Second-quarter impact data reveals how its 1MBB initiative is driving economic development, improving financial literacy, and creating generational wealth for the underserved.
ATLANTE, July 20, 2023 /PRNewswire/ — Operation HOPE, the nation’s leading nonprofit organization dedicated to financial education, today announced second quarter impact results from its groundbreaking project One Million Black Businesses (1MBB) initiative. Launched in 2020, 1MBB provides access to an integrated suite of services, knowledge, capital and technology tools needed to launch, sustain and grow new Black businesses, at no cost to program participants.
Operation HOPE tracks and measures the success of the 1MBB Initiative through key performance indicators. To date, Operation HOPE reports that the initiative has supported, engaged and signed more than 334,000 program participants. Additional impact data includes:*
- 35 partners of the Coalition of Community Stakeholders
- 50,175 commitments from community stakeholder partners
- 270,898 Shopify e-commerce platform businesses supported and engaged
- 13,080 HOPE Inside 1MBB companies registered
- $26,230,275 committed to small business lending
*Operation HOPE Research, June 2023
“The 1MBB Initiative is not just about creating businesses. It aims to break down barriers and empower black entrepreneurs to create generational wealth,” said John Hope Bryant, Founder, President and CEO of Operation HOPE. “Through this initiative, we are nurturing a culture of financial literacy, encouraging smart entrepreneurial financing and fostering long-term economic empowerment. »
In 2023, the 1MBB Initiative was also named among the winners of the Fast Company’s 2023 World-Changing Ideas Awards. In conjunction with 1MBB HOPE also launched The 1865 project, an initiative designed to help level the economic playing field for underserved Americans.
Operation HOPE’s 1MBB initiative is a beacon of hope, driving economic development, increasing financial literacy, and creating generational wealth for underserved Black communities in America. By giving Black entrepreneurs and individuals the knowledge, resources and support they need, the initiative not only promotes economic growth, but also challenges the structural inequities that have held back communities for far too long. As the 1MBB Initiative continues to make progress in creating one million new Black-owned businesses, it is paving the way for a more equitable and prosperous future for all.
As 1MBB continues to grow, the program will continue to leverage the following:
- Public-private partnerships: Operation HOPE collaborates with government agencies, including the Small Business Association (SBA), Coalition of the Willing, financial institutions and corporate partners to maximize the reach and impact of the 1MBB initiative. Public-private partnerships ensure a coordinated approach to addressing economic disparities and create a stronger support system for Black entrepreneurs.
- Community Engagement: The 1MBB Initiative is deeply rooted in community engagement. By actively engaging local organizations and leaders, the initiative tailors its efforts to meet the specific needs of communities, ensuring that economic empowerment reaches the local level. 1MBB’s key community stakeholders and partners include Shopify, the NFL, Wells Fargo, Nasdaq, Truist, First Horizon Bank, FICO, Uber, Comcast, iHeart Media and Kappa Alpha Psi, to name a few . In partnership with other resource partners, HOPE is also currently engaged in cities across several states, including California, Georgia, Michigan, Missouri, Tennessee And Texas.
The wealth gap in the United States is staggering and is felt most acutely among communities of color. According to a recent Bloomberg report, eight out of ten black-owned businesses fail within the first 18 months. 1MBB recognizes the urgency of overcoming these barriers to fully unlock the potential of Black entrepreneurship. Through strategic partnerships, 1MBB is committed to implementing strategies that level the playing field and foster an ecosystem of support for minority-owned startups. To learn more about 1MBB, visit HOPE1mbb.org.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has moved America from civil rights to “money rights” with a mission to make free enterprise and capitalism work for all, eliminating poverty for millions of young people and low- and moderate-income adults across the country. Through its community improvement model, “HOPE Inside,” which was named 2016 Innovator of the Year by American Banker Magazine, Operation HOPE has served more than 4 million people and led more of $3.2 billion of economic activity into disenfranchised communities – turning check cashers into bank customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and victims of uncertain disasters into financially self-sufficient disaster survivors. Operation HOPE recently received its eighth consecutive 4-star charity rating for financial management and commitment to transparency and accountability from the prestigious nonprofit evaluator, Charity Navigator. In 2023, HOPE launched The 1865 project, an initiative designed to help level the economic playing field for underserved Americans. For more information, visit OperationHOPE.org or join the conversation online @operationspérance.
SOURCE Operation HOPE, Inc.