Verizon announces a $5B commitment to support small businesses
Verizon just announced a commitment to invest $5 billion over the next five years in U.S. small business suppliers with the launch of its new Small Business Supplier Accelerator.
What you need to know: The program helps create a pipeline for American small businesses, many of which are owned by veterans, to work with Verizon and other large corporations.
The strategy: This program is designed to strengthen small businesses — the backbone of the U.S. economy — and to help the country create a more resilient supply chain.
The Verizon Small Business Supplier Accelerator builds on the comprehensive support that Verizon has provided to small businesses and the communities they serve for years.
On top of the $5 billion in supplier spend, the program aims to empower American small businesses to work with Verizon and other large corporations through targeted training and flexible solutions such as:
Faster payment terms.
Modified insurance requirements.
Adjusted indemnification requirements.
The goal: To make it easier for small businesses to join Verizon's supplier network or the network of other large companies.
"Verizon recognizes that small businesses are the backbone of the American economy and a staple in our local communities," said Hans Vestberg, CEO, Verizon. "Our long-standing commitment and investment in small businesses aims to empower local businesses and communities with financial, technology and business expertise and resources to advance economic growth and foster job creation."
Helping over 460,000 small businesses succeed
Verizon is further fueling small businesses through its Small Business Digital Ready program, a free online program offering small businesses nationwide the opportunity to access:
Over 50 expert on-demand courses curated by and for small businesses.
1:1 expert coaching.
Online and in-person networking opportunities.
Curated loans and grants.
In partnership with the nonprofit LISC, Verizon recently announced another Small Business Digital Ready grant opportunity where eligible small businesses who are Digital Ready members (and complete two resources) can apply for $10,000 grants (open until June 30, 2025, at 11:59 pm PT).
Since 2021, Verizon has awarded $13.5 million in grants to support small businesses.
Verizon has supported nearly half a million small businesses through Small Business Digital Ready since 2021, almost halfway to the company's goal to equip one million small businesses with the skills and resources they need to thrive in the digital economy by 2030.
The takeaway: Verizon offers a comprehensive commitment to small businesses that extends beyond a financial investment, aiming to equip these vital economic drivers with the tools and resources small businesses need to grow and protect their businesses using technology.
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