COVID-19 had deeply impacted small businesses, and each small business saw a period of struggle. If you have a small business, you might have understood how difficult the previous years were. People often turned to the grant program to find a solution to their business’s monetary struggle.
Here is more about the Amazon Business Grants 2023, and you can go through the details about it here.
What are Amazon small business grants 2023?
Amazon Business Grants have been given out for a few years now, and after understanding how previous small business owners benefitted from the project, Amazon is relaunching it again this year. The grant prize is $15,000 to $25,000. It also comes with a one year Business Prime membership.
You will also get free products from Eero and Kindle if you get their grant. Also, a consultation is possible for the grand prize winners with the Amazon consultation team. Last year alone, they received 19K grant applications.
To take up the Amazon Small Business Grants, the first thing you need to know is that you need to have an Amazon account of your own. All you need is a free account, and grant applications must be put forth by May 21, 2023, for this year. A business grant of $2,50,000 was given as a grant to small businesses.
Who is Eligible for Amazon Business Grant?
Different types of small businesses are offered a business grant. Here are the steps to determine if your business is eligible for a grant:
- Any business would be called a small business if it earns a profit that is equal to or less than one million dollars in annual revenue.
- You must be an existing Amazon business customer.
- Individuals need to be 18 years of age or older, and their businesses must be headquartered in any of the US states.
- You can make only one entry per Amazon Business account.
- Only those applications that are complete will be entered, and one must also go through the terms and conditions of the grant.
- Less than 50 employees are essential for taking forward the grant application with Amazon.
- It must be a service or retail company that is open to the general public.
What are the Application Requirements?
Here are the application requirements for submitting an application for the Amazon Small Business Grant.
- You must prove the number of employees you have in your office, and this can be done either by showing them the payroll or the appointment related details of the employees.
- Also, show your payment details—the ones that you make to your employees. Payment details need to be articulately presented to the grant owners.
- You will also need to provide all your business details, including the year of establishment and essential provisions.
- Show identity and address proofs for the business owners so that you can go ahead with the application process.
- You must evidently put forth the loss you had with your business during this period, as the grants would be given to businesses striving hard to make their way and survive.
How to apply for Amazon small business grants 2023 Application?
To apply for the Amazon Small Business Grants 2023 application, you will need to understand the following steps:
- First, click on the Apply Now tab that you find in online ads and other related places.
- Next, create an Amazon business account if you don’t have one. But once you finish registration, it might take you up to 48 hours to actually start the application process.
- In the application, mention details about your business and also specify every other piece of information as required.
- Details around the following will need to go in: reason for starting your business, mission or vision of your business, value add of your business, how grants can help you in what way, what kind of problems your company faced and what were the ways you used to come out of them, and the way your business is engaged in community service.
- Attach all relevant proofs, and then submit your application.
How long does application process take?
It will not take you long to fill out the application form.
However, only 15 applications will be taken, and this selection will be done by Entrepreneur.com.
After which, people will need to vote for their favourite business somewhere between October 10 and October 20.
The recipients will finally be announced by Amazon on October 25.
The Small Business Grant will help businesses scale. Most people can also use the money to keep their businesses afloat and to pay their employees for a time. Also, people can use the money to advertise their businesses. Businesses can use the money in whatever way they can. Even some businesses that fell short of resources that led to partial closure can also reopen completely.
FAQs (Frequently Asked Questions)
Is Amazon Small Business Grant Legit?
The grant comes directly from Amazon, a massive global business giant. They are planning to give back to the community, and in their attempt to do so, they are giving back by choosing 15 such businesses that need help and offering them a sum that can help them rise above their challenges.
How much is Amazon Business Grant?
The grant amount varies and ranges from $15,000 to $25,000. Usually, there will be one grand finalist who will receive $25000, four normal finalists who will receive $20000, and ten semi-finalists who will each get a monetary grant of $15000.
There are other offers that will come along with the sum of money that is given to people.
Here is what you must know when thinking of applying for the Amazon small business grant: Those who want to understand more about the process need to read this article carefully. Once you apply, if you get screened and fall in the 15 finalist range, then a common consensus will be sought from the people by Amazon on it. If people vote for your business, you will then be able to take it forward from here.