The Venmo Small Business Grant, a new program for startups and small businesses, was unveiled by PayPal Holdings, Inc. It will offer 20 new and existing Venmo Business Profile customers financial grants and coaching services. Each of the 20 chosen companies will receive $10,000 to help with costs like rent or helping to digitize and market their companies.
Venmo Small Business Grant Eligibility:
The overall award amount for the Venmo Small Business Grant program is $200,000. Each beneficiary will receive $10,000, which can be used for everything from digital marketing to rent. Businesses must have ten or fewer employees and yearly revenue of less than $50,000 to be eligible.
Additionally, candidates must have a live Venmo Business Profile. But before the application deadline closes, you can still register for one. New users can join the program by signing up during the application time. More than 1.5 million small businesses currently utilize Venmo Business Profiles to promote their brands, accept payments, and manage finances. The product first became available in February 2021.
The Venmo Small Business Grant will include equal opportunity judging standards in addition to the requirements for applicants to encourage underrepresented business owners. Although these are not requirements for qualifying, the initiative specifically intends to offer some scholarships to Black, Latinx, and female entrepreneurs. After the applications have been reviewed and judged by an impartial panel, the winners will be chosen and announced.
What Are The Benefits Of Winning A Venmo Small Business Grant?
The initiative awards a $10,000 grant to qualified firms, as well as professional counseling and mentoring services and access to Venmo and PayPal business tools. Additionally, they will receive open promotions on the social media pages and websites for PayPal and Venmo.
Legal services and financial analysis are just two examples of the topics covered by mentoring and consulting services. To make these benefits possible, Paypal is collaborating with several different organizations. Start Small, Think Big, and Taproot Foundation are examples of partners. Employees of PayPal and Venmo will also offer coaching, mentoring, and a few other pro bono services. There will be a lot of products that concentrate on cash flow and payment-related operations.
What Are The Remarks Of The Vice President Of Venmo?
According to Denise Leonhard; The previous two years have been extremely challenging for small businesses in communities across the United States, including your neighborhood florist, barber, and dog walker. Due to the pandemic, about 200,000 U.S. businesses have had to shut down. Through the Venmo Small Business Grant, we can offer much-needed financing and support to help small businesses develop resilience, grow, and flourish. Small businesses are essential to a strong economy and vibrant communities.
