Venmo today announced the third Venmo Small Business GrantOpens in a new window, a program for small businesses that will provide financial grants and mentorship to 10 Venmo business profileOpens in a new window users. In the program's third year, selected businesses will each receive $20,000 for expenses, such as rent, supplies, marketing, or to help digitize and grow their businesses.

Access to financial capital remains a key challenge for small business owners, and a recent surveyOpens in a new window found that 77% of small business owners that responded are concerned about their ability to access the capital they need to run and grow their businesses. Venmo will provide selected recipients with a financial grant and technical expertise and mentorship on topics such as legal services, financial analysis, digital marketing, and more. These resources will be provided in partnership with Global Entrepreneurship NetworkOpens in a new window, Hello AliceOpens in a new window, and with PayPal and Venmo employees who will provide coaching, and pro bono services.

"Since launching the Venmo Small Business Grant program in 2022, I've been inspired by the creativity and entrepreneurial spirit of our Venmo business profile users and the way they've used the access to capital and mentorship to help overcome barriers and grow their business," said Erika Sanchez, Vice President and General Manager, Venmo. "We're proud that small business owners turn to Venmo to help take their businesses to the next level, so we're excited to bring the program back for a third year on Small Business Day in the U.S."

As a part of PayPal's ongoing commitment to advancing racial equity and creating an inclusive economy, the selection for the Venmo Small Business Grant program will also give special consideration to small businesses in historically underrepresented communities.

To submit for the Venmo Small Business Grant, entrants must have or set up a Venmo business profile Opens in a new windowand complete an application by May 31, 2024. Recipients will be announced in July 2024 based on an evaluation from Venmo's judging committee. More details on the Venmo Small Business Grant, the application, and program terms can be found on the program's landing page.Opens in a new window

Since the launch of Venmo business profiles in February 2021, more than 3 million small businesses have created a Venmo business profile to help manage, market, and grow their business. With over 64,000 applications in 2023, here are a few highlights of last year's recipients:

Looking Lens

Based in Brooklyn, NY, Looking LensOpens in a new window creates inspiring stories to bring diversity and representation to children's books.

"Receiving the Venmo Small Business Grant was great validation. It boosted my confidence as an entrepreneur, knowing there's this whole organization that believes in my vision," said Founder Brittney Dias. "I've been able to use the funding from the Venmo grant to set the stones for growing my business into a multimedia brand."

Follow Looking Lens on InstagramOpens in a new window and TikTokOpens in a new window.

Reclaim Clay Collective

Based in Seattle, WA, Reclaim Clay CollectiveOpens in a new window is a community-driven pottery and art studio on a mission to make ceramics more accessible, diverse and inclusive.

"Receiving the Venmo grant helped us build out a retail area that will provide space for our members and other artists in our community to sell their work," said Founders Siera Matsuo and Luanne Wilson. "With the grant funds, we were also able to purchase more wheels for our studio which enabled us to increase our class size."

Follow Reclaim Clay Collective on InstagramOpens in a new window.

Pirate Duck Designs

Based in Oakland, CA, Pirate Duck DesignsOpens in a new window offers custom, handmade wood furniture for the modern home. According to Founder Mohit Makar, the 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."

"The Venmo Small Business grant allowed me to put down deposits on a physical location and get materials to build it out," said Makar. "My new space has allowed me to have more informative conversations with my clients and partners."

Follow Pirate Duck Designs on FacebookOpens in a new window and InstagramOpens in a new window.