Accion Opportunity Fund, LegalZoom, the NBA, WNBA, and NBA G-League 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 aimed to assist business owners with the tools and resources they need to start and grow their businesses – the perfect play.
HOW IT WORKed
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 worked:
- 150 small businesses will receive $10,000 grants and a LegalZoom product of their choosing, valued up to $500
- 3,000 emerging entrepreneurs who hadn’t yet launched their intended business received a LegalZoom product of their choosing, valued at up to $500
- Applications were open from February 15 to September 13, 2024.
ELIGIBILITY REQUIREMENTS
Existing small businesses were eligible to apply for a $10,000 grant and a free LegalZoom product or service valued up to $500 if they met these criteria:
- 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
Emerging entrepreneurs were eligible to apply for a free LegalZoom product or service valued up to $500 if they met these criteria:
- 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
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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