Operation HOPE and SBA Forge Strategic Alliance to Empower Small Businesses Across America

ATLANTA, April 26, 2024 /PRNewswire/ -- Operation HOPE, a national nonprofit dedicated to fostering entrepreneurship and financial literacy, proudly announces the extension of a landmark Strategic Alliance Memorandum (SAM) signing with the U.S. Small Business Administration (SBA), underscoring a shared commitment to empower small businesses nationwide. Together, the organizations have set a goal to create, scale and grow minority-owned businesses.

Today's historic agreement, formalized during a visit to Operation HOPE's headquarters by Administrator Isabel Casillas Guzman and key SBA officials, signifies a significant milestone in advancing entrepreneurship in America. Against the backdrop of Atlanta's thriving small business ecosystem, Administrator Guzman and Operation HOPE's leadership convened to reaffirm their dedication to supporting entrepreneurs, particularly in underserved communities. Under terms of the agreement, both organizations will increase access to SBA's resource partners, including but not limited to, SCORE, the Small Business Development Centers (SBDCs), Veterans Business Opportunity Centers (VBOCs) and the Women's Business Centers (WBCs). The SBA will also co-sponsor community-based outreach and education events with Operation HOPE and its initiatives including the 1MBB initiative. 

Administrator Guzman emphasized the importance of a sustained partnership, stating, "We're experiencing a small business boom under the Biden-Harris Administration, with more than 17 million new small business applications filed since the President took office – and this boom is being fueled by women and people of color. Through this strategic alliance with Operation HOPE, the SBA will continue building on this surge of entrepreneurship by working to level the playing field and ensure every entrepreneur has access to the resources and support they need to thrive, create jobs, and grow our economy."

This sentiment echoes Operation HOPE's mission to empower individuals, families, and communities through financial literacy and entrepreneurship. By leveraging Operation HOPE's expertise and nationwide network of clients, the sustained partnership aims to bolster small businesses, particularly among diverse communities, such as African American and Hispanic, seeking to build generational wealth.

"This strategic alliance with the SBA represents a significant step forward in our collective efforts to empower small businesses across America," said John Hope Bryant, Founder, Chairman and CEO, Operation HOPE. "By working hand in hand with the SBA, we can provide vital resources and support to entrepreneurs, fostering economic opportunity and driving community prosperity for all."

One of Operation HOPE's flagship programs, the 1 Million Black Business Initiative (1MBB), has been at the forefront of growing Black entrepreneurship in America. With a focus on providing mentorship, training, and access to capital, 1MBB has demonstrated a proven impact in catalyzing the growth of Black-owned businesses across the nation. Since launching in 2020, nearly 400,000 new Black businesses have been started and engaged through the program.

A recent highlight of the partnership's impact is "Black Coffee," a thriving upstart that has benefited from the support of the SBA and Operation HOPE. "As a Black entrepreneur, navigating the business landscape can be daunting," said Marcus Johnson, CEO of Black Coffee. "The support and resources provided by the SBA and Operation HOPE have been instrumental in our growth journey. They not only helped us access capital but also provided invaluable mentorship and guidance, enabling Black Coffee to expand and create meaningful connections in our community."

Operation HOPE's alliance with SBA underscores a shared commitment to address the critical needs of small businesses. Through Operation HOPE's extensive network and the SBA's expertise in small business development, the partnership aims to provide entrepreneurs with access to quality training, counseling, and financial resources, empowering them to thrive in today's competitive marketplace.

For more information visit, https://operationhope.org.

About Operation HOPE, Inc.

Since 1992, Operation HOPE has been moving America from civil rights to "Silver Rights" with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its award-winning community uplift model, HOPE Inside, which received the Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $4 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. Operation HOPE recently received Fast Company's World Changing Ideas Award for driving entrepreneurship as well as its tenth consecutive 4-star charity rating for fiscal management and commitment to transparency and accountability from the prestigious non-profit evaluator, Charity Navigator. Operation HOPE also recently launched The 1865 Project, an initiative designed to help level the economic playing field for underserved Americans. For more information: OperationHOPE.org. Join the HOPE conversation on Twitter, Facebook, Instagram and LinkedIn.

Operation HOPE Contacts:

Kevin Boucher

kevin.boucher@operationhope.org

Lalohni Campbell

la@persemediagroup.com

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SOURCE Operation HOPE, Inc.