Venmo announced the third Venmo Small Business Grant, a program for small businesses that will provide financial grants and mentorship to 10 Venmo business profile users.
In the program’s third year, selected businesses will each “receive $20,000 for expenses, such as rent, supplies, marketing, or to help digitize and grow their businesses.”
Access to financial capital remains “a key challenge for small business owners, and a recent survey found that 77% of small business owners that responded are concerned about their ability to access the capital they need to run and grow their businesses.”
Venmo will provide selected recipients “with a financial grant and technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing, and more.”
These resources will be provided in partnership “with Global Entrepreneurship Network, Hello Alice, and with PayPal and Venmo employees who will provide coaching, and pro bono services.”
Erika Sanchez, Vice President and General Manager, Venmo, said:
“Since launching the Venmo Small Business Grant program in 2022, I’ve been inspired by the creativity and entrepreneurial spirit of our Venmo business profile users and the way they’ve used the access to capital and mentorship to help overcome barriers and grow their business. We’re proud that small business owners turn to Venmo to help take their businesses to the next level, so we’re excited to bring the program back for a third year on Small Business Day in the U.S.”
As a part of PayPal’s ongoing commitment to “advancing racial equity and creating an inclusive economy, the selection for the Venmo Small Business Grant program will also give special consideration to small businesses in historically underrepresented communities.”
To submit for the Venmo Small Business Grant, entrants must “have or set up a Venmo business profile and complete an application by May 31, 2024.”
Recipients will be announced in July 2024 “based on an evaluation from Venmo’s judging committee.”
Since the launch of Venmo business profiles in February 2021, “more than 3 million small businesses have created a Venmo business profile to help manage, market, and grow their business.”
