HELLO ALICE LAUNCHES THE YEAR OF SMALL BUSINESS, A MOVEMENT IN PARTNERSHIP WITH NAACP, U.S. HISPANIC CHAMBER OF COMMERCE, GLOBAL ENTREPRENEURSHIP NETWORK, AND MASTERCARD®

Rhea-AI Summary

On February 8, 2022, Hello Alice launched the Year of Small Business initiative in collaboration with NAACP, U.S. Hispanic Chamber of Commerce, Global Entrepreneurship Network, and Mastercard. This program aims to support 3 million small business owners by enhancing access to capital, promoting consumer spending, and providing essential educational resources. With a goal of distributing $30 million in grants and hosting various growth programs throughout the year, the initiative seeks to empower diverse entrepreneurs across all states, addressing existing funding challenges exacerbated by the pandemic.

Positive

• Launch of the Year of Small Business initiative to support 3 million small owners.
• Goal to distribute $30 million in grants to address funding challenges.
• Upcoming Growth Accelerator program designed for 2,500 diverse entrepreneurs per cohort.
• High optimism among small business owners, with 79% expecting growth in 2022.

Negative

• 30% of surveyed business owners cite funding as the greatest challenge.
• Black and multiracial owners report the highest rates of funding difficulty.

HOUSTON, Feb. 8, 2022 /PRNewswire/ -- Today, Hello Alice, the largest platform helping small businesses launch and grow in America, proudly announces that 2022 will be the Year of Small Business, a movement in partnership with NAACP, U.S. Hispanic Chamber of Commerce, Global Entrepreneurship Network (GEN), 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 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, LGBTQ+, entrepreneurs with disabilities and our 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/. Please direct all media requests to Sabine Lavache, sabine@skaibluemedia.com.

*Based on data compiled from 412,516 business owners across all 50 states.

ABOUT HELLO ALICE
Hello Alice is a free, multichannel platform that helps businesses launch and grow. With a community of nearly 600,000 business owners in all 50 states and across the globe, Hello Alice is building the largest network of owners in the country while tracking data and trends to increase the success rate for entrepreneurs. Our partners include enterprise business services, government agencies, and institutions looking to serve small- and medium-business owners to ensure increased revenues and promote scale. A Latina owned company, founded by Carolyn Rodz and Elizabeth Gore, we believe in business for all by providing access to all owners including women, people of color, veterans, and everyone with an entrepreneurial spirit. To learn more, visit www.helloalice.com, as well as Twitter, LinkedIn, Instagram, and Facebook.

ABOUT THE NAACP
Founded in 1909 in response to the ongoing violence against Black people around the country, the NAACP (National Association for the Advancement of Colored People) is the largest and most pre-eminent civil rights organization in the nation. We have over 2,200 units and branches across the nation, along with well over 2M activists. Our mission is to secure the political, educational, social, and economic equality of rights in order to eliminate race-based discrimination and ensure the health and well-being of all persons.

NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF was founded in 1940 as a part of the NAACP, but separated in 1957 to become a completely separate entity. It is recognized as the nation's first civil and human rights law organization and shares our commitment to equal rights.

ABOUT THE UNITED STATES HISPANIC CHAMBER OF COMMERCE
The United States Hispanic Chamber of Commerce (USHCC) actively promotes the economic growth, development, and interests of 5 million Hispanic-owned businesses, that combined, contribute over $800 billion to the American economy every year. The USHCC is America's largest small business advocacy group, representing more than 260 local chambers and business associations nationwide, and also partners with hundreds of major American corporations. For more information, please visit ushcc.com. Follow us on Twitter @USHCC.

ABOUT MASTERCARD (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

ABOUT GLOBAL ENTREPRENEURSHIP NETWORK
The Global Entrepreneurship Network operates a platform of projects and programs in 180 countries aimed at making it easier for anyone, anywhere to start and scale a business. By fostering deeper cross border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organizations, GEN works to fuel healthier entrepreneurial ecosystems that create jobs, accelerate innovation and strengthen economic growth. For details on the programs and initiatives that make up GEN, visit www.genglobal.org, as well as Twitter, LinkedIn, Instagram and Facebook.

CONTACT:
Hello Alice
Sabine Lavache
sabine@skaibluemedia.com

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SOURCE Hello Alice

FAQ

What is the Year of Small Business initiative by Mastercard (MA)?

The Year of Small Business is an initiative launched by Hello Alice in partnership with Mastercard (MA) and other organizations aimed at supporting small businesses by improving access to capital and providing educational resources.

How much funding is being allocated in the Year of Small Business program?

The Year of Small Business initiative aims to distribute $30 million in grants to support small business owners.

What percentage of small businesses expect growth in 2022 according to Hello Alice?

According to a survey by Hello Alice, 79% of small business owners are optimistic and expect growth in 2022.

Who are the partners involved in the Year of Small Business initiative?

The initiative is a collaboration between Hello Alice, NAACP, U.S. Hispanic Chamber of Commerce, Global Entrepreneurship Network, and Mastercard (MA).

What challenges do Black entrepreneurs face in accessing funding?

According to a survey, 34% of Black entrepreneurs cited access to funding as their primary obstacle in growing their businesses.