Business
LegalZoom Gives Away $6 Million in Cash and Products to Over 18,000 Small Businesses through its "Fast Break for Small Business" Grant Program
Grant program provided capital and essential services to empower thousands of entrepreneurs nationwide MOUNTAIN VIEW, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE)
About this update from Legalzoom.com, Inc.
[{"type":"text","content":"Grant program provided capital and essential services to empower thousands of entrepreneurs nationwide\nMOUNTAIN VIEW, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) -- LegalZoom proudly announces the success of its Fast Break for Small Business grant program, a three-year initiative that awarded $6 million in grants and services to over 18,000 small business owners across the U.S. Since October 2021, the program has provided critical resources to underrepresented and emerging entrepreneurs, addressing barriers to growth such as access to capital, legal services, business formation and compliance needs, and financial tools. The need for accessible capital, in particular, remains a pressing issue for many small businesses; over the course of the initiative, LegalZoom received more than 76,000 applications for funds, with more than 40,000 received in 2024 alone. According to the most recent Forbes Small Business Statistics, nearly 40% of small businesses fail due to depleted cash reserves or the inability to secure additional funding. The LegalZoom grant program sought to make a significant impact in the lives of small business owners by addressing capital needs alongside services, empowering entrepreneurs with funding and products to help accelerate growth. With a particular focus on helping to remove barriers for emerging entrepreneurs, including those in communities of color, women, immigrants, and members of the LGBTQ+ community, 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. \"Access to capital is a challenge for many first-time business owners,\" said Jeff Stibel, CEO of LegalZoom. \"Through LegalZoom’s grant program, we have been able to provide not just grants, but also the tools and expertise necessary to help entrepreneurs succeed in their journey.\" The creation of the LegalZoom grant program highlighted the critical need for capital among new entrepreneurs when it launched in 2021 as a response to the COVID-19 pandemic. Today, LegalZoom’s customer research reveals that access to capital is still a challenge, as it's the second most common need for its small business customers, with only 35% of small business owners securing a loan or credit card in their first year of operation. Many ...