Xero launches SGD $630,000 fund to support small businesses

Xero has announced the launch of the second Xero Beautiful Business Fund, an initiative set to offer in funding to assist small businesses and non-profits across several participating regions with their expansion plans.

The entry period for Xero Beautiful Business Fund is now open to Xero small business customers and will close on 27 August 2024.

The initiative will share the total prize pool among 28 winners from Singapore, Australia, Canada (excluding Quebec), New Zealand, South Africa, the United Kingdom, and the United States. Each country will see four winners, one for each category, as determined by local judging panels, with each recipient awarded SGD $15,000. Among these winners, four global winners will be chosen by a global judging panel, each receiving additional funding.

Xero small business customers will need to submit an online form along with a 90-second pitch video to enter. Applications can be submitted across four distinct categories, focusing on environmental sustainability, technological innovation, strengthening local communities, and upskilling efforts.

Environmental sustainability aims to support businesses or non-profits that seek to reduce their environmental impact, enhance the sustainability of their products or services, or develop new environmentally friendly initiatives. The technology category will cater to organisations keen on adopting innovative technologies to drive their growth.

The strengthening community connection category will reward those with missions rooted in serving their communities and making a positive impact, including supporting underserved or marginalised groups. The upskilling category targets those businesses or non-profits looking to bridge skills gaps through professional development and training initiatives.

CEO of Xero, Sukhinder Singh Cassidy, expressed enthusiasm about the return of the fund. "We're thrilled to offer the Xero Beautiful Business Fund again in 2024. As a global judge last year, getting to hear first-hand from our small business customers about their ideas and aspirations was a rewarding experience that reminded me of the resilience, drive, and determination it takes to be a business owner. The fund is a chance to reflect on our purpose to make life better for small businesses, their advisors and communities around the world and provide meaningful support so our customers can fulfill their dreams or take that next big step with confidence."

The inaugural Xero Beautiful Business Fund was launched in 2023 to coincide with Xero Day, marking the company's anniversary. As Xero celebrates its 18th anniversary, the fund supports small businesses in realising their aspirations. 

The fund provides an opportunity for small businesses to access significant financial support to advance their initiatives. More details, including full criteria and profiles of the 2023 winners, are available on the fund's official website, with the submission process closing on 27 August 2024. Winners will be announced at the end of October 2024.