Visa and the SBA Team Up to Host a Hackathon for Small Business Disaster Prep and Recovery

Global payments giant Visa is hosting a three-day hackathon beginning on May 3 that calls on developers to build apps that can help small businesses better prepare for and recover from natural disasters.

According to Visa, small businesses need, on average, over $850,000 to rebuild their businesses after a natural disaster and FEMA has found that 40% of businesses in disaster zones never re-open.

In an effort to change this using technology, developers participating in the hackathon, which is part of National Small Business Week 2019 and being run in partnership with the US Small Business Administration (SBA), can use APIs from the Visa Developer Platform, the Federal Emergency Management Agency (FEMA) and business continuity planners.

Visa is targeting a number of use cases, including apps that help businesses restore their revenue streams, deal with power distruptions and maintain employee payrolls in the wake of a disaster.

The hackathon will take place at the Inclusive Innovation Incubator in Washington DC. Entries will be evaluated by judges from Visa and the SBA. The first-place winner will win a $25,000 prize, with the second and third-place entires collecting $15,000 and $10,000, respectively.

Be sure to read the next Payments article: Mastercard Introduces API-Driven Digital Customer Experience Platform