Nonprofit organization Operation HOPE and global e-commerce company Shopify have partnered together to launch a new initiative championing a mass overload of Black-owned businesses over the next 10 years.
The HOPE One Million New Black Business & New Black Entrepreneurship Initiative — or 1MBB — has a goal in mind to generate one million new Black-owned businesses in the U.S. by the year 2030 through approximately $130 million worth of resources, a press release reports.
Historically, the Black communities in America have battled racial barriers that have prevented their full participation in entrepreneurship and larger business ventures.
Furthermore, Operation HOPE research revealed that 58 percent of Black-owned businesses were deemed at risk or distressed and suffering from low profits, credit scores, or income shocks in the months immediately following the coronavirus outbreak and closures.
In an effort to reduce these obstacles, both Operation HOPE and Shopify committed to encouraging more aspiring Black entrepreneurs to start and scale their own businesses by offering them tools and educational resources they may need to succeed.
“Creating generational wealth through the creation of new Black businesses and Black entrepreneurs is a direct gateway to social justice,” said Operation HOPE CEO and founder, John Hope Bryant, in a press statement. “The creation of ownership, jobs and opportunity in a generation helps to strengthen democracy and ensure freedom through self-determination. This is empowerment at scale.”
In regards to Operation HOPE’s partnership with Shopify, Bryant said:
“To have Shopify actively supporting the 1MBB Initiative is a true game changer. Working together, we can scale our business creation platform to help underserved communities and enhance economic prosperity across America.”
To further help level the playing field, the 1MBB initiative intends to focus its efforts on offering critical tools for business success such as technology and resources, educational programs, and the opportunity to access capital.
According to a news release, through this new program, Black entrepreneurs will have the opportunity to sign up for Operation HOPE’s award-winning model of community upliftment, financial literacy, and education.
Upon graduation from the program, Shopify plans to then provide aspiring Black business owners with a tailored education comprised of tools and resources to launch or expand their businesses.
“At Shopify, we believe more independent voices make commerce better for everyone. That’s why we work to break down the barriers to entrepreneurship every day,” said Harley Finkelstein, Shopify President, in a statement. “By collaborating with Operation HOPE and working together on our shared passion for helping underserved communities succeed, we believe we can help unlock even more economic opportunities for Black business owners across the country, leading to greater choices for shoppers everywhere.”
For more information on the 1MBB initiative, click here.