Verizon boosts U.S. small biz with $5 billion, Digital Ready grants
Verizon has announced a substantial $5 billion commitment over the next five years, launching a new Small Business Supplier Accelerator designed to invest in American small businesses.
This significant investment aims to bolster small businesses, which Verizon calls "the backbone of the US economy," and to fortify the country's supply chain. The program creates a pipeline for US small businesses, including many veteran-owned enterprises, to work with Verizon and other major corporations.
Key initiatives
Supplier Accelerator: The $5 billion commitment will go towards US small business suppliers. Beyond financial spend, the program offers targeted training, faster payment terms, modified insurance requirements, and adjusted indemnification to simplify joining Verizon's supplier network.
Digital Ready Grants: Verizon's Small Business Digital Ready program has opened a new grant cycle, offering $10,000 grants to eligible small businesses. Applications are open until June 30, 2025 (11:59 pm PT).
To apply, small businesses must be Digital Ready members and complete two program resources.
Since 2021, Verizon has awarded $13.5 million in grants through this program.
Digital Ready Program: This free online resource offers small businesses nationwide over 50 expert on-demand courses, 1:1 expert coaching, and networking opportunities. Verizon has supported nearly 500,000 small businesses through Digital Ready since 2021, working towards a goal of equipping one million by 2030.
Leadership's take
"Verizon recognizes that small businesses are the backbone of the American economy and a staple in our local communities," said Hans Vestberg, CEO, Verizon. He emphasized the company's commitment to empowering local businesses with financial, technology, and business expertise to foster economic growth and job creation.
Why this matters for Ohio
While a national initiative, Verizon's commitment directly impacts Ohio's vast small business community, providing critical access to capital, digital skills, and supplier opportunities that can drive local economic growth and resilience.