Summary
Each year, PayPal provides local-level grants and support to communities around the world as part of the company’s commitment to powering an inclusive and equitable economy. Earlier this year, they awarded Kwanda a $50,000 grant to support our mission.
We are investing £20,000 of that funding directly into Black-owned small businesses in the UK. Selected founders will receive £1,000 or £5,000 in grants, along with an offer of additional support and mentorship via YSYS, a startup community dedicated to connecting diverse people with opportunities in tech.
The Grants
The following awards are available:
Kickstarter Award x 5 - £1,000 each to kickstart a new idea
The Kickstarter award is to support early-stage entrepreneurs to test and validate their new business ideas. Founders will be able to use it for any purposes that support the development of their business idea.
Eligibility criteria:
- You are black and/or mixed-race entrepreneurs building a new idea
- You are based in the UK
- Your idea has generated less than £10,000 in revenue to date
Boost Award x 3 - £5,000 each to scale up operations
The Boost Award is to support innovative black-owned small businesses to scale their operations. Founders will be able to use it for any purposes that support the scaling and growth of their businesses.
Eligibility criteria:
- You are black and/or mixed-race entrepreneurs building a small business
- You are based in the UK
- Your annual revenue is below £100,000
Investment Process
Kwanda will assemble an Investment Committee to review applications for the different awards. Businesses and ideas in development will be assessed on this criteria:
- Solid business model
- Clearly differentiated unique selling point or unique value proposition
- Evidence of innovation
- Potential for growth
Application
The deadline for applications is 24 October 2021. Finalists will be announced by 15 November 2021.
