Operation HOPE, the nation's leading non-profit dedicated to financial empowerment for underserved communities, today announced the continued growth of its 1 Million Black Business (1MBB) initiative, which was one of the winners of Fast Company's 2023 'World Changing Ideas' Awards. In the first quarter of 2023, 1MBB signed up, engaged, and supported 88,644* new Black businesses. Community stakeholder partners also committed to starting an additional 22,825 businesses, continuing the program's momentum in reaching its goal to stand up one million new businesses by 2030. Access to 1MBB is offered at no cost to participants. 

To date, 1MBB has signed up, engaged and supported more than 257,000 businesses, which accounts for nearly 5% of all Black-owned businesses in the US. With the support of financial partners, 1MBB has also secured over $26 Million dollars in small business loans to 369 Black businesses across the country. This includes e-commerce retailers who have leveraged the Shopify platform to reach new customers online. 

"1MBB's mission to build Black businesses is not simply about selling products and services —it's designed to help families create a legacy that uplifts and transforms communities," said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. "That means providing access to the coaching and capital that allows them to take advantage of new enterprise models— and sustain their businesses over the long haul. This is a game-changing movement." 

The 1MBB initiative includes personalized coaching and entrepreneurship training (ETP) by certified financial coaches via webinars and workshops. Participants also gain access to a coalition of prominent groups in accounting, legal, e-commerce, technology and marketing. In addition to coaching on credit and money management. Participants represent a diverse set of industries ranging from apparel and consumer goods to education and health services.

"Discovering 1MBB through Operation HOPE was literally the best thing that has ever happened to me," said Alexia J. Hogan, Founder and CEO of Mental Health Over Everything. "There's truly no program that even comes close to what Operation HOPE has provided and I'm so grateful that it exists. My business is thriving because of 1MBB." Hogan's e-commerce storefront provides quality apparel and self-care tools powered by 1MBB founding partner Shopify.

According to the US Dept of Labor, 45% of new businesses fail within the first five years. Data also reveals that the likelihood of failure is disproportionately higher for Black-owned businesses.