Key Things to Know About the Verizon Small Business Digital Ready Grants
Verizon Communications Inc., among the country’s leading multinational telecommunications companies, has announced new grant funding opportunities for small businesses as a part of its Verizon Small Business Digital Ready program. Partnering with financial organizations like Local Initiatives Support Corporation (LISC), Verizon intends to provide small businesses with the required resources to grow in the digital world. Here are a few key things to know about the network provider’s unique initiative.
Features of the Verizon Small Business Digital Ready initiative
- Personalized access to multiple online courses
The initiative provides small businesses with personalized access to over 40 online courses. Through these courses, businesses can learn the essential skills to grow and ascend in their journeys.
Verizon Small Business Digital Ready’s portal provides access to free mentorship. Industry experts provide budding entrepreneurs with the necessary guidance and support to develop and gain a firm foothold in their respective industries.
Verizon Small Business Digital Ready recently updated its interface with new content, including articles, short-form videos, and audio clips. This step provided the platform with a fresh look and increased its appeal.
This year, starting October 12 and extending to December 20, Verizon Small Business Digital Ready allows small businesses to receive grant funding of $10,000.
The Verizon Small Business Digital Ready initiative offers free guidance and training for small businesses. As a result, they do not have to spend their capital to advance in their endeavors.
Who can apply for the Verizon Small Business Digital Ready grant?
Small businesses must complete at least two courses or live coaching sessions and submit an application to be eligible. Not all businesses that apply for the initiative will be awarded the grant. Preference is typically given to historically under-served communities unable to access capital. The Verizon Small Business Digital Ready initiative also does not consider non-profit organizations for the grant. Moreover, candidates can apply only for one business and should be at least 18 to apply for the grant. Businesses must fill out and submit their applications correctly and wait for a response.
How do businesses know if they have been selected for the grant?
LISC will contact businesses selected for the grant via email. If the delivery of any notification message or document fails, the candidate will be disqualified from the grant, and a substitute will be selected.
Tips while applying for the Verizon Small Business Digital Ready grants
- Verify the business’s eligibility
Before applying for the grant, businesses should determine whether they are eligible. They may verify their eligibility by contacting their local community relations manager. - Comply with relevant laws
Grant applicants and awardees must read and abide by all applicable laws and regulations. This includes laws about tax-exempt status and non-discrimination. - Audit regularly
Organizations applying for the grant must keep their books available for an independent outside audit, which should be carried out regularly. Moreover, the results of these audits should be made accessible to all contributors. - Prioritize direct costs
Companies eligible for the grant must prioritize direct costs. In other words, 85% of the funds should comprise direct costs, or costs directly related to the project. Overhead costs should not exceed 15% of the aggregate grant funds. - Provide an explanation regarding IT assets
Companies applying for grants to cover IT infrastructure-related expenses should provide a detailed explanation regarding the use of their IT assets and specify whether cellular connectivity is involved. This is especially important if IT expenses exceed 20% of the grant’s total direct costs.
Additional points to remember
- Education grants
Verizon also provides educational grants to support projects that promote digital skills development for teachers and students in grades K-12. Schools that directly apply for Verizon grants and are eligible for the Education Rate or E-Rate program cannot utilize the grant money to buy technology hardware, such as computers, laptops, and netbooks, unless Verizon approves the same. - Exemptions
Verizon may reject funding for private charities and foundations, religious organizations (unless the program benefits a major section of the community regardless of religious affiliation), political candidates or campaigns, sports events, performing arts tours, etc. Moreover, organizations having received a grant from Verizon consecutively for the past three years may reapply only after a gap of a year.
When applying for the Verizon Small Business Digital Ready initiative, businesses must understand the eligibility criteria and read all the rules and regulations. Grant awardees stand the opportunity to ascend tremendously in their respective fields.
