July 25th 2023.
Operation HOPE is a non-profit organization committed to promoting financial literacy among Black businesses. Founded in 1992, the organization has had a positive effect on hundreds of thousands of individuals, reducing debt, increasing savings and improving credit scores.
Their 2020 initiative One Million Black Businesses (1MBB) has been incredibly effective. It provides accessible technological tools and services to Black entrepreneurs, enabling them to scale their businesses. Since launching, the initiative has assisted over 300,000 businesses and committed to loaning $25 million to small businesses.
John Hope Bryant, the founder and CEO of Operation HOPE, commented on the initiative: “The 1MBB Initiative is more than just about creating businesses. It is about breaking down barriers and empowering Black entrepreneurs to build generational wealth. Through this initiative, we are nurturing a culture of financial literacy, encouraging smart entrepreneurial financing, and driving long-term economic empowerment.”
The annual report of Operation HOPE shows an impressive amount of data, demonstrating their commitment to the community. So far, they have serviced over 4.2 million individuals across the country.
In June, the organization also launched the 1865 Project. Its goal is to help low-income and middle-income families gain access to the private sector and finish what Frederick Douglass started centuries ago with the Freedman’s Bank. Bryant said “At that moment in history, America had the opportunity to make good on a promise of not just civil and civic participation for the formerly enslaved, but economic participation as well. That bold vision never came to fruition, a challenge we want to reissue to America.” Through this project, low-income households will be offered financial programs and resources.
Operation HOPE is making a lasting impact in the fight against economic inequality. Their initiatives are providing people with the necessary tools to build a better future for themselves and their families. The organization is empowering entrepreneurs and helping to create a culture of financial literacy. It is a testament to the power of their mission that they have achieved so much in such a short amount of time.
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