Published: May 4, 2023
by Gabrielle Pickard-Whitehead
In Small Business News
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Amazon Business has launched its second annual Small Business Month by announcing the 2023 Small Business Grants, aimed at fostering innovation and supporting small businesses that make a positive impact in their communities. The company also released a poll highlighting the optimism and resilience of small-business decision-makers despite economic challenges.
The poll revealed that the top challenges for small businesses are high inflation (63%), economic recession (39%), and supply chain disruptions (30%). However, 55% of respondents expressed more hope for their business’s success than they did a year ago. To drive future growth, small businesses are focusing on streamlining their purchasing processes and reducing costs, with 91% identifying the ability to find affordable items, 88% emphasizing ease of locating items, and 90% highlighting the convenience of purchasing as key factors in long-term growth.
Todd Heimes, director of Amazon Business Worldwide, stated that Amazon Business offers small businesses the selection and convenience of Amazon, along with tools that help them make informed buying decisions, automate procurement, and save money through business pricing.
To further support small businesses, Amazon Business has introduced the Small Business Grants program, offering over $250,000 in grants to eligible small businesses in the U.S. with annual revenues of $1 million or less. Grant applications are due by May 21, with winners to be announced on July 17. Prizes include monetary grants, Business Prime memberships, select Amazon devices, and more.
Virtual X Kitchen, a 2022 grant finalist, received $20,000 to develop its sustainable restaurant model for urban areas, maximizing kitchen space for multiple owners and utilizing new technology to streamline the ordering process. The grant money was used for branding initiatives to increase company awareness.
Amazon Business is committed to supporting small businesses by providing education, grants, and tools that help them overcome challenges and focus on their mission and customers. The Small Business Grants program underscores the importance of small businesses in the economy and demonstrates the company’s dedication to their success.
For more information on the Amazon Small Business Grants and to apply, visit the Amazon Small Business Grants page.
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Gabrielle Pickard-Whitehead is a professional freelance writer and journalist based in the United Kingdom. Since 2006, Gabrielle has been writing articles, blogs and news pieces for a diverse range of publications and sites. You can read “Gabrielle’s blog here.”.
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Today, Amazon Business announced a new $1 million fund to support small businesses looking to grow and innovate via a survey of more than 1,700 small business owners. The survey yielded interesting insights on the challenges and opportunities of growing and innovating in today’s ever-changing business landscape.
The grants of up to $10,000 each are intended to help small businesses invest in the technologies they need to become more agile, adaptive and efficient in their operations. Small business owners will be able to apply for the grants in the coming weeks and will be notified of their status within 30 days.
Amazon Business surveyed 1,762 small business owners, finding that 32% face labor shortages as a main barrier to growth, while 28% find difficulty in accessing capital and financing a main hindrance. A majority of small business owners (55%) are confident they can find the resources they need to grow. Those that responded to the survey also reported that the pandemic had a moderate impact on their circumstances, with those that were hit hardest citing the broad economic downturn and an inability to provide contactless services.
In addition, the survey found that half of small business owners used grants to provide services with a digital component and invest in new technologies in the past. Furthermore, 74% of small business owners surveyed anticipate that grants and other forms of financial assistance will play an even larger role in the growth of their business over the next 12 months.
In a statement accompanying the release of the survey, Amazon Business VP Prentis Wilson said, “Small businesses are the backbone of the US economy, having contributed half of all private-sector output since the beginning of the pandemic. In order for small businesses to keep competing and innovating, we want to provide them with the funding necessary to acquire the resources and technologies they need to do so.”
As small businesses continue weathering the economic storm, Amazon Business’ grants will provide an invaluable opportunity for those with room for expansion and innovation to move forward. With growing demands from customers, competition from larger companies, and new technology entering the market, the path to success for small businesses will require agility and adaptive problem solving skills. The new grants see Amazon Business supporting small businesses as they grow, evolve and thrive in the digital economy.
