by Jeffrey McKinney
April 29, 2024
Grants can be used by recipients in several ways, including investing in new equipment, inventory, and marketing.
Online marketplace giant eBay is offering $525,000 in grants and technical assistance to entrepreneurs — including Black-owned businesses — to support fresh growth.
The San Jose, California-based company has announced that 50 U.S. eBay sellers will each get a $10,000 grant to boost their businesses. Each recipient will also get a $500 stipend that businesses can use to equip themselves with needed office technology and education support.
Now in its fifth year, the funding is part of eBay’s Up & Running Grants program. A supporter of small businesses since 1995, eBay is a global marketplace with 132 million active buyers. The company operates in 190 markets for buyers and sellers and has $73 billion in gross merchandise volume last year.
The company stated that a survey of last year’s awardees revealed that 90% found the grant extremely helpful, and the same percentage said the funding made them more confident about the future of their businesses. Further, 10% reported they used the money to boost employees’ wages.
The grants are also intended to help Black eBay sellers and all of the company’s sellers. eBay disclosed to BLACK ENTERPRISE that 55% of Up & Running grant applicants in 2023 were entrepreneurs of color.
Black and other Americans have the flexibility to use the grants in any way that will optimize business success, including funding for physical and digital store improvements, investing in new equipment, inventory, marketing, and other purposes.
According to eBay, studies show that it is more difficult for marginalized communities to obtain financial assistance, including for bank loans and other capital. The company disclosed its grants are accessible to all and free.
Dawn Block, VP, U.S. General Manager at eBay, said, “We are constantly looking for ways to ensure that entrepreneurs on our marketplace have the capital, resources and community they need, in order to truly thrive.”
Technology firm Hello Alice is partnering with eBay and will administer the grants. Grant applications are now open through June 7 at 6:00 p.m. ET.
Elizabeth Gore, co-founder and president of Hello Alice, added, “Grant programs are one of the most vital resources for all small business owners who encounter challenges when trying to secure capital or credit for business growth.”
Learn more about the grant program here.
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