April 29th 2024.
eBay, one of the leading online marketplaces, is making an incredible gesture to help entrepreneurs, especially those from the Black community, grow their businesses. Through grants worth a whopping $525,000 and technical assistance, the company aims to support business owners in their pursuit of success.
The initiative, based in San Jose, California, will provide 50 U.S. eBay sellers with a grant of $10,000 each, along with an additional $500 stipend for office technology and educational support. This is the fifth year of eBay's Up & Running Grants program, which has been a staunch supporter of small businesses since its inception in 1995. With 132 million active buyers and a presence in 190 markets, eBay boasts a gross merchandise volume of $73 billion in the previous year alone.
According to eBay, last year's grant recipients had a positive experience, with 90% of them finding the grant extremely helpful and instilling confidence in the future of their businesses. In fact, 10% of them used the money to increase their employees' wages. These grants are not just limited to Black eBay sellers, but are open to all business owners on the platform. The company has revealed that 55% of the applicants for the 2023 grants were entrepreneurs of color.
The grant recipients have the freedom to utilize the funds in any way that will benefit their business, including investing in physical or digital store improvements, purchasing new equipment, inventory, or marketing. This is especially significant as studies have shown that marginalized communities face challenges in obtaining financial assistance, such as bank loans and other forms of capital. eBay's grants are easily accessible and free for all business owners.
Dawn Block, the Vice President and U.S. General Manager at eBay, expressed her thoughts on the initiative, stating, "We are constantly looking for ways to ensure that entrepreneurs on our marketplace have the capital, resources, and community they need to truly thrive." The grants will be administered by technology firm Hello Alice, and applications are currently open until June 7 at 6:00 P.M. ET.
Elizabeth Gore, the co-founder and president of Hello Alice, also shared her views on the significance of grant programs for small business owners, who often struggle to secure capital or credit for business growth. She added, "Grant programs are one of the most vital resources for all small business owners."
To learn more about the grant program and its application process, interested individuals can visit eBay's website. This initiative is a great opportunity for Black businesses and all entrepreneurs to receive the support they need to achieve their goals and thrive in the marketplace.
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