More Than Payments, Here's How Venmo Helps Small Businesses Thrive Now in its third year, Venmo's Small Business Grant Program is designed to empower small businesses by offering them the tools and support they need to grow and succeed.

Running and growing a small business is hard work. What entrepreneur wouldn't benefit from an infusion of extra capital and access to expert coaching to help them overcome barriers, grow, and thrive?

That's the logic behind Venmo's Small Business Grant Program. As Venmo has grown into one of the most popular mobile payment apps, the company is also dedicated to supporting the growth and success of small businesses all over the U.S. And they show it in a big way.

It started in 2021 with the creation of Venmo business profiles, which now sees more than 3 million small businesses using the platform to better manage, market, and grow their companies. Then Venmo launched the Small Business Grant Program in 2022. Now in its third year, the program awards select emerging small businesses that have a Venmo business profile—many from under-served communities—with a $20,000 financial grant, professional coaching, and exposure through Venmo marketing and communications.

"The Venmo Small Business Grant Program is a testament to our commitment to these users, providing selected recipients with financial capital and mentorship resources to help them overcome barriers and thrive," says Erika Sanchez, Vice President and GM at Venmo. "With access to capital being a primary need for small-business owners to run and grow their business, this program is designed to empower our Venmo business profile community by offering the tools and support they need to grow and succeed."

Helping to make a real difference in the world of emerging businesses.

The best part of the Venmo Small Business Grant Program is that it has an immediate, positive impact on the recipients. Take for instance Oakland, Calif.-based Pirate Duck Designs, a maker of custom, handmade wood furniture. A 2023 grant recipient, the company used the funds from their Venmo grant to put down deposits on a physical location and get materials to build it out.

"My new space has allowed me to have more informative conversations with my clients and partners," says Pirate Duck Designs founder Mohit Maker. "My vision for the space is for people to interact, to highlight my work in the physical world, and to showcase work by other local artists in different mediums."

Then there's Siera Matsuo and Luanne Wilson, founders of Reclaim Clay Collective, an art studio that's on a mission to make ceramics more accessible in their local Seattle community. Matsuo and Wilson used the funds from their 2023 Venmo Small Business Grant to build out a retail area, providing space for their members and other artists in the community to sell their work.

In addition to the funding, Matsuo and Wilson say winning was extremely validating for them as business owners. "It made us feel like we're on the right track. That someone sees us. That we could take the next steps."

The same goes for fellow 2023 grant recipient Looking Lens, a Brooklyn-based business that creates inspiring stories to bring diversity and representation to children's media. "Receiving the Venmo Small Business Grant was great validation," says Looking Lens CEO and co-founder Brittney Dias. "It boosted my confidence as an entrepreneur, knowing there's this whole organization that believes in my vision."

When it comes to helping worthy small businesses succeed, Venmo is thrilled to play a part. "Since the launch of the Venmo Small Business Grant Program in 2022, I've been continually inspired by the creativity and entrepreneurial spirit of our Venmo business profile users," Sanchez says. "The impact has been profound, and we're proud to be part of their journey."

A growing program that's packed with benefits.

Last year, Venmo says it received more than 64,000 applications to its Small Business Grant Program. This year, they expect even more.

And there are some big changes with this year's program, too. First, the company will be awarding 10 Venmo business profile users with a $20,000 financial grant as well as access to technical expertise and mentorship resources. In previous years, there were 20 selected companies that received $10,000 grants. The reason for the change is simple: Venmo says it wants to provide selected recipients access to more financial capital to help them offset the rising costs of doing business.

Second, Venmo is partnering with Global Entrepreneurship Network (GEN) and Hello Alice to provide recipients with technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing, and more. Thanks to these partners, applicants can complete a free, comprehensive assessment of their Business Health Score™ and performance. Hello Alice and GEN will then connect the small-business owners with personalized resources and support, including comprehensive guides, programs, financial products, and expert coaching to help them improve their overall business performance and financial health.

To qualify for the Venmo Small Business Grant Program, entrants must have a Venmo business profile, have less than $50,000 in annual revenue, and have 10 or fewer employees. The judging process takes about two weeks and consists of a deep review of the top 40 applications—giving special consideration to small businesses in historically underrepresented communities. The judges come from Venmo's SMB segment and Social Impact team, as well as from parent company PayPal.

The 2024 Venmo Small Business Grant recipients will be announced in July. To learn more about the program and how Venmo helps small businesses thrive, click here.