A new grant program offered by PayPal will provide financial and mentorship support to 20 new and existing Venmo Business Profile users.
Each of the 20 businesses selected will receive a $10,000 grant that can be used for any business expenses including rent, marketing, and technology, according to a press release emailed to PYMNTS on Thursday (July 28).
The Venmo Small Business Grant program will also offer recipients access to technical expertise and mentorship on topics including legal services, financial analysis, digital marketing and more. Mentorship and coaching will be offered pro bono by PayPal and Venmo employees as well as PayPal community partners, Start Small, Think Big and Taproot Foundation.
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“The last two years have been tremendously difficult for small businesses in communities across the United States, like your local dog walker, barber and florist. Nearly 200,000 U.S. businesses have been forced to close because of the pandemic,” Venmo Vice President Denise Leonhard said in the release.
“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,” Leonhard said.
Grant selection includes special consideration for underrepresented communities and piggybacks on PayPal’s $535 million commitment in 2020 to boost economic opportunities and address the racial wealth gap for Black and underrepresented businesses and communities, according to the release.
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Venmo launched profiles for businesses in February 2021 and has 1.5 million small business users.
Grant recipients will be announced in September and businesses wanting to apply must sign up for a Venmo Business Profile no later than Aug. 11.
“Venmo enabled our business to start selling quickly and without friction, which was a major advantage for moving fast and gaining early customer response,” Olive Atelier, a modern reused goods business, said in the release. “We opened a business account and started receiving payments on the same day. Venmo also offers very business-friendly rates and fee structures, so we are able to reinvest more profits into growing our brand.”
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