Fast Break for Small Business - Accion Opportunity Fund
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Fast Break for Small Business

Applications open February 15 and close September 13, 2024

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Need a business boost? Fast Break for Small Business is here to help your small business thrive.

APPLY NOW!

Accion Opportunity Fund, LegalZoom, the NBA, WNBA, and NBA G-League have joined forces to provide entrepreneurs across the country with grants and LegalZoom services to support their small businesses.

Administered by nonprofit Accion Opportunity Fund, the program aims to assist business owners with the tools and resources they need to start and grow their businesses – the perfect play.

HOW IT WORKS

LegalZoom, the NBA, WNBA, and NBA G League are committed to encouraging entrepreneurship by supporting and investing in small business owners. Here’s how it works:

  • 150 small businesses will receive $10,000 grants and a LegalZoom product of their choosing, valued up to $500
  • 3,000 emerging entrepreneurs who haven’t yet launched their intended business will receive a LegalZoom product of their choosing, valued at up to $500
  • Applications open February 15 and close September 13, 2024

ELIGIBILITY REQUIREMENTS

Eligible existing small businesses applying for a $10,000 grant and a free LegalZoom product or service valued up to $500 must:

  • Be based in the United States
  • Have been in business for at least 3 months and currently in operation
  • Have an annual revenue of less than $1 million
  • Have an active business bank account
  • Not be in an industry that has been identified as ineligible for this program
  • If in business for 12 months or more, must also provide most recent year’s business tax return
  • If in business for between 3 and 12 months and doesn’t have recent business tax returns, business must have one of the following
    • Articles of incorporation for LLCs, S Corps, and C Corps
    • Sole proprietorship formation
    • Fictitious name statement or DBA
    • EIN registration
    • City, state, or federal license to do business
    • Relevant professional license

Eligible emerging entrepreneurs applying for a free LegalZoom product or service valued up to $500 must:

  • Be based in the United States
  • Be an existing business in operation for less than 3 months or provide a summary of the business idea that the applicant intends to make official.
  • Not be in an industry that has been identified as ineligible for this program


Fast Break for Small Business is a multiyear $6 million commitment to help thousands of small businesses across the country with small business grants and LegalZoom services. LegalZoom has teamed up with the NBA, WNBA, and NBA G League to support small business owners and Accion Opportunity Fund is proud to serve as the nonprofit administrator of the program.

Frequently Asked Questions

Click the links below to jump to your question:

OVERVIEW

ELIGIBILITY

APPLICATION PROCESS

SUBMISSION AND TROUBLESHOOTING

GRANTEE SELECTION AND AWARDS

 

Overview

WHAT IS FAST BREAK FOR SMALL BUSINESS?

Founded in 2021, Fast Break for Small Business is a grant program that aims to assist business owners with the tools and resources they need to start and grow their businesses. This opportunity is designed to support both established and emerging business ventures.

WHAT ARE THE ROLES OF THE ORGANIZATIONS INVOLVED IN THIS PROGRAM?

LegalZoom and the NBA are the program sponsors. Accion Opportunity Fund is the grant fund administrator.

Eligibility

WHAT ARE THE CRITERIA FOR ELIGIBLE SMALL BUSINESSES?

Eligible existing small businesses applying for a $10,000 grant and a free LegalZoom product or service valued up to $500 must:

  • Be based in the United States
  • Have been in business for at least 3 months and currently in operation
  • If the business has been in operation for between 3 and 12 months and doesn’t have recent business tax returns, they must have one of the following:
    • Articles of incorporation for LLCs, S Corps, and C Corps
    • Sole proprietorship formation
    • Fictitious name statement or DBA
    • EIN registration
    • City, state, or federal license to do business
  • Relevant professional license
  • If in business for 12 months or more, business must provide most recent year’s business tax return
  • Have an annual revenue of less than $1 million
  • Have an active business bank account
  • Not be in an industry that has been identified as an ineligible industry for this program

Eligible emerging entrepreneurs applying for a free LegalZoom product or service valued up to $500 must:

  • Be based in the United States
  • Be an existing business in operation for less than 3 months or provide a summary of the business idea that the applicant intends to make official.
  • Not be in an industry that has been identified as an ineligible industry for this program

WHAT IF I DO NOT HAVE TAX RETURNS FOR MY BUSINESS?

Business tax returns are required if you have been operating for longer than 12 months. If you have been in business between 3 and 12 months and do not have tax returns, please submit one of the following:

  • Articles of incorporation for LLCs, S Corps, and C Corps
  • Sole proprietorship formation
  • Fictitious name statement or DBA
  • EIN registration
  • City, state, or federal license to do business
  • Relevant professional license

If you have been in business between 3 and 12 months and do not have any of these documents, you are not eligible for this opportunity.

WHAT IF I DO NOT HAVE A BUSINESS LICENSE?

If you have been in business between 3 and 12 months and do not have either recent business taxes, articles of incorporation for LLCs, S Corps, and C Corps; sole proprietorship formation; fictitious name statement or DBA; EIN registration; city, state, or federal license to do business; or relevant professional license, you are not eligible for this opportunity.

To find out what business type is right for you, visit LegalZoom’s helpful guide.

IF I HAVE BEEN IN BUSINESS LONGER THAN 12 MONTHS, CAN I SUBMIT A BUSINESS LICENSE INSTEAD OF TAX RETURNS?

No, if you have been in business for longer than 12 months, you must submit business tax returns to be eligible for this opportunity.

ARE SOLE PROPRIETORS ELIGIBLE TO APPLY?

Yes, sole proprietors are eligible to apply.

ARE STARTUPS ELIGIBLE TO APPLY?

Yes, you’re eligible to apply for free LegalZoom services if you have a business idea or less than 3 months in operation. Businesses are eligible to apply for the $10,000 grant if they have been in business for longer than three months.

CAN BUSINESSES LOCATED IN U.S. TERRITORIES APPLY?

No, businesses located in U.S. territories are not eligible for this opportunity. A business must be located within one of the 50 states to be eligible.

WHAT IF I AM AN EMPLOYEE AT A SMALL BUSINESS OR SERVE IN A MANAGEMENT ROLE AT A SMALL BUSINESS, CAN I APPLY ON ITS BEHALF?

No, employees of small businesses are not eligible for this opportunity.

ARE NONPROFIT ORGANIZATIONS ELIGIBLE TO APPLY?

No, this opportunity is only open to current and future owners of LLCs, corporations, or sole proprietorships.

WHAT INDUSTRIES ARE ELIGIBLE TO APPLY?

Businesses can apply from any industry EXCEPT the following, which are ineligible:

  • Adult entertainment including strip clubs, escort services, adult bookstores, and businesses whose principal business is the sale of pornography
  • Tobacco stores, smoke shops, cigarette & cigar retailers and wholesalers, cigarette stands
  • Firearms sellers, merchants, retailers, or wholesalers; ammunition sales; gun clubs; shooting ranges
  • Marijuana-related businesses; cannabis dispensaries, marijuana crop farming, edibles
  • Massage parlors, saunas, or hot tub facilities
  • Illegal activities
  • Gambling and betting activities, racetracks
  • Real estate investment companies (residential and commercial), house flippers, hotels, businesses whose principal source of revenue is rental income
  • Banking and financial institutions; central banking; other monetary intermediation; trusts, funds, and similar financial entities
  • Merchant service companies, merchant sales organizations, payment services
  • Lending businesses; payday lenders, title lenders, and other credit-granting
  • Small business loan brokers
  • Check cashers
  • Bail bonds
  • Pawn shops
  • Collection companies/lawyers or debt consolidation firms
  • Multi-level marketing companies or businesses based on pyramid sales plans
  • Nonprofit organizations
  • Religious organizations, churches, temples, mosques, shrines, and other services provided specifically for the religious community
  • Activities of political organizations
  • Transportation of hazardous materials
  • Oil and gas exploration/securities
  • Rideshare (i.e. Uber/Lyft drivers)

DO I HAVE TO BE A UNITED STATES CITIZEN OR LEGAL RESIDENT TO BE ELIGIBLE?

We do not request any information related to the immigration status of applicants. Applicants must answer all application questions and submit all required documentation to be eligible. We recommend that sole proprietors and single-member LLCs include their SSN or ITIN on the W9 to expedite payment processing.

DO I HAVE TO BE LOCATED IN AN NBA METRO AREA TO BE ELIGIBLE?

No, eligible business owners can be located anywhere in the 50 states and do not have to be located in an NBA metro market.

Application Process

HOW DO I APPLY?

Small business owners and emerging entrepreneurs can apply through AOF’s application partner Submittable by creating a free account and completing an online application.

WHEN DOES THE PROGRAM END?

The grant program concludes on September 13, 2024.

WHAT LANGUAGES IS THE APPLICATION AVAILABLE IN?

The application is only available in English.

CAN MY BUSINESS APPLY MORE THAN ONCE?

No, businesses should only apply to the opportunity one time. Duplicated entries will be excluded from consideration.

WHAT DOCUMENTS DO I HAVE TO SUBMIT WITH MY APPLICATION FOR A $10,000 GRANT?

  • All pages of the most recent business tax returns. If the business files a Schedule C, please submit all pages of your 1040 personal tax return including the Schedule C. If you don’t have tax returns because your business is between 3 and 12 months old, you need to upload one of the following:
    • Articles of incorporation for LLCs, S Corps, and C Corps
    • Sole proprietorship formation
    • Fictitious name statement or DBA
    • EIN registration
    • City, state, or federal license to do business
    • Relevant professional license

If the business is between 3 and 12 months old but does not have any of these documents, the business is not eligible for this opportunity.

  • A front–and–back color copy of the business owner’s government–issued identification [Acceptable identification includes a driver’s license, federal government employee ID card, passport, permanent resident card, alien resident card, or matricula consular]
  • All pages of the 3 most recent business bank statement [businesses that do not have an active business bank account are not eligible for this opportunity]
  • A completed W9 form: Click here to download a blank W9 form.

WHY DO I HAVE TO SUBMIT MY BANK INFORMATION TO BE ELIGIBLE FOR A $10,000 GRANT?

Bank information is submitted to allow AOF to make the deposit of grant funds via ACH if you are selected as a grantee. This information will only be used if you are selected.

IF I HAVE MULTIPLE BUSINESSES, CAN I APPLY MULTIPLE TIMES?

No, each individual business owner may only apply once and is only eligible to receive one grant, even if he or she owns more than one business.

IS THERE A FEE TO APPLY FOR THE FAST BREAK FOR SMALL BUSINESS PROGRAM?

No, there is no fee to apply for this grant program.

Submission and Troubleshooting

WHAT IF I AM UNABLE TO UPLOAD ALL OF THE INFORMATION REQUESTED?

You must provide all documentation requested. Incomplete applications will not be considered. Visit Submittable’s Resource Page to learn how to troubleshoot this problem, or reach out to Submittable’s Customer Support team with any technical questions.

CAN I MAKE CHANGES TO MY APPLICATION AFTER SUBMISSION?

No, you may not make any changes after submitting the application. If you made a mistake on your application, you can withdraw it and submit a new one during the open application period.

CAN I SAVE MY APPLICATION AS I AM WORKING ON IT?

Yes, you can save incomplete applications to return to at a later time.

WILL I RECEIVE CONFIRMATION AFTER THE APPLICATION HAS BEEN SUBMITTED?

Yes, you will receive confirmation by email. Please be sure to whitelist notification emails from Submittable and check the email address you used to sign up for your Submittable Account regularly.

WHAT BROWSER SHOULD I USE?

Our platform works best on Google Chrome, Firefox, and Safari. Internet Explorer is not supported. Please make sure you are using a supported browser. While the application can be completed on your phone, for the best application experience, we recommend that you complete the application on a computer.

Download Firefox
Download Chrome

WHO DO I CONTACT IF I’M HAVING TECHNICAL ISSUES WITH THE APPLICATION?

Check out the Submitter Resource Center or reach out to Submittable’s Customer Support team with any technical questions.

 

GRANTEE SELECTION AND AWARDS

HOW WILL GRANTEES BE SELECTED?

Following a random selection process, grantees are vetted and verified by Accion Opportunity Fund to ensure they submit a complete application, meet eligibility criteria, and pass the business verification review.

WHEN WILL I HEAR ABOUT THE STATUS OF MY APPLICATION?

Selected grantees will be notified on a rolling basis during the grant application period. Applicants who were not selected will be notified by September 30, 2024. LegalZoom will publicly announce the grant winners on social media.

WHEN WILL THE GRANT FUNDS BE DISTRIBUTED?

Grant funds will be distributed throughout the program. All grant funds will be distributed before the end of October 2024.

HOW WILL I BE NOTIFIED IF I WILL RECEIVE A GRANT?

All communications regarding the grant will be through emails from Accion Opportunity Fund or LegalZoom, including the notification if you were selected to receive a grant.

HOW WILL THE GRANT MONEY BE DISBURSED?

Grant funds will be transferred from Accion Opportunity Fund to the grantees’ verified business bank account.

HOW CAN GRANT FUNDS BE USED?

Grant funds are intended to be used for any legitimate business purpose.

HOW MANY GRANTS WILL BE AWARDED?

150 grants of $10,000 each will be awarded.

HOW MANY BUSINESSES WILL RECEIVE FREE LEGALZOOM PRODUCTS?

Small business grants in the amount of $10,000 plus $500 worth of LegalZoom products and services will be awarded to 150 existing small business applicants. An additional 3,000 LegalZoom product codes valued at $500 will be awarded to applicants who have not yet launched their businesses or have been in operation for less than 3 months

IS THERE ANY OTHER AWARD ASIDE FROM THE $10,000?

Yes. 3,000 businesses will be awarded one LegalZoom service or product, valued up to $500.

CAN I RECEIVE LEGALZOOM FREE SERVICES OR PRODUCTS WITHOUT RECEIVING A $10,000 GRANT?

Yes. All grant recipients will receive the credit, and an additional 3,000 businesses will also receive LegalZoom services or products valued at up to $500.

IS THE GRANT AWARD CONSIDERED TAXABLE INCOME?

Yes, this grant may be subject to tax reporting based on the value of the grant received. Accion Opportunity Fund will issue 1099 tax forms to all grant recipients. Please consult with a tax professional to learn more.

HOW DO WINNERS OF FREE LEGALZOOM PRODUCTS CLAIM THEIR AWARD?

Winners will receive an email from Fast Break for Small Business with instructions and an exclusive phone line to talk to a LegalZoom expert about redeeming their awards.

CAN I USE MY FREE LEGALZOOM PRODUCT TO FORM MY BUSINESS?

Yes! Grantees can decide how they want to use their product code with LegalZoom. Some popular options are business formation, trademark, and legal advisory. Please note that product code cannot be used on subscription services.

IS THERE AN EXPIRATION DATE TO USE MY PRODUCT CODE WITH LEGALZOOM?

Yes. You have 5 weeks from the time you receive the code to redeem your product code with LegalZoom.

IF I RECEIVED A FAST BREAK FOR SMALL BUSINESS GRANT IN PREVIOUS YEARS, AM I ELIGIBLE TO REAPPLY?

You are ineligible to reapply if you received a Fast Break for Small Business grant in any previous year. If you only received a LegalZoom product, you may reapply for your chance to receive the grant.

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