Verizon Commits $400K to Empower NYC Small Businesses and Propel Digital Inclusion

On November 10, 2023, Verizon Sourcing LLC, an entity of Verizon Communications Inc. (VZ), announced a substantial investment designed to foster economic prosperity in New York City by endorsing small business digital inclusion. Verizon, a prominent name in telecommunications and corporate pillar of the Dow Jones Industrial Average, has allocated $400,000 towards initiatives aimed at amplifying the digital capabilities of NYC's small businesses, an investment that not only fortifies the community but also serves as a testament to Verizon's commitment to fueling entrepreneurial success and bridging digital divides.

Addressing the Digital Gap

The digital landscape presents immense opportunities but also significant gaps that can hinder progress. For instance, data from the NYC Economic Development Corporation reveals that nearly 29 percent of city households are without broadband access, impacting around 1.6 million residents. This digital shortfall extends to small business owners who require digital skills and resources for the prosperity of their endeavors in a burgeoning digital economy.

Supporting Local Organizations

To underscore its commitment, Verizon has channeled a part of the total investment, an impressive $250,000, towards noteworthy local organizations. These beneficiaries include the Staten Island Economic Development Corporation, Greater Jamaica Development Corporation, James Beard Foundation, Fordham Road BID, and the New York Women’s Chamber of Commerce. This strategic funding is earmarked for programs that will empower neighborhoods, providing small business assistance and fostering essential workforce training.

Fortifying the Five Chamber Alliance

Furthermore, Verizon disclosed a significant grant of $150,000 to the Five Chamber Alliance for the NYC Small Business Digital Inclusion Program. This initiative is part of a larger endeavor, the Verizon Forward Community Enhancement Award, which spotlights a $1 million national campaign to outfit communities with technological know-how for navigating a progressively digital world. The program specifically targets entrepreneurs in underrepresented communities by equipping them with technology literacy skills, thus spurring growth and ensuring the sustainability of their ventures.

Acknowledgements and Future Partnerships

Lisa Sorin, President of the Bronx Chamber of Commerce, expressed gratitude on behalf of the Five Chamber Alliance, emphasizing the anticipated impact to ameliorate the digital exclusion faced by numerous entrepreneurs. She acknowledged that the Verizon award will significantly empower businesses to compete in today's dynamic digital marketplace.

Verizon's Vice President of Public Policy, Tony Lewis, highlighted the essential role of small businesses in stimulating economic growth, community unity, and cultural vitality. He reasserted Verizon’s dedication to supporting one million small businesses, a pledge that forms part of the company’s responsible business framework, Citizen Verizon. This plan aims to furnish these businesses with vital tools to flourish within the digital economy by understanding and serving the distinctive needs of various communities through ingenious partnerships.

Digital Inclusion Efforts and Business Support

Those interested in learning more about Verizon’s digital inclusion efforts can find information on CitizenVerizon.com. Moreover, Verizon Business delivers continual support to small businesses, offering a vast array of products to bolster connectivity, collaboration, cybersecurity, and access to cloud applications crucial for thriving in today’s financial landscape. More details can be accessed on verizon.com/smallbusiness.

Verizon Communications Inc. is headquartered in Midtown Manhattan, New York City, and maintains a presence globally. With revenues reaching $136.8 billion in 2022, the telecommunications giant continues to offer innovative data, video, and voice services and solutions, striving to meet customer expectations for mobility, dependable network connectivity, security, and control.

Verizon, Investment, Technology