PayPal Partners With Venmo To Make $100,000 Business Grants Available
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PayPal is collaborating with Venmo to launch a new grant program for emerging small businesses. The new program, called the Venmo Small Business Grant, will offer $10,000 as a grant. It will also offer mentorship services as well as other added benefits to about 20 Venmo Business Profile users.
The grant is for businesses with less than 10 employees and below $50,000 as annual revenue. Additionally, applicants are expected to register or have an active Venmo Business Profile. The application window is still open to new users who want to sign up and participate. At the moment, there are over 1.5 million small businesses that use the Venmo Business Profile t organize payments and market their businesses.
The Grant Will Also Support Underrepresented Entrepreneurs
Also, the small business grant will use equal opportunity judging criteria to offer support to underrepresented entrepreneurs. According to the outline of the program, it will be awarding some grants to women entrepreneurs, Latinex, and Black, although these are not part of the prerequisites for applying. The applications will be evaluated by an independent judging committee before winners are selected and announced in September.
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.
PayPal has been vocal regarding its commitment to creating an inclusive economy and advancing racial equity. As a result, the selection process for the grant has included such considerations. It builds on PayPal’s 2020 commitment to deploy $535 million to provide long-term investment, sustained support, and immediate financial relief.
The Program Will Offer Access To Technical Expertise
The goal will also address the racial wealth gap and expand economic opportunity. The Venmo Business Profile was launched in February 2021.
A U.S. Bank study shows that 82% of businesses that failed were due to cash flow problems. Apart from offering a financial grant, the Venmo Small Business Grant will also offer access to mentorship and technical expertise on topics like digital marketing, financial analysis, and legal services. The resources will be available in collaboration with PayPal and its community partners – Taproot Foundation and Start Small, Think Big.