strong approval rates and loyalty programs.
• Digital tools for retailers and health and wellness providers that Synchrony designed with small business needs in mind.
• Diversity Toolkit to provide small businesses with insight and real-world experience to incorporate diverse best practices into their business.
• Synchrony Connect to help small businesses learn from Synchrony experts and successful peers via webinars, special events, one-on-one consulting opportunities, marketing, and operational leadership expertise.
• Business Schooled podcast series that features small businesses across the country that faced unexpected challenges and how they adapted to survive and thrive.
• Advertising technology to create customized consumer financing advertising and personalized point-of-purchase signage to attract new customers.
• Learning Center to educate retailers and healthcare providers with learning course including how to increase sales through financing, innovation and technology, and how to explain deferred interest to customers.

By the end of 2022, Synchrony will have made Pillars Project grants to more than 80 small businesses and providers across the United States chosen from more than 4,500 applications, with nearly 100 of Synchrony's top experts delivering pro bono services and grants valued at more than $850,000. To learn more about the Synchrony Pillars Project Grant program, please visit https://www.synchronybusiness.com/pillars/index.html.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.

[1] IDC Small Business Digital Transformation survey

Contact:
Lauren Devilbiss
Synchrony
lauren.devilbiss@syf.com
240-814-5825

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SOURCE Synchrony