Square has introduced a grant program designed to provide local businesses with financial support and mentorship.
The Cornerstone Grant Program will provide selected Square sellers with a $10,000 grant, support from a certified public accountant, financial therapy sessions with a board-certified therapist, business technical assistance from the Northwest Mountain Minority Supplier Development Council, and access to nonprofit resources and networking opportunities, the company said in a Friday (Aug. 22) press release.
“With over a decade of small business lending experience, we’ve seen that a well-timed $10,000 investment, our average loan size, can be transformative for a small business—and serves as a stark contrast to the six-figure loans traditional lenders focus on,” Adam Turnbull, head of banking at Square, said in the release.
“Through these grants, we’re combining right-sized capital with expert guidance, giving sellers a blueprint for sustainable growth that will help their business and communities thrive,” Turnbull added.
Square began accepting applications for the grant program Friday and said it will announce the recipients in November.
In an earlier, separate program, Square partnered with Cash App, Visa and New Orleans nonprofit organization Propeller in February to provide small businesses in the food and beverage sector with technology and support.
The organizations teamed up to offer an event called “Feeding NOLA’s Future” that brought together 125 local food and beverage businesses who were offered technology and personalized sessions with industry experts who offered strategies for capitalizing on peak seasons and maximizing their sales potential.
In addition, the organizations said they would continue with an initiative to support small businesses and expand access to technology.
In April, Square debuted banking tools designed to help sellers gain instant access to their funds.
The company expanded its banking service to let business owners sign up for a Square payments account and a free Square Checking account through one application from Square’s website and point-of-sale app. It also updated its savings account to include new personalized savings recommendations based on cash flow data and industry insights.
“Cash flow management is the lifeblood of a small business — it can mean the difference between success and failure,” the company said at the time in a press release.
