Operation HOPE and Shopify Join Forces to Help Create One Million Black-Owned Businesses by 2030

Operation HOPE in partnership with Shopify today announced a new initiative called ‘HOPE One Million New Black Business & New Black Entrepreneurship Initiative (1MBB)’.  The initiative’s goal is to help create one million new Black-owned businesses in the U.S. by 2030. To realize this mission, Operation HOPE is working with Shopify, a leading global commerce company.  Shopify intends to provide up to approximately $130 million of resources through 1MBB over the course of this initiative.

Shopify advances mission with up to ~$130 million of resources

Shopify’s mission is “Making commerce better for everyone”  The ‘all-in-one’ e-commerce company helps “people achieve independence by making it easier to start, run, and grow a business.” They “believe the future of commerce has more voices, not fewer, so…[they’re] reducing the barriers to business ownership to make commerce better for everyone.”

“We [Shopify] work to break down the barriers to entrepreneurship every day,” said Harley Finkelstein, Shopify President. “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.”

Historically, the Black community has faced systemic barriers to entry that have prevented their full participation in the entrepreneurial journey. Together with Shopify, Operation HOPE aims to reduce these obstacles, encouraging more aspiring Black entrepreneurs to start and scale businesses, and provide them with the tools, resources, and education they may need to succeed.

Operation HOPE research has shown that 58% of Black businesses were deemed at risk or distressed and suffering from low profits, low credit scores, or income shocks in the months immediately following the onset of the COVID-19 pandemic (April 2020). Over the course of the pandemic, the number of Black workers and business owners fell sharply, over 40%, a more severe economic impact compared to other racial groups. The pandemic’s disproportionate effects on Black businesses result in both acute and long-term impacts on Black families and future generations. At present, four in 10 Black adults belong to families in which someone lost a job, was furloughed, or had hours cut, or lost work-related income because of the COVID-19.

To level the playing field, 1MBB intends to focus on critical tools for business success such as technology and resources, educational programs, and the opportunity to access capital. Through this program, Black business owners have the opportunity to sign up for Operation HOPE’s programs of community uplift, financial literacy and education, and upon graduation, Shopify plans to provide aspiring Black entrepreneurs a tailored education with tools and resources to launch or expand their businesses.

“Creating generational wealth through the creation of new Black businesses and Black entrepreneurs is a direct gateway to social justice. 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,” said John Hope Bryant, CEO and Founder of Operation HOPE. “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 learn more about this initiative, visit www.HOPE1MBB.org.

References:

1. https://news.yahoo.com/operation-hope-shopify-join-forces-122900144.html
2. https://www.businesswire.com/news/home/20201020005715/en