American Express is introducing a new artificial intelligence (AI) training and education program for small and medium-sized businesses.
The program, announced Wednesday (May 6) in partnership with nonprofit organizations Generation and Scholarship America, is designed to help small and medium-sized businesses incorporate “practical” AI skills into their daily operations.
“AI can be a powerful tool for small and medium-sized businesses when applied in practical, everyday ways,” said Jennifer Schuyler, CEO of American Express. “These initiatives are designed to help small and medium-sized businesses move from exploration to implementation of Gen AI, helping them improve productivity and unlock new growth opportunities.”
Created by Generation, AI Upskilling for Small Business is open to small and medium-sized businesses around the world, with courses offered in English and Spanish and based on real-world applications.
“The pilot program-informed curriculum reflects common operational needs and helps teams quickly apply AI in ways that increase effectiveness,” the release states.
Scholarship America’s Smart Futures for Small Business Scholarship provides eligible U.S.-based small business workers with scholarships to AI certification programs offered by vendors or accredited educational institutions across the United States.
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To complement the training program, the American Express Foundation will award up to $1,000 to eligible U.S. small business employees who plan to take an AI course or certification program.
In other small business news, a recent PYMNTS Intelligence study shows that while these companies rely heavily on credit, their priorities are shifting.
“Access is, of course, important,” PYMNTS wrote last month. “However, many businesses now seem to be focusing on practical features such as installment options, dynamic spending limits, flexible due dates, and card management that reflects how money actually moves within the business.”
This change opens new avenues for issuers, the report added. In a market where many small and medium-sized businesses (SMBs) already feel they can secure credit, product design can mean more than mere approval.
The study found that small businesses don’t spend as much time worrying about whether their new business card will be approved, but rather comparing their options and looking for products that have the potential to offer greater value.
Nearly two-thirds of small businesses said they believed they would be approved for a new business credit card within their desired spending range, and just under 20% said they were likely to be approved for less than the full amount. For small and profitable businesses, that confidence increases to 96.1%.
“It changes the competitive landscape for issuers,” PYMNTS added. “Once approvals are no longer the main concern, features, pricing, and flexibility move to the center of the sales pitch.”
