Venmo’s $10,000 small business grant application due August 7

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Photo credit: Venmo

NATIONWIDE – Venmo, a mobile payment service company, is awarding 20 small business owners who apply by August 7, with a $10,000 grant. The company says they started the grant to help small business owners make big things happen—especially  those who may face additional barriers to economic growth. 

2023 Small Business Finance Outlook

According to the Small Business Administration’s (SBA) June 2023 Economic Bulletin, in the last year, borrowing costs have increased. The prime rate, often the base rate for small business loans, has surpassed pre-pandemic levels and has risen quickly in the last year. 

“Credit cards, which are often a go-to for the smallest businesses, have historically had high rates which are rising quickly,” says the SBA Economic Bulletin.

Venmo Small Business Grant

Venmo says with their grant award they want to help level the playing field.

“We’re giving 
20 business profile users the money 
and mentorship they need to reach the next level 
of success,” says the Venmo website. “Special consideration will be given 
to small business owners from historically underrepresented communities.”

In addition to the $10,000 grant, Venmo will promote awardees on their social channels and provide mentorship opportunities from industry leaders.

RELATED: 34 small business grants to apply for in 2023

Venmo business users who meet the following requirements are eligible to apply:

  • Have a business description, profile photo, background photo; 
  • Make less than $50,000 in annual revenue; 
  • Have 10 or fewer employees.

Venmo says owners without a business profile can create one. Once the profile is completed, they can apply for the small business grant.

For more information about the Venmo Small Business Grant visit https://venmo.com/business/small-business-grant/

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