Empowering Entrepreneurs through $6 Million in Grants and Services to 18,000 Small Businesses

As we celebrate #ImpactWeek at LegalZoom, it’s given me time to reflect on the various ways LegalZoom has been able to make a difference in the lives of our partners and customers. One of the programs that stands out to me is our LegalZoom grant program, Fast Break for Small Business, which has deployed over $6 million and empowered thousands of entrepreneurs since 2021. I can’t think of a better way to give back to the local economy than that!

When we first launched this three-year initiative, we had a clear goal: provide the critical funding and tools to help small businesses thrive, particularly for emerging entrepreneurs and those within underrepresented communities. This program was created to give all entrepreneurs a fair shot at turning their dreams into reality, including by helping to address these disparities, particularly given that some minority entrepreneurs are twice as likely to be considered “at risk” by banks and women only receive 4% of all small business loans. These issues were only exacerbated during the Covid-19 pandemic, which made our grant program even more crucial when we first launched it in 2021.

The need for this support was then, and still is today, undeniable. According to a 2024 Forbes Small Business Report, nearly 40% of small businesses fail due to exhausting cash reserves or struggling to secure capital. More generally, only about 35% of small businesses (those businesses with less than $100,000 in annual revenue) are able to secure loans or credit in the crucial first year of business. This is why grant programs are essential to bridging the gap between start-up and success.?

Over the last three years, we’ve been able to grant $6 million in funding and services to over 18,000 business owners across the country. Plus, an additional result and benefit of the program was driving more awareness of Accion Opportunity Fund 's loan products, generating an additional $1.3 million in loans to small business owners. Grantees like those in our latest cohort have faced challenges such as inflation, market volatility, and difficulty accessing traditional financial resources—challenges that many entrepreneurs simply can’t tackle on their own. The LegalZoom grants and services helped bridge the gap that will hopefully lead all 18,000 of these businesses to success.?

(And hey, a little extra encouragement from NBA Champion and two-time MVP Giannis Antetokounmpo and two-time WNBA Champion Kelsey Plum didn’t hurt, either!)

As we look to the future, we remain committed to supporting small businesses and entrepreneurs, helping them grow, innovate, and succeed in the face of any challenge. The work is far from over, but we at LegalZoom are incredibly proud of what we’ve accomplished so far, and we’re excited to continue creating new opportunities for entrepreneurs across the country.?

More to come on LegalZoom’s next plans for social impact - but in the meantime, thank you to all the Zoomers who are participating this week as volunteers, attending virtual events, donating to local charities, and attending our many events.

#smallbusiness #entrepreneurship #leadership #grants #businessgrowth #LegalZoom #FastBreakForSmallBusiness #LZImpactWeek2024