Operation HOPE and Shopify to help create 1 million new Black-owned businesses

Operation Hope has teamed up with Shopify to create 1 million Black-owned businesses over the next five years.

About Operation Hope and Shopify’s Partnership

John Hope Bryant, the organization’s president and CEO, announced the HOPE One Million New Black Business & New Black Entrepreneurship Initiative (1MBB) and its goal to develop scores of new Black-owned firms throughout the nation in the U.S. by 2030. To achieve this venturesome mission, Operation HOPE will work closely with Shopify which estimates the value of its commitment at $130 million over the course of this initiative.

Fight systemic racism

Bryant says the initiative will help fight systemic racism by providing African Americans the tools to build toward generational wealth.

“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.”

John Hope Bryant

“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,” Shopify President Harley Finkelstein said in a release.

“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 and COVID-19 has further compounded the issue.

Operation HOPE reports “that 58% of Black firms were considered at risk or distressed as well as suffering from low profits, low credit scores, or income shocks in the months immediately following the onset of the pandemic And according to the National Bureau of Economic Research, more than 40% of such firms have been forced to close their doors.”

Operation HOPE’s business model

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, and upon graduation, will be provided business and educational tools.

The program also seeks to help entrepreneurs launch their operations either in:

• a brick-and-mortar location
• an e-commerce platform
• provide guidance on ways to attract funding and customer development/retention.

How To Sign Up

To learn more about this initiative, visit www.HOPE1MBB.com.

To learn more about Operation Hope, visit the official website.