The emergence of DoorDash and UPS as major financiers of small business startups is a welcomed sign of economic recovery from the Covid-19 pandemic. Both companies have recently announced new funding rounds dedicated to boosting small business startups across a variety of sectors.
DoorDash’s $100 Million Small Business Fund
DoorDash’s Small Business Fund has been launched with the aim of providing $100 million worth of financial assistance to restaurant owners, operators, and delivery drivers over time. This expansive initiative will provide assistance to small business owners in the form of:
- Technology Grants: DoorDash will provide small businesses with up to $10,000 each in funding for technology upgrades, such as specialized kitchen equipment and restaurant point-of-sale systems.
- Marketing Grants: DoorDash has also established a program that will award grants of up to $2,500 each to small businesses for the purpose of marketing and promotion.
- Delivery Driver Subsidies/ Bonuses: Drivers that complete DashPass-eligible orders with DoorDash receive up to $1,500 for the duration of their employment.
UPS’ $50 Million Funding Commitment
In addition to DoorDash’s Small Business Fund, UPS has also recently announced a $50 million funding commitment to small business startups across several sectors. This new financial package will include:
- Investment Capital: UPS will provide early-stage seed money to startups and entrepreneurs, as well as access to venture capital and network resources.
- Business Growth Grants: Entrepreneurs and small business owners can apply for grants of up to $25,000 each in order to help them expand and grow their businesses.
- Supplier Opportunities: UPS will also open its doors to qualified suppliers from the small business community, offering them products and services at discounted rates.
With the aforementioned financial packages, DoorDash and UPS are ensuring that everyone has an opportunity to become a small business owner. Both companies recognize that small businesses need support right now to survive – and are taking steps to make that happen.