According to a US Bank study, 82 percent of failed businesses cite cash flow problems as the reason.1 In addition to providing financial aid, the Venmo Small Business Grant Program provides recipients with access to technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing, and more. These resources are provided in partnership with PayPal Community Partners, Start Small, Think Big and the Taproot Foundation, along with PayPal and Venmo employees who provide consulting, training and pro bono services.
“The last couple of years have been very difficult for small businesses across communities. AmericaLike your local dog walker, hairdresser and florist. About 200,000 American businesses2 They said they were forced to close because of the epidemic Dennis Leonhard, Vice President of Venmo. “Small businesses are vital to healthy economies 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.”
In line with PayPal’s continued commitment to advancing racial equality and creating an inclusive economy, Venmo’s small business grant selection process pays special attention to underrepresented communities. This builds on PayPal’s 2020 commitment. $535 million Developed to provide immediate financial relief, ongoing 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 2018, February 2021More than 1.5 million small businesses have created profiles to organize, market and increase their business expenses effectively. “Venmo allowed our business to start selling quickly and without friction, which was a huge advantage for moving quickly and getting early customer feedback,” says Olive Atelier, a modern furniture business. We opened a business account and started accepting payments at the same time,” he said. day. Venmo also offers business-friendly pricing and payment structures, so we can reinvest additional profits into growing our brand.
To submit a Venmo Small Business Grant, applicants must create a Venmo Business Profile and complete a Application as if August 11, 2022. Recipients will be announced on September 2022 Based on the review done by our judging committee. More details on the Venmo Small Business Grant and the application can be found on the program’s landing page.
1 NFIB, Why Businesses Fail
2 Federal Reserve Research, Finance and Economics Discussion Series Research and Statistics and Monetary Affairs Federal Reserve Board; Washington DC
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Source: PayPal Holdings, Inc.