PayPal has announced a new grant program designed for new small-sized businesses. The Venmo Small Business Grant will provide grants of $10,000, mentorship services, and additional advantages to twenty Venmo Businesses Profile users.
The Venmo, Small Business Grants program provides the grant amount of $200,000. Each grantee will receive $10,000 to put to various expenses, ranging from rent to marketing via digital channels.
To be eligible, organizations should be significantly less than $50,000 of annual revenues and have ten or fewer employees. In addition, applicants must be enrolled in a Venmo business profile. There’s time to sign-up to get one before the application deadline. The program is available to anyone who signs for the program during an application period. More than 1.5 million small businesses currently use Venmo Business Profiles to advertise their companies and manage and collect payments. It was first introduced in February 2021.
In addition to the criteria for applicants, in addition to the requirements for applicants, the Venmo Small Business Grants will use the standards of equal opportunity to help underrepresented entrepreneurs. In particular, the program hopes to grant awards in the form of grants to Black, Latinx, and women entrepreneurs, even though they aren’t prerequisites to applying.
The deadline for applications is on August 11. A judging panel of independent judges will review the submissions and pick winners. Winners will be announced in September.
The businesses that are chosen to participate in the program will receive:
- A $10,000 grant
- Professional services for mentorship and professional consulting.
- Access to resources for business from Venmo and PayPal
- Promotions for public use via Venmo and PayPal websites, as well as on Venmo along with PayPal websites as well as social media profiles
The services of mentorship and consultation can be used to cover a variety of subjects, from the legal aspect to the analysis of finances. Paypal has partnered with various organizations to provide these benefits. The partners are Start Small, Think Big, and Taproot Foundation. PayPal and Venmo personnel will offer coaching, mentoring, and pro bono services. Many of the offerings will concentrate on cash flow and other functions that are related to payments. This is crucial today since many companies are struggling to remain afloat because of hardships caused by pandemics in the form of inflation and various shortages of inventory and workers.
Denise Leonhard, Vice President of Venmo, said, “The past two years have proved extremely difficult for small-scale companies in the communities of the United States, like your local dog walker, barbershop, and florist. More than 100,000 U.S. businesses have been forced to shut down due to the epidemic. Small-scale businesses are essential for a strong economy and flourishing communities. Through this grant Venmo Small Business Grant, we will provide the much-needed financial and help to improve their resilience, expand and grow.”
How to Apply
If you’re considering applying for this grant Venmo Small Business Grant, you’ll first need to create an account on the Venmo Business Profile if you don’t have one. Apart from being qualified to apply for grants, Business profiles make it easier to pay and help increase your exposure to the public, as customers can publicly disclose the names of those they’ve paid. There’s no cost to register for the business profile. However, the transaction cost of 1.9 percent, plus 0.10, can change.