PayPal Announces Return of Venmo Small Business Grant Program

PayPal Holdings has announced the return of the Venmo Small Business Grant.

This second iteration of the grant program will provide 20 small businesses with financial grants of $10,000 each and mentorship on topics such as financial analysis, digital marketing, legal services and more, the company said in a Monday (July 24) press release.

“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,” Venmo Vice President and General Manager Erika Sanchez said in the release. “We’re excited to bring the program back this year to provide financial support and mentorship for small businesses, the backbone of our economy.”

The selection process for the Venmo Small Business Grants aims to provide resources to small businesses in under-represented communities, providing practical support to help accelerate the growth of small businesses, according to the press release.

Since the launch of Venmo business profiles in February 2021, over 2.5 million small businesses have created profiles to better organize, market and promote their businesses, the release said.

The Venmo Small Business Grant is an opportunity for businesses to access grants to pay rent, digitize and promote their services, and access vital technical and professional expertise, per the release. Through the grant, Venmo hopes to assist businesses in growing their reach, while providing them with the tools and resources they need to succeed.

Venmo rolled out its business profiles for small businesses, including sole proprietors and casual sellers, in February 2021. This feature allows businesses to create profiles from the Venmo app, enabling them to be discovered, organize business transactions, accept payments from customers and keep business use separate from one’s personal Venmo use, the company explained at the time.

In another expansion of its offerings, Venmo in May debuted a digital account and debit card aimed at teens. This new offering gives parents and legal guardians the ability to open a Venmo account for their teenagers between the ages of 13 and 17 so they can send and receive money and learn how to engage with money responsibly, the company said.