Small Business News
Applications Open for 2023 Venmo Small Business Grant Program
Another small business grant opportunity has emerged, giving entrepreneurs a chance to win up to $10,000 for their operation.
About the program.
The peer-to-peer payment app Venmo has announced that applications for their second annual Venmo Small Business Grant program are now being accepted. This year’s program will see 20 businesses receiving $10,000 each. These funds can then be used to cover expenses such as rent, advertising, etc.. Plus, in addition to the financial support, recipients will have access to a mentorship program that can help them with technical matters, legal services, financial analysis, digital marketing, and more. Those resources will be provided in partnership with Start Small Think Big, with PayPal and Venmo employees also offering their services and expertise.
To enter the 2023 Venmo Small Business Grant program, applicants must have a Venmo business profile. Additionally, as part of the process, business owners will be asked their background, their business, their future goals (including how Venmo can help them achieve those goals), and about how they were shaped to become entrepreneurs.
Applications must be submitted before 11:59 p.m. Eastern on August 7th, 2023. Then, a judging committee will evaluate the submissions and announce the winners in September.
What they’re saying:
Announcing this year’s program. Venmo’s VP and GM Erika Sanchez said, “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. We’re excited to bring the program back this year to provide financial support and mentorship for small businesses, the backbone of our economy.”
One of last year’s selected businesses — Craig Granger of Springfield, Missouri’s Grow for Good 417 — said of his grant-winning experience, “Winning the Venmo grant meant quite a bit to us. It meant that we were able to help out the community by sponsoring nonprofits throughout the year [and] helped us expand our business to a more permanent location in a shipping container.”
My thoughts:
Of the numerous small business grant programs that have emerged in recent years, this one from Venmo is seemingly among the easiest for entrepreneurs to apply for. While a Venmo Business profile is required, the application itself is fairly short, with the three main written prompts capped at 1,500 characters each. With a chance at $10,000 on the line, this seems like a great opportunity for small business owners. Therefore, if you’re an entrepreneur that uses Venmo, be sure to head to their Small Business Grant page and submit your application before the August 7th deadline.
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