Small business platform Xero has today unveiled a new global small business fund designed to accelerate growth and support the future aspirations of small businesses globally, with more than $690,000 in funding up for grabs.
The Xero Beautiful Business Fund will be open to Xero small business customers in Australia, New Zealand, Singapore, South Africa, the United States, Canada and the UK, with the fund to officially launch with a call for entries at Xerocon Sydney, which is taking place in Sydney on August 23-24 2023.
Xero, which is celebrating Xero Day and marking 17 years since its founding today, has 3.7 million subscribers for its core accounting platform, as well as payroll, workforce management, expenses and project-based offerings.
The fund is designed to celebrate small businesses, empower success and accelerate their growth, with customers in each country eligible to apply for the funding categories that best suit their needs.
However, it is not yet clear how much of the grant money will be available to individual companies.
Small businesses that want to take the next step on their sustainability journey, which could include moving to sustainable packaging, implementing energy-efficient equipment or carbon-neutral transport, can apply for the ‘Innovating for Sustainability’ category.
There is also a ‘Trailblazing with Technology’ category for small businesses seeking to supercharge their business by digitalising parts of their operations or integrating new emerging technologies.
Other categories include ‘Strengthening Community Connection’, which is for small businesses or non-profits striving towards community connection. It could be to contribute to philanthropy, social good, or make an impact on the community in a meaningful way.
The ‘Upskilling for the Future’ category is for those small businesses seeking to support upskilling for themselves or their employees so they can access training and development to grow further.
Xero Australia country manager Will Buckley said the company is proud to be able to give back and support small businesses.
“Innovation is fundamental to building a stronger and more prosperous small business economy,” he said in a statement.
“We look forward to seeing the entries from Australia and around the world, and hearing more about the aspirations of business owners so we can play a part in helping them achieve their goals.”
For each category, there will be seven regional winners identified by a regional judging panel. The pool of regional winners in each category will then be evaluated by a global judging panel and the winner of each category will receive an additional global prize.
Xero CEO Sukhinder Singh Cassidy said small businesses run the world.
“As champions of small business, Xero is providing an opportunity for customers to apply for funding to take their next step. Whether that be to support a passion to become a more sustainable business, upskill employees, philanthropic work in the community, or integrating the latest AI into their business, the fund is here to help small businesses meet their dreams, ” Cassidy said in the same statement.
Applications for the fund, inclusive of a written form and a short video submission, will be available beginning August 23, 2023 with the application period closing on October 6, 2023.
