Operation HOPE and Shopify are leading the way of fundamentally changing the landscape of the U.S. economy and the Black business ecosystem. Last week, during the HOPE Global Forums and Annual Meeting, we announced our newest, most ambitious project yet — HOPE 1 Million New Black Businesses & New Black Entrepreneurship Initiative (1MBB). With a massive near $130 million dollar commitment from leading global commerce company, Shopify, we are aiming to help create and support one million Black-owned businesses in the U.S. by 2030.
We are dedicated to the health, vibrancy, and vitality of America’s business ecosystem and will help create opportunity and wealth within the Black American community for generations to come.
To learn more about 1MBB please visit our website at hope1mbb.org.
There’s already tremendous buzz and excitement reverberating throughout the community. In just one week we’ve already seen more than 1,000 Black business owners sign up for the program.
Here’s Shopify’s official release about the initiative and other press this monumental endeavor has received:
“Together with Operation HOPE, we aim to remove traditional hurdles to Black entrepreneurship and encourage more aspiring Black business owners to start — and scale— by providing them with the tools, resources, and education they may need to succeed. To level the playing field, 1MBB will focus on critical tools for business growth 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 award-winning model of community uplift, financial literacy and education, with access to tailored tools and resources upon graduation.”
“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,” Bryant said in a release. “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.”
Atlanta Business Chronicle
“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.”
Atlanta Journal Constitution
“An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-hosting services.”
As we begin to ramp up 1MBB, we’d like to recognize our friends and partners who have already commited to leaning in to help make this audacious endeavor a reality and success.
- 100 Black Men of America, Inc.
- Aprio, LLP
- City of Memphis
- First Horizon Bank
- State of Rhode Island
Have you made your commitment? If not, head over to www.hope1mbb.org to make your commitment today. Click the button below to hear from a few of our wonderful Commitment Makers!