The total represents more than 5% of all Black-owned businesses in the United States.
Innovative program continues to create new entrepreneurs by providing tools and resources in historically underserved communities
ATLANTA, December 13, 2022 /PRNewswire/ — Operation HOPEthe nation’s leading nonprofit organization dedicated to financially empowering underserved communities, today announced that its groundbreaking project 1 Million Black Businesses (1MBB) Initiative has supported over 155,000 unique businesses to date through its HOPE Inside network and 1MBB partners. According to the 1MBB 2022 Impact Report, which will be released in the first quarter of 2023, this represents approximately 5% of all Black-owned businesses in the United States.
Launched in October 2020Operation HOPE and its lead partner Shopify created 1MBB to help create and support up to one million new Black-owned businesses by 2030. Shopify has committed resources to the initiative worth approximately $130 million. Additionally, Operation HOPE signed a coalition of more than 60 other commercial, government and private partners committed to supporting this effort. This includes the US Small Business Administration, Truist, First Horizon, Wells Fargo, NFL, MasterCard, Comcast, iHeart Radio, Aprio, Clark Atlanta University, New Birth Missionary Baptist Church, Reid AME Community Development Corporation, Fraternities Kappa Alpha Psi, Phi . Beta Sigma and partner municipalities, including the cities of Birmingham, Memphis, Jackson, Saint Louis, Los Angeles, Kansas CityCharlotte, Salisbury And Montgomeryamong others.
The free program helps Black entrepreneurs gain the knowledge, skills and access to resources needed to start, grow and grow their businesses. Through 1MBB, Black business owners have the opportunity to enroll in Operation HOPE’s award-winning community improvement, financial literacy and education model – HOPE Inside – and after obtaining their degree, Shopify is committed to providing aspiring Black entrepreneurs with education, programs and resources to help them. start or expand their business. Other 1MBB partners have also committed to providing services and in-kind support to these business owners.
“I have always maintained that ‘money rights’ are this generation’s ‘civil rights’ issue. Operation HOPE’s bold 1MBB initiative gives entrepreneurs what they need to create and sustain a viable business,” said John Hope Bryant, Founder, President and CEO of Operation HOPE. “1MBB offers a real, concrete approach to combating financial disparities and building stronger communities. The data shows we are making a real impact and empowering Black businesses. »
“Operation HOPE, 1MBB, and Shopify gave me the ability to build and launch a beautiful, easy-to-manage website with no prior experience, as well as the capital from my first loan to acquire the assets I needed to continue growing my business.” said Jazmin Richardsfounder and CEO, BlkSunflower.com.
“Operation HOPE and 1MBB also provided me with incredible coaches and resources that helped me define BlackSunflower ready for success. With resources and coaching, including access to financing, and business development tools, I now know that I am supported and that anything is possible.”
To date, 1MBB has achieved the following results:
- Integration of more than 30,000 hours of professional services including accounting, legal, e-commerce strategy and marketing consulting services from 1MBB partners to support Black business owners.
- Established a strategic alliance with the United States Small Business Administration (SBA), which includes support from municipal partners and civic and community leaders in more than 200 U.S. cities, to help raise awareness of the tools and resources available to underserved communities through the SBA.
- Activation of nearly 100 certified financial well-being and small business coaches offering one-on-one sessions to source, train, certify and support program participants via virtual webinars and in-person events.
- Increased national efforts to recruit new small business owners through various professional groups, Historically Black Colleges and Universities (HBCUs), as well as members of the “Divine 9” National Panhellenic Council (NPHC).
The most recent research HOPE Minority Small Business Index reveals that Black entrepreneurs remain optimistic despite recent inflation, rising interest rates and supply chain disruptions. Through the 1MBB initiative, removing barriers to business success, such as mentoring, risk tolerance, lack of technological innovation, digital strategies and limited access to capital, can help improve results.
About 1 MB
Launched in October 2020 with founding partner Shopify, 1MBB aims to eliminate traditional barriers to Black entrepreneurship and encourage more aspiring Black business owners to start – and scale – by providing them with the tools, resources and training needed to succeed . To level the playing field, 1MBB will focus on tools critical to business growth, such as technology and resources, educational programs, and the ability to access capital. Through this program, Black business owners can enroll in Operation HOPE’s award-winning model of community improvement, financial literacy and education, with access to tailored tools and resources after obtaining their diploma. To learn more about 1MBB or to start your business, visit HOPE1mbb.org.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has moved America from civil rights to “money rights” with a mission to ensure that free enterprise and capitalism benefit the underserved, eliminating poverty for millions young people and adults with low and moderate incomes across the country. Through our 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 than $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 independent disaster survivors. For more information: OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook And Instagram.
SOURCE Operation HOPE, Inc.