PayPal launches a new grant program for emerging small businesses. The Venmo Small Business Grant provides $10,000 scholarships, mentorship services, and additional benefits to 20 Venmo Business Profile users.
The Venmo Small Business Grant Program includes a total grant of $200,000. Each recipient gets $10,000, which can go toward a variety of expenses, from rent to digital marketing.
To qualify, companies must have less than $50,000 in annual revenue and ten or fewer employees. Applicants must also have an active Venmo company profile. However, there is still time to apply before the application period closes. The program is open to new users who sign up during the application window. Currently, there are over 1.5 million small businesses using Venmo business profiles to market their business, collect and organize payments. The product was launched in February 2021.
In addition to qualifications for applicants, the Venmo Small Business Grant will apply equal opportunity criteria to support underrepresented entrepreneurs. In particular, the program hopes to award some scholarships to black, Latinx and female entrepreneurs, although these are not prerequisites for applying.
The application deadline is August 11. An independent jury then assesses the applications and selects the winners, who will be announced in September.
Eligible companies selected for the program will receive:A $10,000 grantProfessional consulting and mentoring servicesAccess to Venmo and PayPal business resourcesPublic promotion on the Venmo and PayPal websites and social media accounts
Mentoring and advisory services cover a range of topics from legal services to financial analysis. Paypal works with several organizations to make these benefits possible. Partners include Start Small, Think Big and the Taproot Foundation. PayPal and Venmo employees also offer mentoring, coaching, and select pro bono services. So many offers will focus on cash flow and features related to payments. This is especially important these days as many companies struggle to survive due to pandemic hardship, inflation, and various staff and inventory shortages.
Denise Leonhard, vice president of Venmo, said in a statement: “The past two years have been extremely difficult for small businesses in communities across the United States, such as your local dog walker, hairdresser and florist. Nearly 200,000 American businesses have been forced to close because of 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.”
How to apply?
If you are interested in applying for the Venmo Small Business Grant, you must first set up a Venmo Business profile if you don’t already have one. In addition to making you eligible for the grant program, business profiles simplify checkout and can increase your visibility in the community as customers can publicly share who they’ve made payments to. There is no cost to sign up for a company profile. But there are transaction fees of 1.9 percent plus 0.10, which are subject to change.
Once you have an active profile, all you need to do is submit an online application before August 11 to be eligible.
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This post PayPal and Venmo Launch New Small Business Grant Program for Emerging Companies was original published at “https://smallbiztrends.com/2022/08/paypal-and-venmo-launch-new-small-business-grant-program.html”