The Initiative Will Provide Venmo Business Users With Money And Managers To Help Grow Their Business
, /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) today announced the Venmo Small Business Grant, a new program for startups and small businesses that will provide grants and mentoring services to 20 new and existing Venmo Business Profile customers. . All 20 selected businesses will receive $10,000 to cover expenses, such as rent, or assistance with digital marketing and promotion of their businesses.
According to a US Bank study, 82% of businesses that failed cited cash flow problems as a reason for their failure. topics like legal services, financial analysis, digital marketing and more. These resources will be provided in partnership with PayPal’s partners, Start Small, Think Big and Taproot Foundation, with PayPal and Venmo employees providing advisory, training and pro bono services.
“The past two years have been very difficult for small businesses in communities across the United States, like your local dog walker, barber and florist. Nearly 200,000 US businesses2 have been forced to close due to the diseases,” said Denise Leonhard, Vice President. of Venmo. “Small businesses are critical to a healthy economy and vibrant communities, and through the Venmo Small Business Grant we can provide much-needed funding and support to help them build resilience, grow and Cheers.”
Due to PayPal’s continued commitment to promoting equality and creating a shared economy, the selection process for Venmo Small Business Grants will include a special consideration for underrepresented communities. This builds on PayPal’s 2020 commitment of $535M designed to provide immediate financial assistance, sustainable support and long-term investment to expand economic opportunity. and discuss the relationship between racial wealth for Black and business and communities.
Since launching Venmo Business Profiles in February 2021, more than 1.5 million small businesses have created profiles to organize, market and grow their business. Olive Atelier, a modern business recycling products, said “Venmo allowed our business to start selling quickly and without conflict, this is a great opportunity for speed and get quick responses from customers. Venmo also offers affordable business pricing and payment plans, so we can reinvest more of our profits into growing our business. i don’t think so.”
To apply for the Venmo Small Business Grant, entrants must set up a Venmo Business Profile and complete an application by August 11, 2022. Recipients will be announced in September 2022 based on a review by our judging panel. More information about the Venmo Small Business Grant and the application can be found on the program’s homepage.
1 NFIB, Why Businesses Fail 2 Federal Reserve Study, Money and the Economy Discussion Series Study Group & Statistics and Financial Affairs Federal Reserve Board, Washington, D.C
PayPal has been at the forefront of the digital payment revolution for over 20 years. By using technology to make financial services and transactions easier, cheaper, and more secure, the PayPal platform empowers 429 million consumers and consumers in more than 200 markets to participate and improve in the world economy. For more information, visit paypal.com.
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