San Jose, California, April 01, 2025– In this pivotal role, Elizabeth will lead the organization’s integrated marketing, product line strategy, and communications to continue advancing AOF’s mission of creating economic opportunity for underserved small businesses across the nation.

Elizabeth brings more than two decades of experience driving growth and innovation at the intersection of product, marketing, and financial services. Most recently, she served as Vice President and General Manager of Global Business Financing & B2B Payments at American Express, where she led international expansion efforts and launched innovative commercial lending solutions in partnership with leading FinTech’s. Earlier in her career, Elizabeth played a key role in establishing and scaling AmEx’s small business division, OPEN, which became a cornerstone of the company’s work serving businesses around the world.

A collaborative leader with a deep passion for small businesses, Elizabeth’s career is marked by her dedication to empowering entrepreneurship and people. In addition to her work at AOF, Elizabeth serves as Executive in Residence at Georgetown University, where she is a Founding Advisor for the Small Business Corps and Chair of the McDonough Alumni Advisory Council. For many years she also played a leadership role as a member of the AmEx Executive WIN SteerCo.

AOF has a bold vision to be the first mission-driven lender to provide responsible lending, creating impact at scale, and achieving financial self-sufficiency.

“We are thrilled to welcome Elizabeth to the AOF team,” said Luz Urrutia, CEO of Accion Opportunity Fund. “Her expertise in financial services, marketing and product innovation, combined with her passion for supporting small businesses, makes her the ideal leader to help us take our business and mission impact to new heights.”

For more information about Accion Opportunity Fund or to be part of transforming the capital landscape for underfunded small business owners, please visit aofund.org.

About Accion Opportunity Fund
Accion Opportunity Fund (AOF) is committed to advancing economic mobility for underserved small businesses and low-income communities through affordable capital, knowledge resources, networks, and policy.

Media Contact
media@aofund.org

February 4th, 2025

– Accion Opportunity Fund (AOF), a leading nonprofit dedicated to advancing small business economic mobility, in partnership with the Mastercard Center for Inclusive Growth, has launched a new financial learning platform created specifically for small business. The platform, called Learn with AOF, targets improved small business financial stability with an eye toward helping the business build credit and capital readiness.

AOF has announced their vision to lend $750 million in new capital to underinvested businesses over the next five years, and Learn with AOF is critical to ensuring widespread access to these loans. Access to responsible and affordable small business capital is more important than ever, as crises from COVID to the L.A. wildfires threaten small business livelihoods.

“Our North Star is to become the first scalable, financially sustainable mission-driven lender for underserved small businesses in the U.S.,” says Luz Urrutia, CEO of Accion Opportunity Fund. “We must drastically scale our lending operation without giving up the personalized support we offer small business owners throughout their journeys. We created Learn with AOF by listening to small business owners who told us access to capital is a lifeline for their business, but existing online financial learning fell short of helping to strengthen their loan applications and build the financial knowledge they need for long-term success. Finding answers to specific financial challenges online was difficult and overwhelming.”

Access to capital has long proven to have far-reaching impacts for small businesses. For every $1 invested in a small business, more than $2 is generated annually in new wages, spending and taxes, and every loan AOF makes helps a business support at least two jobs. That said, expensive, often predatory alternatives can wreak havoc on the business’s finances and longevity. Each year, an estimated 79% of small businesses cannot access the capital they need to grow – representing a $100 billion gap in small business financing. These businesses need support to access the right capital for their goals and avoid predatory products.

Learn with AOF helps under-resourced small business owners access capital by helping them gain greater control over their finances. “Economic opportunity is about more than access to capital,” says Sandy Fernandez, Vice President of Social Impact at the Center for Inclusive Growth and Head of the Mastercard Strive USA program, which is supporting the Learn with AOF initiative. “It’s also about giving underinvested small business owners access to financial knowledge, tools, and strategy needed to establish solid financial footing, plan long-term, and access responsible and affordable financial products. We are proud to partner with AOF to bring this innovative learning platform to small business owners and be a part of their bold vision to scale their lending operation over the next five years.”

Learn with AOF is the only digital financial learning platform with content created by small business owners who know what it takes to overcome the toughest financial hurdles. Informed by AOF’s 30+ years of experience unlocking new opportunities for millions of business owners, the platform is free, flexible, and relevant to business owners at any stage. It simplifies “small business finance” into focused topics that can be learned anywhere and takes the guesswork out of where to start by placing users on customized learning paths based on their specific financial needs. As users advance through topics, they unlock free tools and templates that make it easy to put learning into practice right away.

With the launch of Learn with AOF, Accion Opportunity Fund and Mastercard Strive USA are adding momentum to the larger movement to scale and strengthen mission-driven lending nationwide. Visit aofund.org/learning/ to join the Learn with AOF community of learners and follow AOF on LinkedIn for our latest updates.

About Accion Opportunity Fund

Accion Opportunity Fund (AOF) works to advance economic mobility for underserved small businesses through affordable capital, knowledge resources, networks, and policy.

About the Mastercard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn, Instagram and subscribe to its newsletter.

Contact: Meredith Medlin Dooley, VP of Partnerships & Programs, AOF

• mdooley@aofund.org
• 615.584.3409

FOR IMMEDIATE RELEASEMedia Contact: media@aofund.org January 22, 2025 The fund aims to raise $100 million in philanthropic donations and debt capital to provide urgent financial relief and recovery resources for small businesses impacted by the fires. “Our hearts ache for the families and businesses affected by this tragedy,” said Luz Urrutia, CEO of Accion Opportunity Fund. “These small business owners provide critical services to our communities, and many are now facing uncertain futures. We are committed to helping them in their recovery and rebuilding efforts.”  Supporting Small Businesses with Critical Resources AOF has long been a cornerstone of support for small businesses in and around Los Angeles, having invested over $174 million in more than 7,400 loans. Currently, AOF serves over 500 small business loan customers in Los Angeles County, many of whom are people of color (80%) and low-income (64%). These businesses provide essential services such as transportation, mobile food trucks, restaurants, childcare, beauty salons, and auto repair. Fund Details and Areas of Focus The Rebuild Southern California Small Business Relief Fund will focus on the following key areas: 

• Loan payment relief for AOF borrowers, on a case by case and month by month basis, such as: skip a payment, payment deferment, or payment forgiveness, freeing up needed cash for other essential business and household uses. AOF will need philanthropy to absorb anticipated increased losses, ensuring we can help our borrowers. 
• Small business grants for businesses that were destroyed, lost all their revenues, and do not qualify for a loan.   
• New loans at preferential rates and terms for businesses that need additional cash to survive. The type of loan provided will depend on the circumstances of each business. To reach new customers with capital, AOF will seek to expand partnerships in Southern California to collaborate with others in the small business support ecosystem.  
• Educational resources and technical assistance including business advising to help small business owners overcome the challenges they face as they navigate the road ahead. 

Call for Support  AOF is seeding the fund with a minimum of $500,000 in existing philanthropic resources but needs the support of investors and donors to reach its $100 million goal in philanthropy and debt capital. Every dollar donated will help AOF extend $5 in loan capital to small business owners, providing a significant impact for businesses and the communities they serve.  “We cannot rebuild Southern California’s small business ecosystem without the help of a larger community of investors, donors, and partners,” said Luz Urrutia. “This is a collective effort, and with your help, we will ensure that these businesses have the resources they need to rebuild and thrive.”   To make a donation or learn more about how you can contribute, please visit or contact ofgiving@aofund.org. 

FOR IMMEDIATE RELEASEMedia Contact:

media@aofund.org

SAN JOSE, Calif., Dec. 19, 2024 – Accion Opportunity Fund (AOF) announced the addition of Gopi Billa, Principal at Deloitte Consulting LLP, and Karthik Venkataraman, Chief Operating Officer at Accion, to its Board of Directors. AOF is a leading non-profit CDFI committed to advancing economic mobility for underinvested small businesses and communities through affordable financial services, knowledge resources, networks, and policy.

As a new member of AOF’s board, Gopi will bring decades of experience in strategy development, scenario planning, and organizational and operational transformation. Gopi leads Financial Services Strategy and Market Sensing for Deloitte Consulting in the US. Prior to this role, Gopi assumed several leadership positions across Deloitte and Monitor Deloitte, including leading Consulting Services for Deloitte India, heading Monitor Deloitte in India, leading Monitor’s Commercial Leadership team in the Middle East, and heading Monitor’s Scenario Planning practice in Europe, the Middle East, and Africa. Gopi has worked with multinational corporations, governments, and non-profit organizations across more than 30 countries on strategic, organizational, and transformational issues.

As a new member of AOF’s board, Karthik will bring extensive experience in economic development, social impact, and strategy development. He serves as Chief Operating Officer at Accion, a nonprofit organization on a mission to create a fair and inclusive economy. Prior, Karthik worked as a Partner at Bain & Company in Bain’s Social Impact practice. With nearly twenty years of consulting experience globally, Karthik has lived and worked across Asia, Europe, and the Middle East. He previously led Bain’s Travel & Leisure Practice and has worked on numerous large-scale global transformation efforts across financial services, retail, higher education and other industries and sectors. He also has experience providing portfolio support to investors through Bain’s Private Equity practice and deep expertise in organizational leadership and DE&I. Karthik also held many people-related roles within Bain, including leading Bain’s DE&I transformation; working as a leader in the firm’s Asian-American affinity group; and serving as HR Partner for the firm’s Washington office. Prior to Bain, Karthik worked in technology and HR consulting.

“We are honored to welcome Gopi and Karthik to our board,” said Luz Urrutia, CEO and President of AOF. “Their backgrounds and extensive experience will play a pivotal role in advancing AOF’s ambitious five-year plan to serve more than 65,000 small business owners with $750M in loan capital and educational business resources.”

As AOF looks to the future, the addition of these two prominent industry leaders to the board aligns with AOF’s ambition to become the first scalable and financially sustainable mission-driven lender for underinvested small businesses.

For more information about AOF or to be part of transforming the capital landscape for underfunded small business owners, please visit aofund.org.

July 24th, 2024, SAN JOSE–Accion Opportunity Fund (AOF) officially announced today the recent appointment of Sanjeev Patny  as Chief Credit Officer, a position from which he will oversee the nonprofit lender’s commitment to expanding access to capital and lending resources for underinvested small business owners nationwide.

Mr. Patny is a longtime senior executive in the lending industry who brings to AOF a wealth of experience with a proven track record in credit risk management, underwriting and portfolio management. For the last three years, he oversaw decision-making infrastructure for small business credit at Covalto in Mexico City. Between 1997 and 2020, he held a series of leadership positions at American Express, most recently serving as its chief credit officer and vice president of commercial risk management.

“Joining Accion Opportunity Fund has given me an unparalleled opportunity to apply the learnings gained at American Express and Covalto in transforming financial systems for mission-driven lending,” said Mr. Patny. “I am excited to innovate and collaborate with this talented team to create a scalable, inclusive financial ecosystem that supports diverse entrepreneurs, particularly those who have been historically underserved.”

In his position, Mr. Patny is tasked with advancing economic mobility for women and people of color who own small businesses, as well as support low-income communities through affordable financial services, knowledge resources, networks and policy.

A federally recognized Community Development Financial Institution (CDFI),  AOF is committed to serving underinvested entrepreneurs who have the resolve but lack the resources to succeed. Over the last three decades, AOF’s investments have spurred $1 billion in new economic activity and created more than 50,000 new jobs. More than 90 percent of AOF’s clients are women, people of color and are low-to-moderate income.

“Sanjeev’s significant expertise and innovative approach to deploying technology and data analytics to increase financial inclusion through mission-driven nonprofit lending will significantly expand our reach and capacity,” said AOF CEO Luz Urrutia. “It’s a privilege to have someone with Sanjeev’s vision, background and commitment to AOF’s mission on our team as we work to become the first scalable, responsible and financially sustainable nonprofit lender for underinvested small businesses in the US.”

About Accion Opportunity Fund

Accion Opportunity Fund (AOF) works to advance economic mobility for low-income communities, women, and people of color who own small businesses through affordable capital, knowledge resources, networks, and policy. Accion Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609. More at aofund.org.

Click here to download the report!

Lending to small businesses can have an “evergreen” effect, as sustainable businesses provide services to their customers, wages to their employees, and returns to their owners on an ongoing basis.

Historically, Accion Opportunity Fund borrowers have a business survival rate of 96%. In addition to their demonstrated high rate of loan repayment, this means that the impact of their loans flows throughout the economy over time. TXP’s economic model found that:

Between 2016 and 2023, AOF’s small business loans (16,533 in total) have generated a measurable “Ripple Effect,” or macroeconomic impact, across its largest lending states to date: California, Florida, Georgia, New York, and Texas.

On average, AOF’s loans generate $2.05 in additional annual economic activity across these five states—meaning that for every dollar we invest in a small business, more than $2 is spurred annually in the form of new taxes, new spending, and new wages in these states.

• California: Almost $2 for every dollar AOF invests ($1.96 for every $1), or approximately $1.1 billion is generated in annual economic activity.
• Florida: $2.01 for every dollar AOF invests, or $45.8 million is generated in annual economic activity.
• Georgia: $2.17 for every dollar AOF invests, or $21.5 million is generated in annual economic activity.
• New York: Almost $2 for every dollar AOF invests ($1.77 for every $1), or $44.9 million is generated in annual economic activity.
• Texas: $2.36 for every dollar AOF invests, or $39.4 million is generated in annual economic activity.

 

Over time, she realized this path didn’t align with the economic opportunities she anticipated and became inspired to embark on an entrepreneurial venture after discovering a collegiate licensing procurement program for the University of Alabama. In May 2017, she launched Romares Apparel — a curated shop specializing in sports and everyday wear. The store offers a diverse array of clothing, accessories, and collectibles designed for the enjoyment of youth, adults, and families.

Though Romares Apparel has achieved great success, Sheneka’s path into entrepreneurship was not always easy. She was discouraged from starting her business by peers and naysayers. When she first applied for and received business licensing, she sat on it for over a year due to lacking the network and support she needed to launch.

When she decided she would no longer sit on the sidelines and was, in her words, “ready to go”, she started her business with her personal savings. With only 8 shirts, a few cups, and 2 decals, she sold out of her product within minutes during her first game day as a pop-up vendor.

However, when she sought out financing to expand her inventory, she was denied funding – even when applying for only half the amount she needed. “Being told ‘no’ has been one of the hardest hurdles in my journey, “Sheneka said.

During the COVID-19 health emergency, she received financial support from the Economic Injury Disaster Loan, that helped her navigate decreased cash flow. Shortly after, she learned about an AOF e-commerce accelerator program designed to provide hands-on learning, launch online storefronts, and equip entrepreneurs with a start-grant to support their growth plans.

The program allowed Sheneka to bounce ideas with entrepreneurs and certified business coaches. She developed and implemented a digital marketing and web growth strategy. She also met a network of business owners across the nation who developed long-term relationships and collaborated on digital marketing. With the $20,000 grant she received, she could order inventory, invest in a web hosting subscription, and outsource marketing support.

Sheneka is a certified AOF ambassador and we are proud to uplift her. She has attended and presented at multiple AOF webinars, including Start Up: From Idea to Open for Business and What’s Ahead: Empowering Excellence: Building Ecosystems for Black Entrepreneurs. She also developed social media content promoting AOF’s products and programs on TikTok.

So, what’s ahead for Sheneka? She is working to develop a growth plan that would allow her to generate income outside of e-commerce and game-day sales. She plans to purchase and manage self-service kiosks that would allow Romares Apparel to be accessible in local airports and other locations across the South.

 

LEGALZOOM EXPANDS LARGEST GRANT PROGRAM TO-DATE TO DEPLOY $3 MILLION TO SMALL BUSINESS OWNERS AS PART OF FAST BREAK FOR SMALL BUSINESS PROGRAM WITH THE NBA

Mountain View, Calif.,

– LegalZoom.com, Inc. (Nasdaq: LZ), the No. 1 choice in online small business formations, today announced that applications are open for the last round of the annual Fast Break for Small Business grant program in partnership with the NBA, WNBA and NBA G-League. This season will mark the program’s largest grant cohort to date with a campaign to give away $3 million in grants and services focused on assisting small business owners and emerging entrepreneurs with the necessary capital, tools, and expertise they need to start, run and grow their small business.  LegalZoom will be dedicating $1,500,000 in financial grants to 150 existing small business owners and $1,500,000 in products and services to 3,000 emerging entrepreneurs that need help getting their business started.

While small businesses have shown remarkable resilience to inflation, bank failures, and broader volatility, programs like Fast Break for Small Business will provide additional financial and educational support that drives economic and job growth in local communities.

“We want to make it less intimidating for small businesses to get started,” said Dan Wernikoff, CEO of LegalZoom. “Small business owners have faced unprecedented challenges over the past few years. It’s important that they know that there are programs available like Fast Break for Small Business that can support them on their business journey, and we’re proud to partner with the NBA to play a role in their growth and success.”

On the heels of announcing his own small business, Improbable Media, NBA Champion and two-time MVP, Giannis Antetokounmpo has partnered with LegalZoom to support Fast Break for Small Business and give back to the small business community.  Giannis and two-time WNBA Champion Kelsey Plum will appear in a new LegalZoom TV campaign scheduled to air throughout the NBA and WNBA seasons beginning in March.  The upcoming TV spot will raise awareness for how easy it is to start a business using LegalZoom.

“Early in my own journey, I didn’t have the financial background or support that’s so important when you’re building a business,” said Antetokounmpo. “I want to give others who are just getting started access to the kinds of business opportunities and expertise they need to be successful.”

Since the program launched in 2021, Fast Break for Small Business has granted $1,500,000 to 150 small business owners and provided nearly 4,000 small business owners access to free LegalZoom services.  The program has impacted entrepreneurs from 48 states including the District of Columbia.  Of the grantees awarded, 92% identify as people of color, 60% identify as female-owned, and 72% operate their businesses in NBA, WNBA, or G League metro areas.

Applications for Fast Break for Small Business grants are open today through September 13, 2024 at www.legalzoom.com/fastbreakforsmallbusiness.  Grants and services will be awarded throughout this year’s NBA and WNBA season.  The NBA and LegalZoom are working closely with Accion Opportunity Fund, the nation’s leading nonprofit small business lender to administer and manage the distribution of grants.

For additional information on the Fast Break for Small Business program and to apply for a grant, visit www.legalzoom.com/fastbreakforsmallbusiness.

About LegalZoom

LegalZoom is the leading online platform for business formation in the United States. Driven by a mission to unleash entrepreneurship, LegalZoom delivers comprehensive legal, tax and compliance products and expertise for small business owners through easy-to-use technology. From free business formations to business management solutions and professional advisory services, LegalZoom supports millions of small business owners and their families throughout the entrepreneurial journey. Founded on the belief that everyone should have affordable access to legal and financial expertise, LegalZoom empowers entrepreneurs to make their dream a reality. To learn more about LegalZoom, visit www.legalzoom.com.

Media Contact

TJ Cohen
LegalZoom
tjcohen@legalzoom.com

On December 12, 2023, AOF-backed entrepreneur, Dr. Penny Mickey, owner of Mickey’s Popcorn was joined by Meredith Medlin Dooley, AOF’s Senior Director of Business Education Programs, for a brief interview on WREG, the local Memphis TV news station. The two shared their perspective on the importance of AOF’s FedEx E-commerce Learning Lab.

Read more about Dr. Penny Mickey journey into entrepreneurship below:

Mickey’s Popcorn, a small-batch gourmet popcorn venture, caters to nostalgic snackers and gift enthusiasts. Founded in 2019 by husband-and-wife duo Penny and Kenneth Smith-Mickey, the business was born to bolster their retirement savings.

In 2020, the Memphis couple took a bold step during economic uncertainty and purchased their first large piece of equipment for a hefty discount – a 3-in-1 popcorn popper, tumbler, and caramel cooker that had been waiting for a new home while sitting on a showroom floor. After getting equipped with the tools they needed to officially launch, Penny and Kenneth started popping and crafting popcorn in their church’s commercial kitchen in Ohio. By 2023, they had become a licensed food manufacturer in Tennessee and closed on a 5,000-square-foot commercial factory. Today, Mickey’s Popcorn is the world’s first and only licensed Tennessee Whiskey Caramel Popcorn, an accomplishment made possible through their partnership with Uncle Nearest, the world’s first-known African American master distiller.

More than just a delicious craft popcorn brand, Mickey’s Popcorn also operates as a social enterprise with a non-profit arm. The GradUS Project (which translates to ‘another step’ in Latin) provides a work-based learning program for domestic violence survivors and autistic youth in Tennessee. Through a 3-month on-the-job training program at Mickey’s Popcorn factory, participants get the skills-based training they need for longer-term job placements in manufacturing, supply chain, and distribution.

Penny and Kenneth’s journey to find success in the popcorn business was far from a siloed experience. By receiving mentorship and participating in FedEx’s E-Commerce Learning Lab, a hands-on learning, e-commerce accelerator, and grant program supported by Accion Opportunity Fund and 37 Oaks, they gained the knowledge, tools, and confidence they needed to take their business digital and to the next level.

“The FedEx E-Commerce Learning Lab was the fire that sparked our success. It helped us understand what we needed to be customer-facing and our back-end support needs like customer care services and shipping strategies. It gave us a scalable plan that accelerated our growth into e-commerce and beyond,” Penny said.

Like many entrepreneurs, Penny and Kenneth faced many challenges when seeking to grow their business. They took pride in the fact that they bootstrapped their business using their own savings to launch. However, after receiving an invitation from Kroger to stock their popcorn in 20 stores, they needed financing to cover the cost of supplies and inventory to fulfill what was one of the largest orders they had received. Backed against the wall with limited options, they connected with a financing officer from Pathway Lending, a Community Development Financial Institution with deep roots in Tennessee and was later approved for a line of credit that help them buy inventory and displays to satisfy their new demand.

“Entrepreneurs should not have to deplete their family’s savings to finance their business growth. This experience taught us what good debt was… if the debt will help you generate 2-3 times your revenue and you can pay the debt back, that is good debt” – Penny Smith- Mickey, Co-Owner of Mickey’s Popcorn

When they aren’t popping and crafting kernels, Penny and Kenneth are giving facility tours and live demonstrations on how they make their caramel flavored popcorn. Recognizing growing interest and the valuable opportunity to bridge generational learning gaps, the husband-and-wife team is now exploring an expansion into culinary tourism – innovative concepts such as ‘Pop-and-Sip’ tours, ‘Build-your-Own Popcorn’ experiences, and interactive ‘Science of Popcorn’ educational stations are just some of the ideas currently under consideration.

Moreover, the Mickey duo remains steadfast in their pursuit to penetrate new markets and broaden their hospitality ventures. “We’re focused on cracking the code to accelerate our expansion,” Penny remarked when discussing future plans for the business. She emphasized, “We recognize that securing shelf space in at least 650 stores is pivotal in our journey toward building generational wealth.”

Interested in tasting Mickey’s Popcorn? You can purchase their popcorn online directly from their website or at Walmart.com. If you prefer to shop in-person, Mickey’s is currently sold at 50 hotels nationwide (including Hilton Hotels and Horseshoe Tunica), 39 Kroger locations, and 50 Publix grocery stores across Tennessee.

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Based on a survey of 660 Black small business owners (of which 70% were women) who have been in business for at least three years, as well as a focus group discussion, this research uncovered several key findings.

Key Findings 

• AOF’s research demonstrates that Black entrepreneurs remain resilient despite major setbacks during the pandemic and the lingering impacts of record high inflation. Nearly 70% of survey respondents reported breaking even or making a profit from their business. Black-owned businesses are opening at the fastest rate in 26 years, with Black women leading the way.  
• While Black entrepreneurs are creating jobs and growing their businesses, their full power as engines of our economy remains untapped because of a lack of support. Seventy-six percent said access to capital was a challenge and of those who have never received money for their business, nearly 80% said they either could not find the right support or could not afford to pay for services that would help connect them to capital. 

• Black-owned small businesses are particularly vulnerable to emergencies or economic shocks. Eighty percent of Black entrepreneurs surveyed said they had three or fewer months of cash reserves on hand. Thirty-nine percent had less than a month’s worth of cash reserves.

• AOF’s research highlights that many Black business owners are motivated not just by revenue growth, but community impact. Twenty-six percent of respondents shared community or social motivations for starting their business, including creating meaningful jobs, providing affordable services, and improving their neighborhood. In communities of color, entrepreneurship offers the opportunity to meet broader needs that go unmet due to systemic racism.  

Based on these survey findings, AOF recommends that:

1. Policymakers tap into the full potential of Black entrepreneurs by investing in community development financial institutions (CDFIs) and public-private partnerships to increase access to capital.
2. Small business service providers continue to innovate to provide low-cost products and services such as legal, tax, compliance, accounting, and bookkeeping. In addition to providing the service, there’s an opportunity to centralize and share resources with Black small business owners to access educational materials, connect with other business owners, and network for mentorship opportunities.   
3. Philanthropic supporters partner with mission-based organizations to build a robust small business support ecosystem for Black entrepreneurs. By investing in the capacity of service providers that focus on the needs of Black small business owners, we can directly address systematic gaps in capital access and support.  

Click here to download the report!