Inside Venmo’s Small Business Grant
The mobile payment service Venmo (owned by PayPal), recently began accepting applications for its second Small Business Grant program, which will be open through 11:59 PM EST on August 7, 2023. The program was designed to provide monetary grants and mentoring opportunities for 20 small and up-and-coming businesses. Each of those businesses selected will get $10,000 for essential expenses (rent, for example) or to help bring their business online. All applicants must have a Venmo business profile in order to qualify for acceptance, which must include your business description, profile photo, and background photo. And to showcase PayPal’s commitment to diversity and inclusion, “special consideration will be given to small business owners from historically underrepresented communities,” according to the Venmo Small Business Grant website. The Venmo Small Business grant was initially launched last year to great reception—the program received 15 times more applications than were initially expected, which truly showcased the need for support among small business owners.
The Who and the What
Small business owners are welcome to apply so long as they meet the following criteria: Be a Venmo business user with a complete profile; make less than $50K a year in revenue; employ 10 or less people. Those selected can receive a $10k grant, free promotion on Venmo’s social channels, or mentorships from industry leaders. The mentorships and technical coaching cover topics top-of-mind for many small business owners, including legal services, financial breakdowns, and marketing. The mentoring resources are provided to recipients through Venmo’s partnership with Start Small Think Big, in addition to employees of PayPal and Venmo skilled enough to offer business coaching and pro-bono assistance. Start Small Think Big is described on its website as “a nonprofit dedicated to advancing equity and inclusion in entrepreneurship by connecting small businesses with the resources and community they need to thrive. We focus on partnering with BIPOC entrepreneurs, women, LGBTQIA+ entrepreneurs, immigrants, veterans, entrepreneurs with disabilities, low-income entrepreneurs, and formerly incarcerated entrepreneurs.”
The Venmo Small Business Profile
Venmo launched its business profiles in February 2021; since then, over 2.5 million small businesses have used their profiles not only to accept payments from customers, but to market their company and grow their business in a cost-effective manner. Users can take payments through the app or in-person with a special QR code, and each transaction is encrypted for security.
If you’re interested in applying for this Small Business Grant, head over to Venmo and get started. Remember you’ve only got until August 7th to get your business in the running.
The Financial Pantry is a great source for the latest small business grants, industry updates, and marketing tips—all backed by the expert loan consultants who call ARF Financial home. Whether you’re looking for insider advice on making your business a success or you’re shopping around for the best loan product available, ARF Financial has you covered. Check out our Knowledge Center, where we’ve got plenty of white papers, presentations, even an eBook—all crafted to help your business reach its fullest potential.