Fast Break for Small Business
AOF and LegalZoom have joined forces to provide entrepreneurs across the country with grants and LegalZoom services to support their small businesses.
LegalZoom has teamed up with the NBA, WNBA, and NBA G League to support Black small business owners. Fast Break for Small Business is a $6 million commitment in small business grants and LegalZoom services to help thousands of small businesses across the country. Accion Opportunity Fund is proud to serve as the nonprofit administrator of the program.
Applications for the most recent round of Fast Break for Small Business were open from Wednesday, February 1 to Friday, February 17 and are now closed.
HOW IT WORKS
LegalZoom, the NBA, WNBA, and NBA G League are committed to encouraging entrepreneurship by supporting and investing in Black small business owners. Tipping off at the start of Black History Month, the third of six grant cycles was open in this multi–year program. Here’s how it worked:
- $10,000 grants and a free LegalZoom product of their choosing, valued at up to $500, to 50 small businesses
- A free LegalZoom product of their choosing, valued at up to $500, to 1,950 additional small businesses
- Applications were open from Wednesday, February 1 to Friday, February 17 and are now closed.
ELIGIBILITY REQUIREMENTS
Eligible small businesses must:
- Be based in the United States
- Must be a Black–owned business
- Have been in business for at least 6 months and currently in operation
- Have one of the following if in business for between 6 and 12 months:
- 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
- If the business is between 6 and 12 months old but does not have any of these documents, the business is not eligible for this opportunity
- Have an annual revenue of less than $1 million
- Have a business bank account
- Not be in an industry that has been identified as a prohibited industry for this program
Sign up for Free Business Coaching
Explore Small Business Loans
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?
Fast Break for Small Business is a grant program supported by LegalZoom and the National Basketball Association to help small businesses that are continuing to recover in the wake of the COVID–19 pandemic. The multi–year program awarded $10,000 grants to 100 small businesses in its first year, 2022. The first round of grants were disbursed in January 2022 and the second round were disbursed in July to coincide with the WNBA season. The third round of grants will be disbursed in early April 2023. The grant program is focused on reaching Black–owned businesses, women, low– to moderate–income small business owners, immigrants, and others who have historically had limited access to financing for their business.
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 small businesses must:
- Be based in the United States
- Must be a Black–owned business
- Have been in business for at least 6 months and currently in operation
- If in business for between 6 and 12 months, 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 business is between 6 and 12 months old but does not have any of these documents, the business is not eligible for this opportunity
- Have an annual revenue of less than $1 million
- Have a business bank account
- Not be in an industry that has been identified as a prohibited 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 for 6–12 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 for 6 – 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 for 6–12 months and do not 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; 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.
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 United 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, you must own a small business to be eligible. Employees of small businesses are not eligible for this opportunity.
Are nonprofit organizations eligible to apply?
No, this opportunity is only open to owners of small businesses
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, 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 and 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.
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 United States and do not have to be located in an NBA metro market.
Application Process
How do I apply?
Applications for Fast Break for Small Business were open in early winter 2023 and have now closed. When applications re-open for the next cohort, entrepreneurs can apply through AOF’s application partner Submittable by creating a free account and completing an online application.
When is the deadline to apply?
The deadline to apply for the most recent round of Fast Break for Small Business was Friday, February 17, 2023 at 8p.m. ET.
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?
- 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 6–12–month–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 6 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 most recent business bank statement [businesses that do not have a 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?
Bank information is submitted 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 here.
Can I make changes to my application after submission?
No, you may not make any changes after the application has been submitted. If you made a mistake on your application, you can withdraw it and submit a new one during an 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 towhitelistnotification emails from Submittable and check the email 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.
You can download Firefox by following the instructions linked here.
You can download Chrome by following the instructions linked here.
Who do I contact if I’m having technical issues with the application?
Check out theSubmitter Resource Centeror reach out to Submittable’s Customer Support team with any technical questionshere.
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 submitted a complete application, meet eligibility criteria and pass the business verification review.
When will I hear about the status of my application?
All applicants were be notified about the status of their application, whether they received a grant or not, at the end of March 2023.
When will the grant funds be distributed?
Grant funds for the most recent round of Fast Break were distributed in early April 2023.
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 money 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?
100 grants of $10,000 each will be awarded in two rounds in 2023. The first 2023 round was awarded in late March, and the second application and round of awards will take place later in the year.
How many businesses will receive free LegalZoom products?
4,000 total businesses will be awarded one Legal Zoom service or product, valued up to $500, each year, split into two rounds. All 100 grant recipients will receive the credit, and an additional 3,900 businesses will also receive a credit for a LegalZoom product or service.
Is there any other award aside from the $10,000?
Yes. 4,000 businesses will be awarded one LegalZoom service or product, valued up to $500 each year, split into two rounds.
Can I receive LegalZoom free services or products without receiving the $10,000 grant?
Yes. All 100 yearly grant recipients will receive the credit, and an additional 3,900 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 in early 2024 to be filed as part of the 2023 tax year. Please consult with a tax professional to learn more.
How do winners of free LegalZoom products claim their award?
Winners received 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.
Is there an expiration date to use my product code with LegalZoom?
Yes. You have six months from the time you receive the code to redeem your product code with LegalZoom.
If I received a grant in the last cycle, am I eligible to reapply?
If you received a grant in any previous grant cycle, you are ineligible to reapply. If you only received a LegalZoom product, you may reapply for your chance to receive the grant.