February 8, 2022 (Houston, TX) – Today, the Global Entrepreneurship Network joined Hello Alice, the largest platform helping small businesses launch and grow in America, to launch the "Year of Small Business", a movement in partnership with NAACP, U.S. Hispanic Chamber of Commerce and Mastercard. The Year of Small Business (YOSB) will open up equitable access to capital, direct consumer spending toward small business owners, and provide business education, networks, and opportunities to 3 million small business owners.
As small business owners continue to experience lasting challenges brought on by the pandemic, optimism remains high. The Year of Small Business movement will support and strengthen small businesses in all 50 U.S. states and across industries, igniting public support over the next 12 months and encouraging every American to buy small.
“Small business owners are the backbone of our economy, and it is time for all of us to buy small and bring our neighbor’s businesses back online,” said Elizabeth Gore, co-founder and president of Hello Alice. “Along with our partners NAACP, U.S. Hispanic Chamber of Commerce, GEN, and Mastercard, we’re committed to providing every necessary resource, including additional access to funding, educational accelerators, and more.”
In a recent Hello Alice study of over 400,000 small business owners*, at least 30% of those surveyed list funding as their greatest business challenge, with Black and multiracial owners reporting it at the highest rates. With a focus on the New Majority - people of color, women, LGTBQ+, entrepreneurs with disabilities and U.S. Veterans - the YOSB initiative will include a grants program with a goal to distribute $30,000,000 in grants, utilizing Hello Alice’s best-in-class grants administration process and wraparound services.
“Everyone should have the same opportunity to start and grow their own business – but whether you look at long-standing systemic barriers or more recent global challenges, that just isn’t the case," said Jonathan Ortmans, founder and president of the Global Entrepreneurship Network. "We are excited about this partnership and the support it will provide will allow small businesses to not only survive, but to thrive in a post-pandemic economy."
In addition to the grants program, the Year of Small Business will feature opportunities to support and spotlight small business owners throughout the year including:
- The Year of Small Business Growth Accelerator: Held four times per year, the accelerator is a 45-day program that includes a 3-day intensive workshop, access to topical experts and entrepreneurs with real-world experience, and tactical guidance to advance small businesses. Each cohort supports 2,500 diverse entrepreneurs, divided into small groups for a personalized, hands-on experience supported by a growth-focused curriculum. Fast Company named Hello Alice’s accelerator program “the number one accelerator for diverse entrepreneurs.”
- Corporate SMB Education and Data Series: Twelve virtual sessions will convene up to 50 corporate executives, sharing data and best practices on how enterprises can help small businesses through supplier diversity, stronger procurement, and small business grants.
- The Year of Small Business Awards: The national awards program highlights outstanding top small business owners based on innovation, contributions to society, growth, and more, and are awarded to New Majority award categories including Hispanic, Black, U.S. Veteran, LGBTQ+, Entrepreneurs with Disabilities, and more. All applicants receive access to mentorship, tools and education through the Year of Small Business, whether or not they receive an award. Applications will be accepted in Q2. Additional details to follow.
- The Year of Small Business National Summit: The 3-day event in February 2023, will convene hundreds of New Majority small business owners, corporate executives, and media. With educational tracks, media spotlights, and interactive workshops led by best-in-class experts, small business owners will receive a variety of resources to advance their growth and pay it forward in their own communities.
- Small Business Growth Fund: Hello Alice and its partners are committing $30M in grants to small business owners to meet their immediate needs while having long term impact. Unlike other sources of capital, the grants require no payback and immediately address working capital constraints, serving as a critical financial bridge for owners to re-open, re-invent, and re-create the capacity to power sustainable growth.
“Mastercard is committed to empowering small businesses with digital solutions, data insights and tools to support their sustainable growth, and amplify the role they play as the lifeblood of our economy,” said Ginger Siegel, North America Small Business Lead at Mastercard. “We’re proud to partner with Hello Alice on the Year of Small Business to broaden our collective impact and celebrate the small business community.”
In a survey of 2,800 Black owners on the Hello Alice platform, no group is more optimistic in expectation of growth than Black business owners, 84% predicting growth in 2022, but they continue to be faced with the challenge of raising capital. 34% of Black entrepreneurs surveyed cited this as their primary obstacle.
“Without a doubt, Black-owned small business owners continue to endure disproportionate barriers, including a lack of access to funding, and the Covid-19 pandemic has only worsened these obstacles," said Derrick Johnson, president and CEO of the NAACP. "What makes small business ownership so essential is that it provides a means of generating long-term, multi-generational wealth. Extending support to small businesses today can help bridge the racial wealth gap now and into the future.”
In addition to raising capital, Hispanic owners cite challenges such as acquiring customers, hiring, and operating their business at rates significantly higher than other groups.
“Small businesses create two of every three jobs in America and they need our support now more than ever,” said Ramiro A. Cavazos, President & CEO, United States Hispanic Chamber of Commerce (USHCC). Each one of us has a role to play to support our local small businesses, especially our 5 million Hispanic-owned businesses who have been hit hard.”
Additional data from the recent report shows small business owners remain positive about the future despite the challenges. 79% of owners are optimistic that their business will grow in 2022, and only 2% are expecting their performance to worsen in the new year. 55% of companies plan to hire this year.
For small business owners, organizations, and corporations interested in getting involved in the Year of Small Business, please visit https://helloalice.com/the-year-of-small-business/.
*Based on data compiled from 412,516 business owners across all 50 states.