Verizon has announced a major commitment to support small businesses across the United States. The telecommunications giant is investing $5 billion over the next five years to launch the new Small Business Supplier Accelerator program. This initiative aims to simplify the process for smaller enterprises to penetrate large corporate supply chains.
Through this program, small businesses will receive practical support such as customized onboarding, training, and more flexible commercial terms. Adjusted indemnity requirements, altered insurance terms, and expedited payment cycles are designed to make collaboration with Verizon and other large corporations more accessible.
Verizon recognises that small businesses are the backbone of the American economy and a staple in our local communities, stated Hans Vestberg, CEO of Verizon. He emphasized the company’s long-standing dedication to fostering economic growth and job creation by equipping small businesses with financial resources, technology, and expertise.
Complementing this effort, Verizon’s Small Business Digital Ready platform offers a free online hub with courses, mentoring, and funding opportunities. Since its 2021 launch, the platform has served nearly half a million small businesses, with a goal to reach one million by 2030. This move is timely, as there’s increasing pressure on large enterprises to diversify supply chains, bolster local economies, and enhance resilience amid global disruptions.
As a part of this initiative, Verizon, in collaboration with LISC (Local Initiatives Support Corporation), announced a new round of $10,000 grants for eligible Digital Ready users. These efforts are a strategic response to the growing demand for companies to play a more active role in local economic enhancement.