May 2, 2024

Operation HOPE And Small Business Adminstration Renews Partnership To Empower Minority Entrepreneurs

Operation HOPE, a national nonprofit focused on entrepreneurship and financial literacy, has renewed its Strategic Alliance Memorandum (SAM) with the US Small Business Administration (SBA). 

The collaboration aims to uplift small businesses nationwide, with an emphasis on minority-owned enterprises.

Expanding Access to Essential Resources

During a recent visit to Operation HOPE’s headquarters, SBA Administrator Isabel Casillas Guzman and other officials met with the leadership of Operation HOPE. 

They discussed strategies to extend resources to entrepreneurs, particularly those in underserved communities. 

Under the renewed agreement, both organizations will enhance access to SBA’s resource partners such as SCORE, the Small Business Development Centers (SBDCs), Veterans Business Opportunity Centers (VBOCs), and the Women’s Business Centers (WBCs).

“We are experiencing a small business boom under the Biden-Harris Administration, with over 17 million new small business applications filed since the President took office,” stated Administrator Guzman in a press release.

“This boom is being fueled by women and people of color.”

Spotlight on the 1 Million Black Business Initiative (1MBB)

Operation HOPE’s 1 Million Black Business Initiative (1MBB) has been pivotal in growing Black entrepreneurship in America. 

Launched in 2020, this program focuses on mentorship, training, and access to capital and it has already facilitated the start-up of nearly 400,000 new Black businesses.

The SBA and Operation HOPE’s strategic alliance underscores a commitment to leveling the playing field, ensuring that every entrepreneur has the resources and support they need to thrive, create jobs, and grow the economy.

“By working hand in hand with the SBA, we can provide vital resources and support for entrepreneurs,” said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. 

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.