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.
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/