Square Small Business Grant Program
- On August 22, 2024, Square announced teh Cornerstone Grant Program,a new initiative designed to support local businesses with financial assistance and expert guidance.The program will award selected Square...
- The Cornerstone Grant Program goes beyond a simple cash infusion.Recipients will receive:
- Square highlighted that its average loan size is $10,000, and this grant aims to provide a similarly transformative impact for small businesses, contrasting with the frequently enough larger...
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Square Launches $10,000 Cornerstone Grant Program for Small Businesses
Table of Contents
Published August 23, 2024, at 13:03:10 PST. Updated as needed to remain evergreen.
Overview
On August 22, 2024, Square announced teh Cornerstone Grant Program,a new initiative designed to support local businesses with financial assistance and expert guidance.The program will award selected Square sellers a $10,000 grant, coupled with comprehensive support services.
Program Details
The Cornerstone Grant Program goes beyond a simple cash infusion.Recipients will receive:
- $10,000 Grant: Direct financial support to address business needs.
- CPA Support: Guidance from a certified public accountant.
- Financial Therapy: Sessions with a board-certified financial therapist.
- Business technical Assistance: Support from the Northwest Mountain Minority Supplier Progress Council (NWMMSDC).
- Networking & Resources: Access to nonprofit resources and networking opportunities.
Square highlighted that its average loan size is $10,000, and this grant aims to provide a similarly transformative impact for small businesses, contrasting with the frequently enough larger loan requirements of traditional lenders. This focus on smaller, more accessible funding is a key differentiator.
Why This Matters: Addressing Small Business Challenges
Small businesses face numerous hurdles, including access to capital, financial literacy, and navigating complex business operations. The Cornerstone Grant Program directly addresses these challenges by providing not only funding but also the expertise needed to manage and grow a business effectively. According to the Small Business Administration (SBA),small businesses account for 44% of U.S. economic activity. Supporting their success is vital for overall economic health.
The inclusion of financial therapy is a particularly noteworthy aspect of the program. Financial stress is a significant issue for small business owners, and access to mental health support can be crucial for long-term sustainability.
The role of the Northwest Mountain Minority Supplier Development Council
The Northwest Mountain Minority Supplier Development Council (NWMMSDC) is a regional affiliate of the National Minority supplier Development Council (NMSDC). Their involvement in the Cornerstone Grant Program underscores Square’s commitment to supporting businesses owned by individuals from underrepresented groups. The NWMMSDC provides resources and opportunities for minority-owned businesses to connect with corporations and grow their businesses.
Square’s Lending history & context
Square has a long history of providing financial products and services to small businesses, including loans through Square Capital. The Cornerstone Grant program represents an expansion of this commitment, offering a non-dilutive funding option – meaning businesses don’t have to