Verizon has launched a new entrepreneurship grant program in partnership with the State of New York designed to help domestic violence survivors successfully develop small businesses.
The grants, which will range from $500 to $2,500, can be used to make a down payment on work space, buy a computer or other office equipment, serve as collateral for a loan, or other costs tied to business formation.
“We hope that this new resource will encourage entrepreneurship programs across the state to establish working relationships with their local domestic violence providers, giving them access to promising new students who will be able to reach safe self-sufficiency while growing the state’s economy,” said Amy Barasch, executive director of the NY Office for the Prevention of Domestic Violence.
Grant applicants will be required to create a business plan and take entrepreneurship classes, which will help them to better understand the needs of their future company.
The Boston Globe reports that many small businesses owned by women have a great deal of growth potential. As of 2008, the National Women’s Business Council said that women owned 7.2 million small business in the U.S – accounting for 16 percent of all jobs.