PayPal Holdings recently launched the second Venmo Small Business Grant, a program for small and growing businesses that offers cash incentives and mentoring to 20 Venmo business profile customers. Each selected company will receive $10,000 to help with expenses such as rent or to help digitize and promote their businesses.
In addition to providing a financial grant, the program offers recipients funds and expert guidance and mentoring on legal services, financial analysis, internet marketing, and more. These resources are made available in collaboration with Start Small Think Big, along with skilled PayPal and Venmo employees who will provide mentoring, coaching, and pro bono services.
Venmo Small Business Grants’ selection procedure will aid in fostering the development of start-ups in underrepresented communities as part of PayPal’s continued efforts to advance racial equity and build an inclusive economy.
According to Erika Sanchez, vice president, and general manager of Venmo, “When the Venmo Small Business Grant program first launched last year, we received nearly 15 times the number of applications we expected, demonstrating the substantial need for additional support among the small business community.” She continues, “We’re thrilled to bring the program back this year to offer funding and mentoring to small businesses, which are the foundation of our economy.”
To be eligible for this year’s Venmo Small Business Grant, applicants must create a business profile and apply by August 7, 2023, at 11:59 p.m. EST. Based on the judging committee’s review results, recipients will be declared in September 2023. More information about the Grant and the application can be found on the company’s landing page.