The Small Business Administration has partnered with Operation Hope for a Strategic Alliance Memorandum (SAM) geared toward the development of entrepreneurial potential within the Black community.
“Our work together will help advance President Biden’s vision for an economy that works for all Americans and is built from the bottom up and the middle out”, said SBA Administrator Casillas Guzman.
“Being an entrepreneur is not for the faint of heart. It takes grit, determination, a clear understanding of how money works, and most importantly how to access critical resources,” said Bryant. “Through this groundbreaking partnership with the SBA, we are on a mission to teach diverse communities how to succeed in business and build sustainable wealth for their families and their communities.”
To underscore the significance of the new alliance, the two organizations and local allies participated in an event hosted by the Vermont Slauson Economic Development Corporation (VSEDC), an organization that facilitates community development to revitalize the physical, economic, and social life of residents of South LA and beyond. As with the agreement itself, the event aimed to help raise awareness of SBA resources and Operation HOPE programs that aspiring and existing Black entrepreneurs in various communities stand to benefit from so they can establish themselves, grow, and scale.
The alliance will help introduce small business owners from historically underserved, under-resourced communities to counseling and learnings aimed at lowering barriers to accessing critical capital, developing relationships up and down the supply chain, and generating new revenue streams to scale for success. Targeted cities include Atlanta, Detroit, Los Angeles, Memphis, Miami, Minneapolis, New York City and Philadelphia.