New Venmo Small Business Grant Program to Support Emerging and Small Businesses – PR Newswire

by | Jul 28, 2022 | Business

According to a U.S. Bank study, 82% of businesses that failed cited cash flow problems as a factor in their failure.1 In addition to providing a financial grant, the Venmo Small Business Grant program will provide recipients with access to technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing and more. These resources will be provided in partnership with PayPal community partners, Start Small, Think Big and Taproot Foundation, along with PayPal and Venmo employees who will provide mentoring, coaching and pro bono services.

“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. businesses2┬áhave been forced to close because of the pandemic,” said Denise Leonhard, Vice President of Venmo. “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.”
Given PayPal’s ongoing commitment to advancing racial equity and creating an inclusive economy, the selection process for Venmo Small Business Grants will include special consideration for underrepresented communities. This builds on PayPal’s 2020 commitment of $535M developed to provide immediate financial relief, sustained support and long-term investment to expand economic opportunity and address the racial wealth gap for Black and underrepresented businesses and communities.Since the launch of Venmo Business Profiles in February 2021, more than 1.5 million small businesses have created profiles to organize, market and grow their business cost effectively. Olive Atelier, a modern reused goods business, said that “Venmo enabled our business to start selling quickly and without friction, which was a major advantage for moving fast and gaining early customer response. We opened a business account and s …

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