PayPal Launches First Ever Venmo Small Business Grant Program
PayPal announced the Venmo Small Business Grant program, a new program for emerging and small businesses that provides financial grants and mentorship support.
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The program will provide financial grants and mentorship services to 20 new and existing Venmo Business Profile customers.
Each of the 20 businesses selected will receive $10,000 that can go towards covering expenses, such as rent, or helping to digitize and promote their businesses.
According to a U.S. Bank study, 82% of businesses that failed cited cash flow problems as a factor in their failure.
In addition to providing a financial grant, the Venmo Small Business Grant program will provide recipients with access to technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing and more.
These resources will be provided in partnership with PayPal community partners, Start Small, Think Big and Taproot Foundation, along with PayPal and Venmo employees who will provide mentoring, coaching and pro bono services.
“The last two years have been tremendously difficult for small businesses in communities across the United States, like your local dog walker, barber and florist. Nearly 200,000 U.S. businesses have been forced to close because of the pandemic.”Denise Leonhard, Vice President of Venmo
“Small businesses are vital to a healthy economy and thriving communities, and through the Venmo Small Business Grant we can provide much-needed funding and support to help them build resilience, grow and succeed,” added Leonhard.
Given PayPal’s ongoing commitment to advancing racial equity and creating an inclusive economy, the selection process for Venmo Small Business Grants will include special consideration for underrepresented communities.
This builds on PayPal’s 2020 commitment of $535M developed to provide immediate financial relief, sustained support, and long-term investment to expand economic opportunity and address the racial wealth gap for Black and underrepresented businesses and communities.
Since the launch of Venmo Business Profiles in February 2021, more than 1.5 million small businesses have created profiles to organize, market and grow their business cost effectively.
How to Apply for Venmo Small Business Grant
To submit for the Venmo Small Business Grant, entrants must set up a Venmo Business Profile and complete an application by August 11, 2022. Recipients will be announced in September 2022 based on an evaluation from its judging committee.
More details on the Venmo Small Business Grant and the application can be found on the program’s landing page.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.