Verizon's Bold $5 Billion Investment to Support Small Businesses
Verizon's Commitment to Small Business Support
Verizon has announced an impressive commitment of $5 billion to invest in small businesses across the United States over the next five years. This initiative includes the launch of the new Small Business Supplier Accelerator, which aims to create pathways for small businesses to engage with Verizon and other major corporations.
Empowering Veterans and Local Entrepreneurs
The focus of the program is on supporting American small businesses, many of which are owned by veterans. By fostering these connections, Verizon aims to strengthen the fabric of the U.S. economy, acknowledging that small businesses are essential for economic resilience and job creation.
Building a Stronger Supply Chain
This innovative program is designed to enhance the supply chain within the United States. Through targeted training and more flexible operational solutions, Verizon is ensuring that small businesses can easily become part of its supplier network. These solutions may include faster payment terms and adjusted insurance requirements, streamlining the process for small business integration.
Comprehensive Support for Digital Readiness
In addition to financial investment, Verizon has rolled out the Small Business Digital Ready program. This free online initiative provides small businesses with access to over 50 expert-led courses aimed at enhancing digital capabilities. This is designed to help entrepreneurs navigate the digital economy effectively.
Grant Opportunities for Small Businesses
As part of this commitment, Verizon Small Business Digital Ready has announced a new grant cycle where eligible small businesses may apply for $10,000 grants. These grants are available to those who complete two resources within the program, facilitating the growth of small enterprises by providing crucial funding.
Track Record of Success
Since the program's inception in 2021, Verizon has provided substantial support, awarding $13.5 million in grants to small businesses. Currently, the company has assisted nearly 500,000 businesses, moving closer to its goal of empowering one million small businesses by 2030. This level of support emphasizes Verizon's commitment to economic development and job creation.
Connecting with the Community
Hans Vestberg, the CEO of Verizon, emphasizes the importance of small businesses, stating, “Our long-standing commitment and investment in small businesses aims to empower local businesses and communities with financial, technology and business expertise.” This sentiment reflects the overarching mission of Verizon to not only provide services but to also enhance the economic landscape of the communities it serves.
About Verizon Communications Inc.
Headquartered in New York City, Verizon is a leader in communication technology, serving millions of customers globally and working with nearly all members of the Fortune 500. In 2024, the company reported an impressive revenue of $134.8 billion, demonstrating its strong market presence and commitment to innovation.
Frequently Asked Questions
What is the purpose of Verizon's Small Business Supplier Accelerator?
The Small Business Supplier Accelerator aims to create opportunities for small businesses, particularly veteran-owned ones, to engage with large corporations like Verizon, strengthening the economy.
How much can small businesses apply for in grants?
Eligible small businesses can apply for grants of $10,000 through Verizon's Small Business Digital Ready program.
What has Verizon invested in small businesses so far?
Since 2021, Verizon has awarded $13.5 million in grants and has reached nearly 500,000 small businesses through its support initiatives.
What are the objectives of the Small Business Digital Ready program?
This program offers expert courses, coaching, networking opportunities, and access to capital to help small businesses thrive in a digital economy.
How does Verizon redefine supplier engagement for small businesses?
By providing adjustable payment terms and training, Verizon makes it easier for small businesses to join its supplier network and thrive.
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