PayPal has opened its checkbook and has committed $530 million to Support Black Businesses, Strengthen Minority Communities and Fight Economic Inequality, according to a statement released recently.
Funds will provide immediate financial relief, sustained support, and long-term investment to expand economic opportunity for Black and underrepresented minority businesses and communities.PayPal
Below is a list of some of the nonprofit that has benefitted from PayPal’s philanthropy and they will be paying it forward. They are offering microloans, business growth advice, and in-kind grants to start-up and small businesses.
- The Association for Enterprise Opportunity (AEO) was awarded $10 million in grant funding from PayPal. The grant is to be used to provide “direct support to business owners to cover expenses related to stabilizing and reopening their businesses,” according to a press release sent out by PayPal.
- Kiva is an international nonprofit whose goal is to expand financial access to help underserved communities thrive. Kiva is an international leader in micro-lending. They fund these loans through donations collected via crowdfunding as well as grants like the $5 million in grants given to them by PayPal.
- MORTAR helps both existing and aspiring entrepreneurs build their dream business. Their goal is to launch businesses that create jobs and circulate dollars locally.
- Opportunity Fund provides microloans to underserved small businesses, particularly those owned by low- and moderate-income immigrants, people of color, and women.
- Rising Tide Capital is a nonprofit organization that provides business development services to startups and burgeoning entrepreneurs. The following excerpt is posted on their website – ‘We equip talented but under-resourced individuals with the tools to create businesses that change the trajectory of their lives.“
- Start Small Think Big is a nonprofit that supports under-resourced minority-owned businesses, and businesses owned by members of other disadvantaged groups, and/or low-income with business revenues under $1M.
- Walker’s Legacy Foundation provides programming that improves financial literacy and financial empowerment skills for low income, high potential multicultural women, and girls. They offer business development training to women-led small businesses.
- Women’s Opportunity Resource Center offers entrepreneurial training, individual business assistance, incentive savings programs to economically disadvantaged women and their families.
According to a statement put out by PayPal, $500 million will go toward creating
economic opportunity fund to support and strengthen Black and underrepresented minority businesses and communities over the long term, and designed to help drive financial health, access, and generational wealth creation. This initiative will include bolstering the company’s relationships with community banks and credit unions serving underrepresented minority communities, as well as investing directly into Black and minority-led startups and minority-focused investment funds. Startups and investment funds are invited to express interest to the PayPal Ventures team.PayPal
This infusion of capital from PayPal will definitely have a positive impact on the underserved business community. And, if you continue your grant search and funding-raising efforts on GrantWatch and YouHelp respectively, your small business may just survive these difficult times.