Business
LegalZoom Announces Inaugural “Fast Break for Small Business” Grants and Services to Small Businesses Across the Country as Part of $6 Million Program with the NBA
50 Small Businesses Selected in the First Round of Three-Year Grant Program Partnership with the NBA, WNBA and NBA G League NEW YORK, Jan. 26, 2022 (GLOBE
About this update from Legalzoom.com, Inc.
[{"type":"text","content":"50 Small Businesses Selected in the First Round of Three-Year Grant Program Partnership with the NBA, WNBA and NBA G League\nNEW YORK, Jan. 26, 2022 (GLOBE NEWSWIRE) -- LegalZoom.com, Inc. (NASDAQ: LZ), the No. 1 brand in online small business formations and a leading online platform for legal, compliance and tax solutions today announces the 50 small businesses across the country to receive “Fast Break for Small Business” grants and LegalZoom services. “Fast Break for Small Business” is a multi-year community initiative from LegalZoom in partnership with the NBA, WNBA and NBA G League that will award $6 million in grants and LegalZoom services to support thousands of small businesses nationwide. The initiative provides capital and other critical resources small businesses need to operate and grow, particularly for people of color, women, immigrants, and members of the LGBTQ+ community. Fifty business owners out of more than 11,000 applicants were selected to receive $10,000 and LegalZoom services in this first round of the initiative. An overwhelming majority of grantees (82%) identified as people of color, and more than half (60%) were women. Most grantees (88%) reported making $50,000 or less in annual revenue. Grants were awarded to small businesses in 27 states across the country. Applicants who did not receive grants in this initial round will be encouraged to apply for future cycles. The NBA and LegalZoom worked closely with Accion Opportunity Fund to promote this opportunity to applicants who have been particularly impacted by the pandemic. The team at Accion Opportunity Fund also manages distribution of the grants. “Small businesses owned by people of color, women, and immigrants are often more underserved than other businesses,” said John Buchanan, Chief Marketing Officer at LegalZoom. “We’re proud to use our resources and expertise in small business formation, compliance, tax and other areas of the law to support our grantees as they grow their businesses and fulfill their dreams. And we’re just getting started with this multi-year initiative that will provide much needed support to these deserving recipients.” “We’re excited to announce the first recipients of the “Fast Break for Small Business” grants with LegalZoom and continue the NBA family’s broad commitment to increase economic opportunities for historically ma...