Fast Break for Small Business Grant

Fast Break for Small Business Grant: Empowering Entrepreneurs

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The Fast Break for Small Business Grant is a beacon of hope for emerging entrepreneurs.

 

Fast Break for Small Business Grant
Fast Break for Small Business Grant

 

From securing capital to navigating legal complexities, the journey can be daunting.

In this article, we’ll explore the ins and outs of this program, its impact, and how it’s changing the game for small business owners.

The Background and Purpose

The Fast Break for Small Business program isn’t your typical grant initiative.

It’s a unique collaboration between the NBA, WNBA, and NBA G league designed to uplift small businesses across the nation.

However, why the name “Fast Break”? Just like a swift basketball play, this grant aims to accelerate the growth of small enterprises.

Origins and Partnership

  • The program was established in response to the economic challenges posed by the pandemic.
  • The NBA and its affiliated leagues recognized the vital role small businesses play in local communities.
  • By joining forces, they sought to provide tangible support to those who dream big but lack resources.

Grant Details

The heart of the program lies in its grants.

Here are the key details:

Grant Amount

  • Each selected business receives a grant of $10,000. For small enterprises, this injection of capital can be transformative.
  • Imagine a local bakery expanding its menu, a boutique upgrading its inventory, or a tech startup investing in marketing campaigns—all made possible by this grant.

Eligibility Criteria

  • Existing Businesses: To qualify, a business must have been operational for at least three months. This ensures that established ventures benefit from the grant.
  • Entrepreneurs: Even if you’re in the early stages of launching your business, you’re eligible. The program encourages fresh ideas and innovation.

Application Process

  • The application window opens annually, and for 2024, the deadline is September 13.
  • Aspiring grant recipients submit their business plans, highlighting their vision, impact, and growth potential.
  • A panel of experts evaluates the applications, looking for passion, feasibility, and community impact.

Legal Zoom’s Role

While the NBA and its leagues provide the financial boost, Legal Zoom steps in as a strategic partner. Here’s how:

Legal Guidance

  • Legal Zoom offers $500 in products and services to eligible applicants.
  • Entrepreneurs can access legal advice, trademark registration, and business formation services.

  • In addition to drafting contracts or understanding compliance, Legal Zoom empowers small business owners.

Empowering New Ventures

  • For startups, Legal Zoom’s resources are invaluable. Imagine a budding e-commerce platform securing its trademarks or a freelance designer protecting their creative work.
  • Legal Zoom bridges the gap between legal complexities and accessible solutions.

Success Stories

Let’s meet some inspiring grantees who turned dreams into reality:

The Spice Theory

  • A small batch spice blend company based in Atlanta.
  • With the grant, they expanded their product line, reaching new markets.
  • Their flavorful blends now grace kitchens across the country.

TRI City Motors

  • A black-and-white dealership in the Bay Area.
  • The grant allowed them to enhance their online presence and streamline operations.
  • Today, they’re a trusted name in the automotive industry.

Moreover, the Fast Break for Small Business Grant isn’t just about dollars; furthermore, it’s about dreams.

Importantly, it’s about empowering entrepreneurs to take that leap, pivot their businesses, and create lasting impact.

Therefore, if you’re a small business owner or an aspiring one, mark your calendar for the next application cycle.

As a result, the game-changing grant awaits—ready to propel your business forward.

How can I apply for the Fast Break grant?

Applying for the Fast Break for Small Business Grant is a straightforward process. Let’s break it down:

  1. Eligibility Check:
    • Ensure that you meet the eligibility requirements:
      • Be based in the United States.
      • Have been in business for at least 3 months (for existing businesses).
      • Not be in an industry identified as ineligible for this program.
    • If you’re an emerging entrepreneur who hasn’t yet launched your business, you’re also eligible.
  2. Gather the required documents:
    • For existing businesses (in operation for more than a year):
      • Most recent tax returns.
      • A copy of your business license or sole proprietorship formation document.
      • Front-and-back copy of the business owner’s ID (e.g., driver’s license).
      • Most recent bank statement.
    • For emerging entrepreneurs (in operation for less than 3 months or with a business idea):
      • Provide a summary of your business idea (if not yet launched).
  3. Application Submission:
  4. Deadline:
    • The grant program concludes on September 13, 2024.

Remember, the Fast Break for Small Business Grant isn’t just about financial support; it’s about empowering entrepreneurs like you to make a lasting impact.

Eligibility for Legal Zoom products and services under the Fast Break for Small Business Grant program is determined based on specific criteria. Let’s break it down:

Existing Small Applying for a $10,000 Grant and Legal Zoom Product (Valued up to $500):

Must be based in the United States.

  • Should have been in business for at least 3 months and currently be operational.
  • Annual revenue must be less than $1 million.
  • Must maintain an active business bank account.
  • Cannot be in an industry identified as ineligible for this program.
  • If they have been in business for 12 months or more, they must also provide their most recent year’s business tax return.
  • If they have been in business for 3 to 12 months and lack recent business tax returns, they can provide one of the following:
  • Articles of incorporation for LLCs, S Corps, and C Corps.
  • Sole proprietorship formation documentation.
  • Fictitious name statement or DBA (Doing Business As) registration.
  • EIN (Employer Identification Number) registration.
  • City, state, or federal license to do business.
  • Relevant professional license.

  1. Emerging Entrepreneurs Applying for a Legal Zoom Product (Valued Up to $500):

    • Must be based in the United States.
    • Either:

      • An existing business that has been operating for less than 3 months is considered a new venture. Moreover, during this initial period, such businesses often face unique challenges and opportunities as they establish their presence in the market. Additionally, it’s crucial for these entrepreneurs to focus on building a solid foundation, attracting customers, and adapting to the dynamic business landscape.

      • Provide a summary of the business idea they intend to make official.
    • Similar to existing businesses, they cannot be in an industry identified as ineligible for the program.

The Fast Break for Small Business Grant is a multiyear commitment aimed at supporting thousands of small businesses across the country with grants and Legal Zoom services.

Legal Zoom, in collaboration with the NBA, WNBA, and NBA G League, empowers entrepreneurs to take their businesses to new heights.

The Accion Opportunity Fund, a non-profit entity, oversees this significant initiative.

Their mission is to empower small business owners by providing them with the necessary tools and resources to thrive in their entrepreneurial endeavors.

Through their efforts, they aim to foster growth and success within the small business community

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