PayPal grants for black businesses offer up to $10,000 to over 1,000 black-owned businesses that have been extensively affected by the COVID-19 pandemic and public strife. These grants will help Black entrepreneurs offset the cost of restarting their companies that were affected by COVID-19 or public strife.
Applicants are expected to be small business owners (fewer than 10 workers as well as have less than $1 million in income) as of May 2019.
The latest grant program builds on PayPal’s $10 million PayPal Empowerment Grant program for Black-owned businesses, which it officially confirmed in June 2020 as a component of its $530 million pledge to assist Black-owned companies, help bolster underserved communities, and combat financial disparities.
In August 2020, PayPal, in collaboration with the Association for Enterprise Opportunity (AEO), accorded $10 million in grants to 1,167 Black-owned companies in various industries to help them normalize and restart.
Aside from the grant, PayPal and AEO teamed up with Deloitte, Facebook, Guidehouse, Mastercard, and Qualtrics to make capacity-building programming easily accessible to all awardees. PayPal has also invested $50 million in the Local Initiatives Support Corporation (LISC) Black Economic Development Fund. It is the biggest known investment in the fund created to aid Black-led banks, organizations, and companies.
Requirements for PayPal Empowerment Grants for Black Businesses in the United States
Note that to meet the criteria for this grant, applicants must:
- be a Black-owned small business
- the business must be started and managed by an adult (18+)
- have much less than 10 employees
- be situated in the U.S.
- make little less than $1 million in annual revenue.
- be established before March 1, 2019
- provide a free PayPal business account to accept money (Not necessarily required)
How to Apply for PayPal Empowerment Grants for Black Businesses
There is not much information available about the steps required to apply for this grant. You should visit the Association for Enterprise Opportunity (AEO) website to start providing basic information about your company, its activities, and the funds you require.
To guarantee that you satisfy the requirements, you will be asked a list of predetermined questions. To obtain the grant, you must be eligible for and possess a PayPal Business Account.
PayPal established a $10 million empowerment grant fund for Black-owned companies affected by COVID-19 or social upheaval.
The above grant will provide immediate backing to business entrepreneurs to pay costs linked to strengthening and restarting their companies. The grant will be managed in collaboration with the Association for Enterprise Opportunity, a nationally recognized nonprofit that, via its Tapestry Project, offers better future to Black business owners.