As of the first quarter of 2020, Amazon.com is the 3rd most valuable company. Amazon is known for its online store and well-priced membership. But the company has also become involved in funding, grants, and relief. The Amazon funding options might apply to your business too.
There are several separate funding options that you may apply for. Most recently, Amazon has been giving grants to businesses affected by Covid-19. Let’s have a look at that grant and all the other Amazon funding options.
Amazon Funding: Covid-19 Grants
The most recent Amazon funding option is the Covid-19 grant the company began in March 2020. The “Neighborhood Small Business Relief Fund” gave over $11 million in cash or free rents to over 900 small businesses as of May 20th. The fund is neighborhood-based and available to small businesses in Seattle and Bellevue. The idea of the fund is to assist the many small businesses devastated by the pandemic.
Amazon Funding: Amazon Relief Fund
Amazon also offers a broader relief fund simply known as the “Amazon Relief Fund”. The relief fund is available to some businesses that have just gone through a disaster. If natural disasters and sudden hardships affect your business, you can apply for the fund.
The fund is now focusing on businesses that have been affected by Covid-19. The grant can provide up to $5,000, but comes with a minimum of $400. Applicants to the fund must provide proof they qualify for the relief. You will be asked to provide documents that prove your business was impacted by the disaster. You can apply for the relief fund directly by clicking on “Apply for a Grant” here.
Can I Apply For A Grant?
Eligibility for the grant is rather simple. Your business must:
- Have fewer than 50 employees
- Make less than $7 million in annual revenues
- Be affected by a Covid-19 infection or quarantine
- Have a business in the category of:
- Restaurants
- Food trucks
- Coffee shops
- Sandwich shops
- Bars
- Beauty salons
- Barbers
- Car wash
- Catering
If you meet the eligibility requirements, you can apply for Amazon funding. They don’t specify how much they will give you. Funding amounts are determined on a case-by-case basis. The funding comes in the form of a grant, so you don’t need to pay it back and there are no associated expenses.
Amazon Funding
Alexa Fund
The Alexa Fund is a fund dedicated to voice technology innovation. The fund can provide up to $200 million in venture capital funding. In order to be eligible, your company must innovate in:
- AI
- Voice technology
- Frontier tech
- Robotics
- IoT
The Alexa Fund is one of Amazon’s more exclusive funding options. But the fund has provided millions of dollars to startups in accessible technology, STEM education, and others.
Green Energy Fund
Amazon created this $2 billion venture capital fund to support a “carbon-free” future. The fund will “invest in visionary companies. Companies with products and services that help facilitate the transition to a low carbon economy can apply for funding.
Applications for the fund are assessed on a case-by-case basis. The funding comes in the form of an investment. Your application will be approved or denied based on your business’s potential for supporting a carbon-free future. Companies producing products like solar panels, solar roofs, and electric delivery vehicles are prime candidates for the Green Energy Fund.
So far, Amazon has invested in over 100 clean energy products.
Is Amazon Funding For Me?
Amazon’s funding options aren’t a core part of their business. They are simply philanthropic relief or investment packages for specific kinds of businesses. They are all very niche funding options that Amazon is very clear in explaining.
If you are eligible for the assistance or investments that Amazon has to offer, you should take them up on their offer. Their grants are not taxable inside the US but may be taxable elsewhere. So, you might as well try to see if you’re eligible for their funding. If your business has been affected by Covid-19, a no-strings-attached funding package is worth applying for.
