Big brands supporting small businesses with grants is a win-win for everyone involved. Entrepreneurs receive the financial support they need to start or grow their businesses, while big brands get to invest in the economy’s future and build positive relationships with their communities.

Here are some of the ways that big brands supporting small businesses with grants help entrepreneurs:

Provide access to capital. Starting or growing a business can be expensive, and small businesses often have difficulty accessing traditional loans. Grants from big brands can provide entrepreneurs with the capital they need to cover start-up costs, purchase equipment, or hire staff.
Reduce risk. Taking out a loan can be a risky proposition, especially for new businesses. Grants from big brands can help entrepreneurs reduce their risk by providing them with funding that does not need to be repaid.
Offer mentorship and support. In addition to financial support, big brands can also offer entrepreneurs mentorship and support through their grant programs. This can include providing access to training resources, networking opportunities, and expert advice.
Increase brand awareness. When big brands support small businesses with grants, it helps to raise awareness of both brands. This can lead to new customers for small businesses and increased brand loyalty for big brands.

TikTok and Other Big Brands Support Minority Owned Businesses with Grants

This time around, TikTok is offering assistance with its Creciendo con TikTok Grant in partnership with the Hispanic Heritage Foundation to Latino small businesses with up to $5,000. Other grants are helping with additional funds of up to $10,000 addressing COVID-19 hardships, the Maui Fires, and Commerce’s State Trade Expansion Program (STEP).

Small Business News October 27, 2023

In the news this week, the SBA reignited its commitment to the 8(a) Business Development Program, while the IRS announced the tax gap has surged over $688 billion. On the private front, SalesForce announced the general availability of MuleSoft’s Anypoint Code Builder. This will help small businesses create apps and workflows to improve their operations. For that and more, take a look at the rest of the roundup.

WhatsApp Introduces Multi-Account Feature

WhatsApp has unveiled a significant feature update: users can now have two separate accounts logged in on the same device. This game-changing capability streamlines personal communication and has noteworthy implications for small business owners. Addressing the Work-Life Balance For many small business owners, the boundaries between their professional and personal lives are often blurred.

IRS Introduces Withdrawal Process for Employee Retention Credit Claims

The Internal Revenue Service (IRS) shed light on a novel withdrawal mechanism inaccuracy for Employee Retention Credit (ERC) claims. This comes after a surge in businesses expressing concerns over the validity of their claims. This withdrawal avenue has been tailored for employers who, after having filed an ERC claim, have not yet reaped any refunds.

Biden-Harris Administration Boosts Lending to Latino-Owned Small Businesses

The Biden-Harris Administration announced a record $3 billion in lending to Latino-owned small businesses, with data highlighting a doubling in the number of SBA-backed loans to such enterprises. Fiscal Year 2023’s Small Business Administration (SBA) data revealed a transformative shift.

Federal 8(a) Business Program Back in Business

The U.S. Small Business Administration (SBA) has reignited its commitment to the 8(a) Business Development Program, a vital initiative established to assist socially and economically disadvantaged small business owners. This move comes after a recent U.S. District Court decision that impacted the process of establishing eligibility for the program.

Salesforce’s Anypoint Code Builder is a Game-Changer

In a competitive digital environment where businesses are under constant pressure to evolve, Salesforce has announced a significant leap forward: the general availability of MuleSoft’s Anypoint Code Builder.

Intuit Unveils QuickBooks Bill Pay, Revolutionizing B2B Transactions for Small Businesses

Intuit Inc. launched a comprehensive bill payment and accounts payable (AP) automation system named QuickBooks Bill Pay to streamline business-to-business (B2B) transactions. This feature, integrated within the QuickBooks platform, promises to tackle the cash flow challenges that many small business owners face.

Descript Introduces Cutting-Edge AI Tools

Descript unveiled its new collection of AI tools, set to release in the coming weeks. Small business owners relying heavily on audio and video content might want to monitor these developments closely. Here’s why: A History Rooted in AI Descript is no stranger to artificial intelligence. Since 2018, they’ve integrated AI into their platform with the introduction of Overdub.

When You Go to Prison For Your Business Failure

Every entrepreneur must deal with success and failure of running a business; it comes with the job description. But what happens when your losses get very public? What happens when you go to prison for your business failure? On The Small Business Radio Show, I talked Joseph Costanzo, Jr., who had his failures send him to prison. He was a well-known personality in the restaurant world.

USPS Unveils 2023 Holiday Shipping Deadlines: No Peak Surcharges This Season

The U.S. Postal Service has just released its official deadlines for the 2023 holiday season, aiming to ensure the timely arrival of cards, letters, and packages by Christmas day. Small business owners preparing for the forthcoming holiday shopping and shipping season can look forward to some clear dates and predictability in their pricing.

How to Sell Your Company for More

Many small business owners’ dreams are to sell their company for a lot of money.

Rising Tech Trends in Global Holiday Shopping

As small business owners gear up for the pivotal Black Friday-Cyber Monday (BFCM) season, understanding the shifting trends of consumer behavior is essential. With recent data from a survey of 12,000 consumers and 4,800+ businesses spanning continents, we dive into what this season holds for retailers. 1.

Nevada Business Owner Sentenced to 28 Months Over PPP Fraud

A Nevada man has been handed a prison sentence for defrauding over half a million dollars meant for businesses struggling amid the COVID-19 pandemic. Brandon Casutt, 52, of Henderson, Nevada, was sentenced to 28 months in prison for his fraudulent acquisition of more than $500,000 through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program.

Tax Gap Surges to $688 Billion: What Small Business Owners Need to Know

The Internal Revenue Service (IRS) unveiled new tax gap projections for the years 2020 and 2021, highlighting a significant increase in the amount of taxes unpaid or underpaid by taxpayers. According to the newly released data, the tax gap soared to $688 billion in 2021, marking an upsurge of over $192 billion compared to the 2014-2016 period.

“Ghost” Worker Scheme Costs Chicago Nursing Home Over $100,000

Small business owners, particularly those in the health care sector, are being urged to review their payroll processes in light of a recent indictment involving a “ghost” worker scam that resulted in significant financial losses. A federal grand jury in Chicago has indicted Alisha Richardson, 44, a former employee of a local nursing home, on seven counts of wire fraud.

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This article, “In the News: Big Brands Supporting Small Businesses With Thousands in Grants” was first published on Small Business Trends