Verizon to invest $5B to bolster U.S. small businesses

Verizon (NYSE:VZ) plans to invest $5B over a five-year period to support and strengthen American small business suppliers and help them connect with other big businesses for collaboration and work.

The company has launched the “Small Business Supplier Accelerator” program, which will “help the country create a more resilient supply chain.”

“On top of the $5B in supplier spend, the program aims to empower American small businesses to work with Verizon and other large corporations through targeted training and flexible solutions such as faster payment terms, modified insurance requirements, and adjusted indemnification requirements. The goal is to make it easier for small businesses to join Verizon’s supplier network,” the U.S. telecom said Tuesday.

In addition, Verizon has announced a new grant cycle for its existing “Digital Ready” program, under which U.S. small businesses are expected to get $10,000 in grants until the end of June this year.

Verizon has given out $13.5M in grants since 2021 through “Digital Ready,” which also provides free resources like online courses, workshops, coaching, business networking, and capital funding opportunities.