Financial giant Square initiates funding scheme for small-scale enterprises

Square, the digital payments company, has announced the launch of the Cornerstone Grant Program, designed to provide financial support and resources to small businesses, particularly those in the food and beverage sector. The program aims to offer a $10,000 grant, business technical assistance, and networking opportunities through the Northwest Mountain Minority Supplier Development Council.

The Cornerstone Grant Program began accepting applications on August 22. Adam Turnbull, head of banking at Square, stated that this investment can be transformative for a small business, combining right-sized capital with expert guidance. The program also includes financial therapy sessions with a board-certified therapist and support from a certified public accountant.

In addition to the financial aid, Square's banking tools provide instant access to funds for sellers. Square's banking service allows business owners to sign up for a Square payments account and a free Square Checking account through one application. Square updated its savings account to include personalized savings recommendations based on cash flow data and industry insights.

Square partnered with Cash App, Visa, and Propeller in February to provide further support to small businesses in the food and beverage sector. This partnership is part of Square's ongoing commitment to helping small businesses thrive.

The organizations involved in the "Feeding NOLA's Future" event are also working towards this goal. They aim to continue supporting small businesses and expanding access to technology. During this event, they offered strategies for capitalizing on peak seasons and maximizing sales potential, as well as technology and personalized sessions to 125 local food and beverage businesses.

Square debuted its banking tools in April, marking a significant step in its mission to empower businesses of all sizes. Cash flow management is crucial for small businesses, as it can determine the difference between success and failure. With the Cornerstone Grant Program, Square is providing a valuable resource for businesses to manage their finances effectively.