Fast Break for Small Business

The Accion Opportunity Fund, in partnership with LegalZoom, the NBA, WNBA, and NBA G-League, has launched a grant program designed to support small business owners and emerging entrepreneurs across the United States. This initiative provides grants ranging from $1,000 to $10,000, along with free LegalZoom services valued up to $500. Administered by the nonprofit Accion Opportunity Fund, the program's core mission aligns with empowering business owners by offering essential tools and resources for starting and growing their ventures. This collaboration reflects a shared commitment to fostering entrepreneurship and investing in the success of small businesses nationwide. The program targets two primary beneficiary groups: existing small businesses and emerging entrepreneurs. Existing small businesses applying for the $10,000 grant and LegalZoom services must be U.S.-based, have been in operation for at least 3 months, have an annual revenue under $1 million, possess an active business bank account, and not be in an ineligible industry. Those in business for 12 months or more need to provide their most recent business tax return, while those in business for 3 to 12 months require specific formation documents or licenses. Emerging entrepreneurs, seeking LegalZoom services, must also be U.S.-based and either be in operation for less than 3 months or provide a business idea summary. The program's priorities and focuses revolve around encouraging entrepreneurship and providing tangible support to small business owners. This includes offering direct financial assistance through grants, as well as crucial legal and business formation resources via LegalZoom. The initiative aims to provide a "perfect play" for businesses, signifying a holistic approach to support that addresses both financial needs and structural requirements for growth. By focusing on both established and nascent ventures, the program seeks to create a robust entrepreneurial ecosystem. Expected outcomes and measurable results include the successful establishment and growth of small businesses, increased access to legal services for entrepreneurs, and a reduction in the barriers faced by new and existing ventures. While specific quantitative metrics for success beyond the grant distribution are not explicitly detailed, the underlying theory of change suggests that by providing financial capital and legal support, businesses will be better equipped to sustain operations, expand, and contribute to local economies. The program's design, with its clear eligibility criteria, is structured to ensure that resources are directed to businesses poised for positive impact and growth.