Initiative Provides Selected Venmo Business Profile Users with Grants and Mentoring to Help Grow Their Businesses
SAN JOSE, Calif., July 24, 2023 /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ:PYPL) today announced the second Venmo Small Business Grant, a program for small and emerging businesses providing financial grants and mentorship for 20 Venmo business profile customers. The selected businesses will each receive $10,000 for expenses, such as rent, or to help digitize and promote their businesses.
In addition to providing a financial grant, the Venmo Small Business Grant program provides recipients with access to technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing, and more. These resources are provided in partnership with Start Small Think Big, along with skilled PayPal and Venmo employees who will provide mentoring, coaching, and pro bono services.
As part of PayPal’s ongoing commitment to advancing racial equity and creating an inclusive economy, the selection process for Venmo Small Business Grants will also help to support the growth of small businesses in underrepresented communities.
“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,” said Erika Sanchez, Vice President and General Manager, Venmo. “We’re excited to bring the program back this year to provide financial support and mentorship for small businesses, the backbone of our economy.”
Since the launch of Venmo business profiles in February 2021, more than 2.5 million small businesses have created profiles to organize, market, and grow their business cost-effectively. Last year’s Venmo Small Business Grant recipients used the grant to grow their businesses in several ways:
