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New Venmo SME Grant Program to Support Emerging and SMEs

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According to a US Bank survey, 82% of failed companies cite cash flow issues as a factor in their failure.1 In addition to providing financial grants, the Venmo Small Business Grant program provides recipients with technical expertise and access to mentorship on topics such as legal services, financial analysis and digital marketing. These resources are provided in collaboration with PayPal community partners Start Small, Think Big, and Taproot Foundation, as well as PayPal and Venmo employees who provide mentoring, coaching, and free services.

“The last two years have been very difficult for SMEs in communities around the world. united states of americaLike a local dog walker, a hairdresser, a florist.Almost 200,000 US companies2 The pandemic forced it to close. ” Denis Leonhardt, Venmo Vice President. “SMEs are essential to a healthy economy and a thriving community, and the Venmo Small Business Grant can provide the funding and support needed to support resilience building, growth and success.”

Given PayPal’s ongoing commitment to promoting racial equity and creating an inclusive economy, the Venmo Small Business Grants selection process includes special consideration for undervalued communities. ..It is based on PayPal’s 2020 commitment $ 535 million Developed to provide immediate financial relief, sustainable support, and long-term investment to expand economic opportunities and address racial wealth gaps in blacks and undervalued businesses and communities it was done.

Since the launch of Venmo Business Profile February 2021Over 1.5 million small businesses create profiles to cost-effectively organize, market, and grow their businesses. Olive Atelier, a modern reuse products business, said, “Venmo has made it possible to start selling quickly without friction. This was a great advantage for quick movement and early customer response. I opened an account and started receiving payments for the same amount, and Venmo offers very business-friendly rates and pricing to reinvest more profits and help the brand grow. I can.”

To submit to the Venmo Small Business Grant, participants set up a Venmo Business Profile and application To August 11, 2022..Recipients will be announced to September 2022 Based on the evaluation of the judging committee. For more information on Venmo Small Business Grant and applications, please visit the program landing page.

1 NFIB, why business fails
2 Federal Reserve Research, Finance and Economic Discussion Series Research Statistics Division and Financial Issues Federal Reserve Board, Washington DC

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Source PayPal Holdings, Inc.