Black Economic and Business Stories for November 2nd to 8th 2020

Top Stories

  • Black group wants to redevelop Baldwin Hills Crenshaw Plaza (NY Times)
  • Systemic racism, not $200 Air Jordans, suppresses Black wealth (Washington Post) – Michelle Singletary is writing a primer on Black Economics.
  • Inside Charlotte’s Most Popular Black-Owned Seafood Spot, Lulu’s (Travel Noire). Slutty Vegan team may be opening Ponce City Market restaurant (Atlanta Business Chronicle) – Looks like they are finally expanding after the large crowds.
  • Prince George’s County’s belt of high-income majority Black Census tracts really is unique (Greater Greater Washington)
  • Black executives talk about racial equity in America: Read the stories of seven Black industry leaders and how racism has affected their lives. (Restaurant Business)
  • Politically liberal California rejects affirmative action (The Washington Post).
  • Morgan State president: No Black institutions are among the top research universities; here’s why that must change (The Baltimore Sun). 
  • Amazon to double company’s Black leadership over next two years (Fox 6 Milwaukee). Law-Firm Clients Demand More Black Attorneys (Wall Street Journal)
  • Two Black and Veteran-Led Tech Startups Integrated Their Platforms to Benefit Black-Owned Restaurants (AfroTech) – Finally, someone trying to scale up. Thank goodness.
  • Black entrepreneurs are turning to crowdfunding for financing (LA Standard)
  • Albert D. (Al) Fuller is President and Chief Executive Officer of Integrated Packaging Corporation (IPC); one of the United States’ largest African-American owned and operated manufacturing companies. (IPC Boxes)

Protest / Social Justice

Coronavirus / Covid-19 /  Paycheck Protection Program

  • Legacy Foundation awards $50,000 in COVID-19 relief grants to small businesses in Gary and East Chicago (NWI) – 17 small businesses awarded grants between $2500 and $5000.
  • Fed Chair Powell says full economic recovery depends on managing COVID-19 (Marketplace.Org)

Jobs / Workers / Unemployment / Gig

  • US Postal Service provides a path forward for Black employees (The Washington Post).
  • Genesis Block Targets Jobs, Investment For Minority Businesses (Wilmington Biz) – Genesis Block hopes to graduate 120 minority and women owned businesses over the next three years and create 400 jobs in the process.

Inequality / Systemic Racism / Economic Justice / UBI

  • ASU Professor Explains ‘Interracial Racism’ And the History Between Asian And Black Americans (History News Network).
  • Black authors on Black Lives Matter, anti-racism and staying true to your writing (Los Angeles Times).
  • Time For Corporate America To Translate Good Intentions On Racial Equity Into Real Progress (Forbes). 
  • Why Many Black-Owned Businesses Are on The Brink (Milwaukee Mag) – Big banks make it hard for Black businesses to survive.
  • Law firm to provide free legal services to black-owned businesses, other minorities (Face 2 Face) – Survey says 54% of businesses that experienced legal events did not seek the services of an attorney to help them deal with those issues.
  • Corporations pledge to fight racial inequality. Will it work? (CS Monitor) — Black- and Latino-owned firms got only 2.4% of venture funding even though they make up 32% of the population, corporations look to help.

Black Business General / Interesting Businesses Stories

  • Black-owned bookstores have seen a huge sales spike this year. It may not last (CNN)
  • How to make braised oxtail bucatini being served during Black Restaurant Week (GMA) — To celebrate Black restaurant Week, a few chefs are sharing some of their specialty dishes that you can cook at home.
  • A Haitian Halloween, in the East Village (Grub Street) – Event organized by Adá Supper Club looks to amplify the work of chefs of color.
  • Visit Baltimore’s $800,000 campaign is betting on local Black artists to help attract more tourists to the city (Baltimore Sun) – Multiyear campaign hopes to bring tourists in by highlighting the talent of Black artists and influencers.
  • State fund has committed more than $27 million to Black Oregonians (Oregon Live) – Organizers for Black Oregonians urge people seeking grants to act fast.
  • Beyoncé Gives $10,000 Grant to Black-Owned Vegan Tennessee Bakery (The Beet) – Beyoncé’s BeyGood Black –Owned Small Business Impact Fund disperses second round of funding.
  • Reconnecting with Bright Black Candles amid pandemic adjustments and major collaborations (The Chronicle) – Black Bright Candles, co-owned by Tiffany Griffin and Daniel Heron, aim to tell stories of Black greatness through scent.
  • Black Enterprise Hosts The Entrepreneurs Summit As A Unique Virtual Experience For Black Founders And Business Owners, Nov. 12-13 (Nyenta.com) – PR release
  • As “Shop Black Week” 2020 is Primed to Make History, TikTok, Shopify, Amazon and Walmart Are Now Jumping on the Bandwagon (Cision PR Newswire) – Press Release
  • Black-Owned Businesses Growing in Niagara Falls (Spectrum 1 News)

Black Business Specific

  • Greenwood Banks is donating $10,000 a month to Black and Latinx small businesses (Discover Grey Magazine)
  • Inside Charlotte’s Most Popular Black-Owned Seafood Spot, LuLu’s (Travel Noire)
  • ‘Diverse perspectives lead to better decision making’: Ariel Investments’ John Rogers Jr. pushes corporate boards to have their own ‘Jackie Robinson moment’ (MarketWatch) – Long interview with John Rogers Jr of Ariel Investments
  • How one Black-owned restaurant in Brooklyn was saved by the Black Lives Matter protests (Restaurant & Hospitality)
  • Slutty Vegan team may be opening Ponce City Market restaurant (Atlanta Business Chronicle) – Looks like they are finally expanding after the large crowds.

Big Business / Corporate

  • Delta Air Lines is Looking for Black-Owned Businesses to Support COVID-19 Cleaning Program (Paddle Your Own Kanoo)
  • SAP’s Spotlight Black Businesses Program Moves Forward (SAP) – Interesting list of Black businesses
  • TikTok launches several initiatives for the SMBs and Black-owned businesses to help them recover from the economical crunch due to the pandemic (Digital Information World).  Amplifying Black-owned businesses on TikTok (TikTok) – Here is TicTok’s Black Business website.
  • PayPal Promises 8 Black and Latinx VC Funds $50 Million (Colorlines) – Paypal aims to uplift women of color in business
  • Cummins launches racial equity effort (The Indianapolis Tribune)
  • Google invests in two local Black-owned tech companies (Philadelphia Tribune) – Two tech companies awarded $50,000 each in funds.
  • Wells Fargo hires new executive to lead diversity initiatives (Biz Journals) – Wells Fargo looks to double number of black leaders at the bank over the course of the next five years
  • Kohl’s has a T-shirt line that promotes racial equality, but it’s not affiliated with BLM (Politifact) – Kohl’s shirts in support of racial equality not associated with the BLM movement, says spokesperson.
  •  Applications for Comcast Funding of Black Businesses Now Open (Skanner) – Comcast launches RISE to boost struggling Black businesses.
  • McDonald’s names new chief diversity officer as it faces charges of racism and harassment (USA Today)
  • Courvoisier & National Urban League Pledge $1M to Address Needs of Black-Owned Businesses (Afro Tech)
  • Amazon to double company’s Black leadership over next two years (Fox 6 Milwaukee)

Discrimination

  • Study Confirms Racism in the U.S. Auto Insurance Industry (Investopedia).
  • Black businesses significantly burdened by financing discrimination – analysis (Mortgage Broker News). – Commercial banks much scarcer in low-income, racially diverse populations.
  • Black executives talk about racial equity in America: Read the stories of seven Black industry leaders and how racism has affected their lives. (Restaurant Business)

Reparations / Affirmative Action / Diversity / Inclusion

  • Politically liberal California rejects affirmative action (The Washington Post).
  • Sponsor to revise Will County reparations bill, focus on amends impact of drug policies in minority communities (Chicago Tribune).
  • Why I joined the board of a company under fire for its culture (Quartz)
  • CALIFORNIA VOTERS REJECT AFFIRMATIVE ACTION BALLOT MEASURE (The Business Journal)
  • EU businesses and investors raise concerns over South Africa’s BEE laws (Business Tech) – South Africa has a large affirmative action program call BEE (Black Economic Empowerment).  Many conservatives (Whites) have attacked the program as corrupt. Few understand how difficult running a country wide program to integrate Blacks into the systems of economic power.  Can’t find original source.

Black Economics

  • Systemic racism, not $200 Air Jordans, suppresses Black wealth (Washington Post) – And Michelle Singletary
  • 10 Reasons Why Black People Should Invest And Create Their Own Stimulus Package (Jacksonville Free Press). 
  • Black Pound Day: Celebrating the stars of Plymouth’s black business community (Plymouth Live) – Hashtag #IAMBOB highlights the importance of black-owned companies to the UK’s economic recovery.

Straight up Econ / Economics / The economy

  • Mehrsa Baradaran, author of ‘The Color of Money,’ on why giving people civil and political rights isn’t enough (MarketWatch)

Industry Watch / Spotlight

  • Albert D. (Al) Fuller is President and Chief Executive Officer of Integrated Packaging Corporation (IPC); one of the United States’ largest African-American owned and operated manufacturing companies. (IPC Boxes)

Sports / Media / Entertainment

  • Sports Biz Notebook: Hawks aim to take next step, Atlanta Hustle looking to expand (Biz Journals) – Hawks owner commits $5 million to black business owners
  • Tyler Perry Studios Finally Agrees to Hire More Directors and Writers (BlackBusiness.com) – We had no idea that Tyler Perry writes all of his Movies and TV show by himself.
  • Paying College Football Players Is Only Fair (Bloomberg) – Think of the extra income.

Alcohol / Marijuana / CBD

  • Uproar over ex-NBA star Kemp’s marijuana shop ownership highlights industry’s diversity woes (Marijuana Business Daily) – Turns out Kemp did not have any ownership at all, certainly not majority ownership.
  • Tuesday Was a Green Wave for Marijuana Legalization (Foundation for Economic Education). Arizona, Mississippi, Montana, New Jersey, and South Dakota voted to legalize use of the recreational use of marijuana. 
  • Why Social Equity Matters For Cannabis, And What States Are Doing About It (Benzinga) — Recent figures put white cannabis ownership at a staggering 99% industry-wide as minorities face lack of access.
  • Many Black voters want medical marijuana in MS. But will the new industry support them? (Sun Herald) – Bonner, a black entrepreneur, aims to stick up for Blacks in the marijuana business.
  • Black-owned wine company produces first product (The Chronicle) – Winston-Salem
  • Black Female CEO Launches CBD Beverage Brand With Unique Patent to Combat Mother’s Cancer Treatments (Urban Trendsetters)

Beauty / Fashion / Retail

  • Lagging in diversity, haircare targets Black customers (Vogue Business)

Technology / Apps / Innovation

  • TikTok Unveils Support Black Businesses Online Hub (Adweek) – Major social media platform TikTok launches campaign to aid Black Businesses.
  • This Baltimore startup got a grant from Beyoncé — and is plotting more growth (Baltimore Business Journal)
  • Black Entrepreneur Creates App to Help Film Police Brutality and Alert Family Members (BlackNews.com) – a link to Anjel Tech is here.
  • Two Black and Veteran-Led Tech Startups Integrated Their Platforms to Benefit Black-Owned Restaurants (AfroTech) – Finally, someone trying to scale up. Thank goodness.

Finance / Investing / Banking

  • The Battle to Keep America’s Black Banks Alive(Wall Street Journal)
  • The Battle to Keep America’s Black Banks Alive (Morningstar)
  • Family financial talks impact students’ money views (University of Georgia).
  • Why VCs Prioritizing Diversity Must Recognize The Distance Traveled By Black Founders (Forbes)
  • Black entrepreneurs are turning to crowdfunding for financing (LA Standard)

Real Estate / Finance / Development / Housing / Segregation

  • Corporate landlords sought to profit during last economic crisis, study finds (Phys.org) – One of the biggest trends over the past 20 years is corporate investment in residential housing.
  • Black group wants to redevelop Baldwin Hills Crenshaw Plaza (NY Times)

Cities / Urban Planning / Local Government

  • Prince George’s County’s belt of high-income majority Black Census tracts really is unique (Greater Greater Washington)
  • Governor Cuomo Announces Completion of the Buffalo Black Achievers Museum (NY.gov).

Politics / Government / State and Local

  • Asheville goes from ‘race-neutral’ to ‘race-conscious’ business policy; Black businesses had 0.5% of contracts: study (Ashville Citizen-Times)
  • Black voters could save Biden’s campaign once again (The Washington Post). 
  • What 2020 Election Results Tells Us About America’s Growing Urban-Rural Divide (University of Virginia).
  • What to do about America’s great racial divide (The Washington Post). 
  • What Small Business Owners Need Most From The 2020 Election (Forbes) – Pandemic management among the issues most important to small business owners heading into election.
  • Black Business Call On Customers, Colleagues, To Hit Polls (Black Star News) – Hampton calls for voters to prioritize candidates who value racial equity. (Read more here)
  • Baker Launches Plan To Expand State Contract Opportunities For Minority-Owned Businesses (WGBH) – Governor plans sweeping changes for contracting with minority-owned businesses
  • David Scott, Georgia Democrat (GA-13) wants to become house agricultural chairman. (Successful Farming)
  • How the White House Rolled Back Financial Regulations (NY Times) – Many cancelled rules affect the Black community

Law / Legal / Non-profits / Philanthropy / Non-Profit / Black Institutions

  • Law-Firm Clients Demand More Black Attorneys (Wall Street Journal)
  • Executive Profile: Black Cultural Zone’s Carolyn Johnson is trying to carve a space out for Black life in Oakland (San Francisco Business Journal) – Profile of Carolyn Johnson
  • Black-Owned CPA and Financial Services Firms Announce New Name and Brand (Cision PR Newswire)

Education / Healthcare

  • Morgan president: No Black institutions are among the top research universities; here’s why that must change (The Baltimore Sun). 
  • Harvard Business School Partners With Black-Owned Businesses (Poets & Quants)
  • Tuskegee University establishes the Center for Rural Health and Economic Equity (Tuskegee University)

Science / Math / Statistics / STEM

  • Optiv Announces $40,000 Scholarship for Black, African American Identifying STEM Students (Valdosta Daily Times) – The Black Employee Network is offering a $40,000 scholarship to Black students in STEM

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Old School, New Hub for Philly’s Young Black Entrepreneurs, Artists and Creators (Next City).

People / Motivation / Leadership / Success Stories / Ideas

  • Impacting America With A $55 Million Black Female-Led Venture Capital Fund (Forbes). 
  • Layla Wallace, the 15-year-old whose cupcake shop is making a big difference in Michigan (Face 2 Face) – 15 year-old Layla Wallace turns 5th grade business idea into a reality.
  • The Beauty Lounge comes to 36th & Bryant (Southwest Journal) – Networking page for Black business owners helped Cage and Shelton form bond.
  • Lisa Guscott carries on her father’s dream to touch the sky in Roxbury (Boston Business Journal) – May 17th, 2019. Best Boston business story of 2019.
  • Hasbro Appoints Laurel J. Richie to Board of Directors (Business Wire) – PR Release
  • Vada Manager, A former Nike exec strives to build a new, and better, kind of entrepreneur (Portland Business Journal)
  • First Black CEO of Birmingham Business Alliance steps down after 4 months (Al.Com)
  • Talia Boone: Floral arrangement business started as a hobby (Black Enterprise) – an important tale of taking a hobby niche business and expanding it into a working business
  • How a homeless single mom founded a multimillion-dollar hair care company with less than $5000 (Business Insider)
  • Dr. Paul Judge is Building a Bridge From Tech to Hip-Hop to Banking (Wall Street Journal) – Mentions Greewood Bank

Caribbean / Canada / Africa / Europe / International

  • Facebook Canada Gives Half A Million In Grants To Canadian Black Entrepreneurs (ByBlacks)
  • Black British Business Awards reveals the best of 2020 (Diversity Q)
  • UK Report shows huge investment gap between minority and non-minority businesses(TechCrunch) – Only 1.7% of VC funding went to minority businesses.
  • Are Montrealer’s doing enough to support Black-owned restaurants? (Montreal Gazette)
  • Birmingham, UK business leaders come together to celebrate black entrepreneurs (BusinessLive.Com)
  • Nullification of BEE requirement in state procurement takes empowerment efforts three decades backwards (IOL)

Travel / History

  • Visit Baltimore’s $800000 campaign is betting on local Black artists to help attract more tourists to Baltimore (Baltimore Sun)
  • My Midwest Road Trip Was Black-Owned and Green Book-Inspired (Daily Beast)

Classic / Old stories but good stories

  • 2 ways Black Americans can start building generational wealth today, according to father-son financial advisors (Business Insider) – The typical Black family has 8.6% of the wealth of the typical white family, according to 2016 study.

Opinion

  • Do minority-owned businesses have the same opportunities? | Opinion (NJ) – There is an aggressive need to address the social and economic disparities that continue to put minorities and low-income communities at a disadvantage.

Other

  • Gun ownership among black Americans surged by 58% during the first half of 2020 as racial tensions boiled over nationwide, report finds (Daily Mail).

All Black business and economics stories for the week of Oct. 26 to Nov. 1st

Top Stories

  • US Postal Service provides life-changing path forward for Black employees in Maryland (Baltimore Sun)
  • U.S. Black-Owned Firms Make Surprise Comeback to Pre-Covid Level (Bloomberg)
  • Yes, Black Americans are entitled to reparations. We’ve earned them. (Washington Post) – Michelle Singletary, Yeah !!!
  • McDonald’s hit with new lawsuit alleging racial discrimination against Black franchisees (Herald Review) – Two Black owners of McDonald’s franchises accuse McDonald’s of a predatory growth strategy.
  • CBS Studios, NAACP Venture Appoints Sheila Ducksworth President, Opening Doors For Black People In TV (Forbes) – Story has links to two other interesting related studies:
  • Media Representations and Impact on the Lives of Black Men and Boys
  • Hollywood Diversity Report 2020
  • He Was Arrested for Weed at 13, and He’s Selling It Legally at 27 (Bloomberg). Seun Adedeji is among Black entrepreneurs pushing for a share of a $16 billion legal marijuana industry dominated by Big Business
  • Black CEO And Founder Of Marijuana Businesses Breaks Boundaries In the Cannabis Industry (Baller Alert). His brand Elev8 Cannabis is here.
  • Shawn’s Hemp: Former NBA All-Star Kemp enters pot business (AP)
  • The Minority Cannabis Business Association link.
  • Meet the First Black Woman to Launch a Community Solar Company (Vogue). Kristal Hansley is the CEO of WeSolar, a community solar company providing affordable energy to low- and moderate-income families. 
  • Campaign launched to create 10,000 Black internships across business, education sectors (Financial News). Businesses, politicians and education groups have launched a program to create 10,000 internship opportunities for young Black people across the UK.

Protest / Social Justice

  • America’s biggest unions are bungling the current racial justice moment and failing their workers of color (Business Insider)

Coronavirus / Covid-19 / Paycheck Protection Program

  • Black Women Were Among The Fastest-Growing Entrepreneurs—Then Covid Arrived (Forbes).
  • The Pandemic Has Exacerbated Housing Instability for Renters of Color (Center for American Progress)

Jobs / Workers / Unemployment / Gig

  • Black and Hispanic workers, especially women, lag in the U.S. economic recovery. (New York Times) — Black and Hispanic adults were more likely to have lost jobs or income since March
  • Campaign launched to create 10,000 Black internships across business, education sectors (Financial News). Businesses, politicians and education groups have launched a program to create 10,000 internship opportunities for young Black people across the UK.
  • US Postal Service provides life-changing path forward for Black employees in Maryland (Baltimore Sun)

Inequality / Systemic Racism / Economic Justice / UBI

Black Business Specific

  • Urban One: The Most Undervalued Black-Owned Stock In America (Seeking Alpha). Urban One generated over $387 million in revenue over the last 12 months, making them one of the most undervalued stocks on the NASDAQ.
  • This entrepreneur is competing with DoorDash — by delivering only from Black-owned restaurants (Vox) – Black and Mobile is a Black-owned food that delivers exclusively from Black-owned restaurants.
  • Indiana University student Kadiatou Diallo launches eco-friendly hair care line: Crowned Helix (IDS)
  • Confectionately Yours among small Milwaukee businesses awarded $10K from Fiserv Inc. (Milwaukee Business Journal) – Confectionately Yours awarded $10,000 through Back2Business initiative.
  • Pope’s Florist has been part of Waukegan community for decades, hopes to bring joy with flowers (ABC Chicago) – Florist of 30 years responds to relocation, among other things, brought by 2020.

Black Business General / Interesting Businesses Stories

  • U.S. Black-Owned Firms Make Surprise Comeback to Pre-Covid Level (Bloomberg)
  • Black Business Friday to Launch Online Nov. 27 (Womans Wear Daily)
  • We Rise Black Business Accelerator Program (Sedona Biz) – Applications for WE Rise’s culturally responsive entrepreneurial environment end November 20.
  • Jackson Ward Collective aims to help and uplift Black business owners (Richmond Times Dispatch) – Jackson Ward Collective aids Black businesses through sharing of lived experiences.
  • Jacksonville Targeted For Black Restaurant Accelerator Program (WJCT) – Jacksonville one of 12 cities to get boost for Black-owned restaurants.
  • Black Female-Led Venture Fund is Leading The Way to Increasing a New Generation Focused on Investing in Women of Color Entrepreneurs (PR Newswire).
  • 5 Ways You Can Help Black Female Founders Build Their Legacy Right Now (Forbes).
  • How one Kansas City group is building up Black-owned businesses (Kansas City Starentre)

Big Business / Corporate

  • PayPal Invests in Racial Equality (New York Times) – Paypal’s pledge includes $530 million allocated to Black-owned businesses
  • PayPal Invests in Local Black, Latino VCs (Los Angeles Business Journal) – PayPal invests $50 million across eight Black and Latino venture capital funds
  • Apple Growth Partners Introduces Initiative to Grow Black-Owned Businesses (Yahoo Finance) — IMPACT’s goal is to increase Black business owners’ financial network while creating traction for change
  • Bank of America invests in three more minority-focused lenders (American Banker).
  • Barclays launches accelerator for black-founded tech firms (Finextra) – 25 black-led technology firms will work in 12 week virtual accelerator program.
  • American Express Launches ‘Built to Last’ to Celebrate Black-owned Small Businesses (WWD) – New podcast focuses on supporting the recovery and development of small Black-owned businesses.
  • Facebook is expanding an upskilling program aimed at helping Black and Latinx small business owners who have been hardest hit by the pandemic (Business Insider) – Facebook’s focus on Black and Brown businesses part of $1.1 billion commitment to reduce racial inequality in the US
  • Building Black Financial Wealth (Chicago Crusader) – The Crusader partners with JP Morgan Chase to close the racial wealth gap.
  • Facebook, Uber Reveal New Initiatives in Support Of Black Entrepreneurs (Betakit) – CBCC president hopes grants can strengthen Black entrepreneurs’ online reach and capacity.
  • Goldman Sachs Foundation President Asahi Pompey: Black businesses are over-mentored and under capitalized (Yahoo Finance).

Discrimination

  • McDonald’s hit with new lawsuit alleging racial discrimination against Black franchisees (Herald Review) – Two Black owners of McDonald’s franchises accuse McDonald’s of a predatory growth strategy.
  • McDonalds is facing another discrimination lawsuit (Restaurant Business)
  • Black man kicked out of restaurant for wearing sneakers blames racism (Business Insider) – A White customer wearing sneakers was already in the restaurant.

Reparations / Affirmative Action / Diversity / Inclusion

  • Yes, Black Americans are entitled to reparations. We’ve earned them. (Washington Post) – Michelle Singletary, Yeah !!!
  • The Number of Black Board Members Surged After George Floyd’s Death (Barron’s). In the five months since Floyd’s death, Russell 3000 companies (P&G, Target, Pinterest, Pepisco, etc.) appointed 130 Black board members.
  • In a Bid to Diversify, Firms Expand Business-School Recruiting (Wall Street Journal). Companies are recruiting more business students at historically Black colleges and universities this year in an attempt to diversify their talent pipelines.
  • Reasons Why Corporate Organizations Should Pay Black Experts In Black History Month (Forbes). 
  • At San Francisco’s Lowell High School, Leftists Turn Against Merit(Independent Institute) — Conservative

Straight Up Econ / The Economy

  • The re-privatization of Fannie and Freddie will blunt improvement of racial wealth gap (CT Mirror)

Sports / Media / Entertainment

  • CBS Studios, NAACP Venture Appoints Sheila Ducksworth President, Opening Doors For Black People In TV (Forbes) – Story has links to two other interesting studies:
  • Media Representations and Impact on the Lives of Black Men and Boys
  • Hollywood Diversity Report 2020
  • This Founder Is CEO Of The First Black-Owned Anime Studio In Japan (Forbes). Arthell Isom is the CEO and art director of D’Art Shtajio. 
  • BET presents the ‘2020 Soul Train Awards’ on Sunday, November 29 at 8 p.m. (WCLK)
  • Instagram row over plus-size model forces change to nudity policy (The Guardian). Facebook and Instagram amends their code based on a discriminatory flaw.
  • Nas produces and narrates new doc ‘Smoke: Marijuana + Black America’ (The Grio)

Marketing / Advertising / Consumer Behavior

  • Is Your Marketing ‘Thoughtfully Inclusive’ of African Americans? (CMS Wire) – Cheryl Grace calls for thought inclusivity in marketing to Black consumers.

Alcohol / Cannabis

  • He Was Arrested for Weed at 13, and He’s Selling It Legally at 27 (Bloomberg). Seun Adedeji is among Black entrepreneurs pushing for a share of a $16 billion legal marijuana industry dominated by Big Business
  • Black CEO And Founder Of Marijuana Businesses Breaks Boundaries In the Cannabis Industry (Baller Alert)
  • His brand Elev8 Cannabis is here.
  • The Minority Cannabis Business Association link.
  • Shawn’s Hemp: Former NBA All-Star Kemp enters pot business (AP)
  • NBA legend Shawn Kemp to open Seattle’s first Black-owned cannabis store(Leafy) – Story from industry trade magazine
  • Courvoisier® Cognac Partners With National Urban League To Support Black Small Business Owners And Entrepreneurs (PR Newswire)
  • Nas produces and narrates new doc ‘Smoke: Marijuana + Black America’ (The Grio)
  • The Beginner’s Guide to Social Equity in Cannabis (Healthline)—References report below:
  • Women & Minorities in the Cannabis Industry

Technology / Apps / Innovation

  • Forethought Raised $17 Million From Investors Like Ashton Kutcher And Diddy To Take On Customer Service With AI (Forbes) – Forethough.ai
  • EatOkra app helps users find 150 Chicago-area Black-owned restaurants, bars (ABC) —  EatOkra app is the first smartphone app to curate over 3400 Black-owned restaurants throughout the US.

Finance / Investing / Venture Capital

  • LISC leads institutional VC commitments to first-time Fearless Fund investing in women of color (PR Newswire). LISC invests in the Fearless Fund, a $20 million venture capital fund in Atlanta launched by women of color that invests exclusively in early-stage startups led by women of color. 
  • Impact America Fund closes $55M to invest in startups targeting the world’s overlooked (Tech Crunch). Kesha Cash, one of the few Black female general partners in venture capital, says she wants to invest in companies that work on solutions for the world’s overlooked and underserved.

Real Estate / Housing / Segregation

  • Why homeownership costs for Blacks are disproportionately high and what can be done about it (Bankrate.com)
  • Bank programs seek to widen the path to Black homeownership (Washington Post) – Program will repair damage from sub-prime mortgage problems. Great long article with lots of good references to mortgage discrimination problems.

Real Estate / Finance / Development / Segregation

  • 100 new homes being built for Black homeowners in west Louisville (Wave 3 News)

Real Estate / Construction / Development / Discrimination

  • Supporting minority construction businesses will strengthen New York City (Real Estate Weekly)

Politics / Government / Federal, State And Local

  • Black Small Business Grants Up To $15K In ATL, Apply By Nov. 4 (Yahoo News) – Grants up to $15000 available through the Atlanta Well-Being Initiative
  • Wicker’s bipartisan bill establishes more minority business centers (Ripon Advance) – Bill looks to extend resources to rural or underserved minority populations.
  • Rock Hill’s Black economic leaders want equity in city’s growth (Q City Metro) — Black Economic Leadership League is pushing for inclusion with jobs and business opportunities.
  • Pennacchio & Kean Bill to Review Effectiveness of Programs Supporting Businesses Owned by Minorities and Women Clears Senate (Insider NJ) – Kean and Pennacchio hope to improve SAVI database, which aids in matching buyers and vendors for private contracting opportunities.
  • Wicker, Kaine, Colleagues Introduce Legislation to Expand Minority Business Support to Rural Areas (Y’all Politics). Three senators introduced the “Reaching America’s Rural Minority Businesses Act of 2020”  which would authorize the establishment of 10 business centers at historically black colleges and universities (HBCUs).
  • Black leaders discuss unrest, path to economic recovery for Philly (Philadelphia Tribune)

Law / Legal / Non-Profits / Philanthropy

  • Ressler Gertz Family Foundation and Hawks Investing $40 Million in Atlanta, Bolstering Economic Empowerment in Black Community and Expanding Community/D&I Commitment (NBA). A $5 million commitment will be made to the Herman J. Russell Center for Innovation and Entrepreneurship (RCIE), the largest non-profit center for Black entrepreneurs in the nation.
  • Business leaders in Des Moines helped me build Urban Dreams, and we’re poised to grow more leaders (Des Moines Register)

Arts / Music / Culture

  • As museums face racial and economic problems, smaller institutions are showing progress (KCRW Public Radio)

Education / Healthcare

  • Fresno State honors professor who helped launch Black and ethnic studies programs in ’60s (Fresno Bee)

Rehab / Re-Entry / Corrections / Police

  • Critics say Blacks, Hispanics unfairly targeted in marijuana enforcement (WFAA). Dallas DA, judge among those who say ‘cite and release’ program, aimed at saving money and keeping people out of jail, disproportionately snares minorities.

Career / Professions / Entrepreneurship / Businesses You Can Start

  • This old school in Port Richmond is a new, diverse hub for Philly’s young entrepreneurs, artists, and creators (Philadelphia Inquirer) –Young black entrepreneurs attracted to Port Richmond hub.
  • “Born for This”: Meet the First Black Woman to Launch a Community Solar Company (Vogue). Kristal Hansley is the CEO of WeSolar, a community solar company providing affordable energy to low- and moderate-income families. 
  • Black-Owned Tech Start Up Revolutionizes Home Inspection Industry (Black Wall Street Times). A tech start-up called AfterrHome is using Artificial Intelligence to help prospective buyers and sellers book and facilitate home inspections.
  • AMEX adds Diversity and Technology Expertise with Charles Phillips – former Marine and current Technology Superstar(The Street)
  • Opinion: America should bet its chips on entrepreneurs (Dallas Morning News) – Not sure what to make of this since big business has been crushing small business for years.

People / Motivation / Leadership / Success Stories / Ideas

  • Meet the First Black Woman to Launch a Community Solar Company (Vogue). Kristal Hansley is the CEO of WeSolar, a community solar company providing affordable energy to low- and moderate-income families. 
  • York (City College)’s National Association of Black Accountants talks business (York Pandor’s Box)
  • Forethought Raised $17 Million From Investors Like Ashton Kutcher And Diddy To Take On Customer Service With AI (Forbes) – Forethough.ai
  • Chef Marcus Samuelsson has a new book: “The Rise” (Salon)
  • Cox CIO Greg Morrison led and inspired (Atlanta Business Chronicle)

Good News

  • Black-Owned Tea Company Lands Investment From Kevin Hart (Newsone)

Caribbean / Africa / International

  • Jamii Founder Khalia Ismain Proves There’s Power In Being A Doer (Bustle) – Jamii is a discovery platform for Black-owned businesses
  • As they wait for promised help from Justin Trudeau, ‘Black businesses are dying’ (The Standard) – Black businesses suffer as federal government funding anticipated to come in 2021
  • Adapt, endure and expand: How Black entrepreneurs are handling the challenges posed by the pandemic (Financial Post) – Addai’s African print business soars despite pushback.
  • City charter pushes business to bring through senior black executives (Financial Times) – Charter’s goal is to have more black people in senior positions in financial and professional services companies in the UK.
  • Campaign launched to create 10,000 Black internships across business, education sectors (Financial News). Businesses, politicians and education groups have launched a program to create 10,000 internship opportunities for young Black people across the UK.
  • ‘The Black Pages’ Will Be Canada’s First Digital Directory Of Black-Owned Businesses (Narcity)
  • Black British Business Awards announces 2020 winners (City AM) – UK

Travel / History

  • BOSS: The Black Experience in Business (WNET)

Conservative / Alternative

  • Jared Kushner Says African-Americans Must ‘Want to Be Successful’ (Bloomberg). Trump’s advisor asks if Black people want to become successful and thinks that the Trump Administration will help them do that.
  • Kushner, Employing Racist Stereotype, Questions if Black Americans ‘Want to Be Successful’ (New York Times). Same story as above, different perspective.

Opinion

  • Supporting minority construction businesses will strengthen New York City (Real Estate Weekly)

All Black Business and Economic Stories for the week of October 18th to 25th 2020

We have a record number of stories and some really interesting one in the Top 10 stories for the week.

Top Stories

A company turns millions in profits bringing call-center jobs to Black communities (NBC News). Mark Wilson set a goal of creating 10,000 jobs across 10 cities, with a high African American population, through these call centers.

Being Black lowers the value of my home: The legacy of redlining (The Washington Post) – Michelle Singletary has been writing some great stuff lately.

Public Work Provides Economic Security for Black Families and Communities (Center for American Progress)

It’s a struggle: Black men discuss getting good jobs in Richland County, Ohio (Mansfield News Journal) – About 70% of Black men aged 16 to 64 are not in the labor force according to the report which uses data from the Bureau of Labor Statistics.

Here is report mentioned in the article. Richland County State of the African American Community Report (North End Community Improvement Collaborative)

Black owned coffee shop in Shoreline (South Seattle Emerald) – Shop feature a white mocha drink called the “Karen”

Microsoft’s diversity efforts slow after promise to double Black workforce (Fox Business). Black and Hispanic representation at the company only rose 0.3 percentage points in 2020.

Sonics legend Shawn Kemp to open Seattle’s first Black-owned marijuana dispensary (Cannabis Business Executive)

HBCU Lincoln University to Open Police Academy In Effort to Recruit More Black Officers (Atlanta Black Star)

Joe Biden: My Plan to Lift Every Voice in Black America (Amsterdam News) – Biden’s Lift Every Voice plan wants to give Black-owned businesses access to new capital and government contracts

Coronavirus / Covid-19 / PPP

‘Buy Black’ movement helps Black-owned businesses amid COVID-19 (ABC News)

Many Americans are struggling financially amid the pandemic, but some are finding ways to thrive (CNBC). 

Black-owned businesses headed for disaster without federal aid, poll finds (CBS News) – 600 entrepreneurs were polled, only 40% of Black respondents forecast lasting more than 6 months without aid.

5 charts show just how badly Latino and Black communities have been impacted by the economic fallout from the coronavirus (Business Insider) – BI references a report from the American Staffing Association.

Pandemic Worries Vary by Race, Job Sector, and More (American Staffing Association) – The ASA is the public relations and lobbying arm of the temporary staffing industry. The publish as widely followed ASA temporary staffing index which tracks the economy very closely.  The temporary staffing industry has a long list of ethical violations.  The staffing industry has had so much trouble, they even put and ethics statement on the front page of the web site. “…and the promotion of high standards of legal, ethical, and professional practices.” The other industry with a similar statement is the real-estate industry.

Minority Biz Owners Push for More PPP (New Haven Independent) – Minority-owned businesses ask for more help during roundtable with CT Senator Richard Blumenthal

SC Governor McMaster in Rock Hill, unveils plan that helps small businesses, nonprofits amid COVID (The State) – Governor announces $65 million grants for small businesses, with high priority going to minority-owned businesses.

Jobs / Workers / Unemployment

Public Work Provides Economic Security for Black Families and Communities (Center for American Progress)

Women are hit worse by the recession (Center for American Progress).

It’s a struggle: Black men discuss getting good jobs in Richland County, Ohio (Mansfield News Journal) – About 70% of Black men aged 16 to 64 are not in the labor force according to the report which uses data from the Bureau of Labor Statistics.

Here is report mentioned in the article. Richland County State of the African American Community Report (North End Community Improvement Collaborative)

Inequality

How building wealth in Black communities in Louisiana means going into business (Louisiana Advocate) – Usually list of Black business success and problems.

Economic Pain Persists for Millions in U.S. as Aid Talks Drag On (Bloomberg). More than 34 million U.S. adults live in households that find it very difficult to pay for their usual expenses, with this being intense for minorities.

Black Business General

Quad Cities Empowerment Network: ‘When Black businesses succeed, the Black community succeeds’ (Quad Cities Times)

Black Food and Dessert Expo offers endless culinary delights (Philadelphia Tribune)

Erie Homecoming to focus on diversity and opportunities for investment (Erie Times-News)

NYC Local Initiatives Support Corporation to offer Direct ‘Relief and Recovery’ grants to aid minority-owned small businesses hurt by COVID-19 (NY Daily News) – The program has a budget of only $1 million dollars.

Black Wall Street Reloaded event takes place to highlight African American entrepreneurs in Bakersfield (ABC 23 TV)

‘Shark Tank’ contest raises business funding for women of color (Houston Chronicle)

Black Lives Matter Creates a Boom for Black-Owned Bookstores (Bloomberg Businessweek)

Virtual Summit Aims To Help Beauty Entrepreneurs Launch & Grow Their Businesses (Hype Hair)

15 Meaningful ways to Support Black-Owned Businesses (The Nile List) – Promotional

Retailers, online platforms catch up to shoppers who want to support Black-owned businesses(Pittsburgh Post-Gazette)

Black Entrepreneurs Day shows ‘people want to make a difference,’ FUBU CEO Daymond John says (CNBC) – Chase for Business sponsors Black Entrepreneurs Day, featuring many noticeable Wall Street names.

Big ideas for small business (Philadelphia Citizen) – Black businesses more likely to fold during pandemic because of lack of established banking relationships.

Local Groups Provide Support, Resources for Black-Owned Businesses (WTOC) – The Culturist Union highlights Black creatives and entrepreneurs.

Black-Owned Businesses Hope the Summer Boom Doesn’t Fade (Bloomberg)

Urban One account rewards users for shopping at black-owned merchants (Fin Extra)

A debit account that rewards users for shopping at Black businesses (American Banker)

Stacy’s Rise Project funds $150,000 in grants to Black women business owners (Dallas Morning News)

Black Business Specific

Black owned marketing agency opens in Dauphin County (Penn Live)

Black-Owned Eyewear Company Hopes to Make Industry More Diverse (Network Journal) – Vontélle

Black-Owned Coffee Company Blends Cultures In One Cup (Network Journal) – Golden Made Kafe

Entrepreneur Empowers Business Owners to Get Ahead of Pandemic (Spectrum News High Point)

Black owned coffee shop in Shoreline (South Seattle Emerald) – Shop feature a white mocha drink called the “Karen”

Dubuque Black business owner wants to make Iowa renowned for its barbecue (KCRG TV)

This teen is using her self-made small business to help the homeless (WXII) – Mom and 15 year old daughter operate a successful bakery.

A company turns millions in profits bringing call-center jobs to Black communities (NBC news) – Black-owned Chime Solutions provides outsourcing services for small businesses

Sibling Entrepreneurs Beat Pandemic Odds, Open Black-owned ‘Plenty of Fish Seafood’ in California High Desert (Massachusetts Newswire) – Story reads like a perfect press release: a hook, underdogs and a moral.

Big Business

Nielsen release African American Consumer Report (Cision PR Newswire). Neilsen annual report of Black spending power. You can download the report from Nielsen here.

Local minority-owned business owners receive grant from Fiserv (WTMJ TV Milwaukee)

A company turns millions in profits bringing call-center jobs to Black communities (NBC News). Mark Wilson set a goal of creating 10,000 jobs across 10 cities, with a high African American population, through these call centers.

Microsoft’s diversity efforts slow after promise to double Black workforce (Fox Business). Black and Hispanic representation at the company only rose 0.3 percentage points in 2020.

Netflix staffers who helped design a new curriculum for emerging Black talent share their advice for getting a start in the tech industry (Business Insider). 

Companies start responding to pressure to bolster minority representation (The Hill).

Pepsi, partners offer $10 million grant to Black restaurateurs (The Hill) – Black restaurateurs given access to capital, training, and mentorship through Pepsi.

How Foot Locker Rallied Around Its Purpose (Provoke Media) – Foot locker aims to do more for the Black Community, acknowledges its huge involvement in sneaker culture. So, this one is a little scary.  Foot locker may be the largest expropriator of discretionary Black dollars in the country.

Newark Symphony Hall Creates Black-Led Investment Committee (NJB Magazine) – Black-led committee made up of seven members from Goldman Sachs, Facebook and AllianceBernstein

Amex Launches Program To Support Black Female Entrepreneurs (Fashion Week Daily) – 100 for 100 program to surprise 100 Black Female entrepreneurs with $25,000 each.

Huntington Launches A New $25 Million Lending Program Dedicated To Minority, Women And Veteran-Owned Businesses (CBS Detroit) – Businesses can secure loan up to $150,000 under new program.

Google Plans to Hire Thousands in Chicago to Diversify Its Workforce (Built In Chicago)

Microsoft’s diversity efforts slow after promise to double Black workforce (Fox Business)

Industry

20 Food Cooperatives Building Resilient Communities (FoodTank)

Why Voting Yes to Cannabis Will Help States’ Pandemic-Stricken Economies (Nasdaq) – by By Smoke Wallin, CEO of Vertical Wellness

Discrimination

One of Nielsen’s Top Black Executives Sues Charging Discrimination (RadioFacts)

53 Black Former McDonald’s Owners Sue, Charge Corporate Discrimination (The Davis Vanguard)

McDonald’s urges dismissal of Black former franchisees’ discrimination lawsuit (Reuters)

McDonald’s Denies Racial Allegations Made by Black Former Operators (QSR Magazine)

McDonald’s asks for dismissal of lawsuit by Black former franchisees (NY Daily News)

Vogue Magazine’s Anna Wintour promises to support diversity. (NY Times)

Affirmative Action / Diversity & Inclusion

Walker & Dunlop Commits to Innovative New Black Equity Certification Program (PR Newswire). This company launched a Management Leadership for Tomorrow’s Black Equity at Work Certification, a program dedicated to addressing the inequities that exist for Black people in corporate America.

WMU event charges more for non-Black-owned businesses (Campus Reform) – Black-owned businesses offered discount for WMU student fair.

“Time for Action:” Diversity Training for Louisville  Businesses Kicks Off This Week (Spectrum) – Only three black businesses in upscale eastern market district, Wilson calls for more.  The demands ask businesses to better reflect the 23% of residents who are Black.

3 principles businesses can practice to promote diversity, equity and inclusion (New Hope Network) – Over 2 million Black businesses operate in the US, but BIPOC entrepreneurs still suffer with regard to diversity, equity, and inclusion.

Finance/ Investing / Venture Capital

EnrichHER Raises Over $375,000 to Fund Seven Women-Led and Black-Owned Businesses during COVID-19  (PR.Com) – Press release

A New Push for Diversity in Funding Tech Startups (Wall Street Journal).

Economic / Economy

Trump or Biden, whoever wins has a deeply unequal economy to fix (Al Jazeera)

Real Estate

Healing the racial divide through home ownership (Christian Post)

Being Black lowers the value of my home: The legacy of redlining (The Washington Post) – Michelle Singletary has been writing some great stuff lately.

Hilton Head US 278 project threatens Black shops (The Island Packet)

You’ll pay over $13,000 more for your home mortgage if you’re Black, according to a new MIT study (Business Insider).

Brockton

Brockton is now majority Black, for the first time in city’s 139-year history (The Enterprise News)

Brockton reaches $4.7 million settlement over discrimination claims (The Enterprise News) – Jan 3rd, 2020

Mayhem in Brockton as protest ends in violent clash with police, vandalism (The Enterprise News)

Sports / Media / Entertainment / Fashion

Ice Cube’s CWBA (Contract With Black America): Everything To Know (Hot New Hip Hop)

Economics, subtle new racism making MLB in 2020 poorer, less diverse (Yahoo Sports)

These Fashion Industry Veterans Are Building Coalitions to Sustain Black Talent (The Root)

Marijuana / Alcohol

Sonics legend Shawn Kemp to open Seattle’s first Black-owned marijuana dispensary (Cannabis Business Executive)

Jay Z Launches His Own Cannabis Brand (Vibe)

JAY-Z IS ABOUT TO SHAKE UP THE CANNABIS INDUSTRY, BUT HE CAN’T UNDO THE WAR ON DRUGS (Highsnobiety)

Weed has delivered on some promises so far. One remains unfulfilled (Crain’s Chicago Business)

People

Attorney Denise Lewis on diversity, development and Dan Gilbert (Crain’s Detroit Business) – Real Estate attorney Denise Lewis.

Nicholas Glover, VP, government affairs and advocacy, Tampa Bay Chamber (Tampa Bay Business Journal)

Education

HBCU Lincoln University to Open Police Academy In Effort to Recruit More Black Officers (Atlanta Black Star)

Morgan Stanley Launches Program to Provide Full Scholarships to Spelman College Students (PR Newswire). The Morgan Stanley HBCU Scholars program is designed to eliminate financial barriers to higher education for African American college students.

Human Resource / Human Capital

Howard University president: The pool of Black talent in America is not ‘limited’ at all (CNN) – Response by Howard University president, Dr. Wayne Frederick, to Wells Fargo, CEO’s comment about a lack of Black talent to recruit from.

Black talent exists — if you search for it (HBJ) – Heartford Business Journal. Unconscious biases affect recruiting and hiring practices

Politics / Government

Trump, Biden Make Their Pitch To Black-Owned Businesses, Who Wonder Why It Only Happens Every 4 Years (Pennsylvania Capital Star)

African American Task Force subcommittee focuses on economic issues (Delaware Public Media)

Joe Biden: My Plan to Lift Every Voice in Black America (Amsterdam News) – Biden’s Lift Every Voice plan wants to give Black-owned businesses access to new capital and government contracts

Democratic senators unveil bill to ban discrimination in financial services industry (The Hill).

Trump and Biden make economic appeal to Black businesses (Philadelphia Tribune) – Biden offers his rival approach to Trump’s Platinum Plan for Black businesses

Pinellas County (Tampa Bay) has awarded it’s largest Black owned business contract (Tampa Bay Business Journal)  

Science / Technology / Innovation

Black-Owned Businesses Accepting Cryptocurrency: Guapcoin (The Media Bullitin) – Press release. Caution: Website may download malware. The idea that you could precisely track black spending with a crypto currency is interesting.  We could find out how many Black dollars are recycled in the community.

UC Berkeley co-launches program to increase Black venture capitalists (Daily Californian) – Two week program starting November 2 aims to help double number of Black venture capital investors over next three years.

Food service groups offer local alternatives to major delivery apps (The Hill)

Black and Mobile restaurant delivery app mentioned in the story.

Google has a program to support Black and minority startups (Google Black Founders Fund) – Kind of interesting looking at some of the businesses.  

Career / Professions / Entrepreneurship / Businesses You Can Start

Black entrepreneurs ‘see worse outcomes despite investing more money and time’ (Yahoo Finance) – 50% of Black entrepreneurs meet their non-financial aims compared to 70% of white entrepreneurs, report says.

People / Motivation / Leadership / Success Stories / Ideas

One-on-One with Theresa Carson (Albuquerque Journal) – Carson helps organize Chamber for African American Commerce.

Meet The Black Woman Entrepreneur On A Mission To Build A Community Of ‘Milky Mamas’ (Birmingham Times) – The business will encourage breast feeding which has proven health benefits. Black women have the lowest incidence of breast feeding among all groups.

Black contractor braves threats in removing Richmond statues (Beaumont Enterprise)

This restaurant is paying homage to Baltimore’s iconic lake trout — and helping other Black female chefs in the process (Baltimore Sun) – Owner Keyia Yalcin also owns a real estate development company and teaches at Georgetown University.

Financial Crusader Inez Long Receives Ned Gramlich Award for Advocacy of Black-owned Businesses (Cision PR Newswire)

Caribbean / International

Nigeria holds out on Africa free trade pact (Bloomberg). 

Bank reveals challenges facing ethnic minority business owners (SME). Black business owners face disparities in business outcomes, with systemic disadvantage playing a key role.

London Chamber of Commerce launches Black Business Association (City AM) – New program aims to discuss barriers to equality in London’s economy

Researchers investigate impact of COVID-19 on BAME businesses (Phys) – BAME businesses (Black, Asian and Minority Ethnic) impacted because of higher mortality rates.

How Black Businesses in the UK Are Bearing The Brunt Of The Pandemic (Huffpost UK)

Google Gives $2.3M To Support African Tech Firms (Technology Times) — Pakistan

Black construction businesses sidelined (Mail & Guardian) – South Africa. Construction sector particularly impacted by the lockdown period

Unpicking The Disadvantages Faced By Britain’s Black Entrepreneurs (Forbes)

Travel / History

One year after breaking ground, Charleston’s African American Museum taking shape (Charlestown Post and Courier)

The ABC Travel Green Book is the Ultimate Resource for Black Travelers (Globe trender) – An avid traveler calls for better representation, takes action to spotlight Black-owned businesses

Opinion

Editorial: A vote for school sales tax is a vote for Duval’s future (Florida Times Union)

Opinion: S&P 500 corporate boards lack diversity, but these top companies are leading change — and the stock market rewards them (MarketWatch)

Black Business and Economics Stories for Oct. 12 to 18th 2020

We have a large number of stories about Black businesses this week.

Top Stories

Racism has cost the US economy $16 trillion in the last 20 years — and will keep costing the country money if things don’t change (Business Insider).

A Black Chicago Bar Owner wants more than fake support from his industry (Chicago Eater) – White bar owners decline to participate in protests, Johnson is left with feelings of performative ally-ship.

Fighting Climate Change, One Building At A Time (NPR)

Killer Mike wants to revolutionize banking (Vanity Fair)

With Greenwood, Black Lives Matter Brings its Powerful Message to Online Banking (Triple Pundit) – Using Killer Mikes celebrity status is a good strategy for Greenwood bank.

Business Groups Urge Trump to Withdraw Order on Diversity Training (Wall Street Journal) – Black people hold 3% of executive or senior-level roles at US companies with 100 or more employees.

Yelp Users Can Now Flag Businesses For Racist Behavior (Grit Daily) – Reviews for Black-owned businesses up 617% this summer on Yelp

Disparity In Bank Lending To Black Business Owners (Northern California Public Media) – There has been an 84% drop in lending to African American owned businesses in SBA program since 2007

Can Prop. 16 boost California’s Latino-, Black-, Asian- and women-owned companies? (LA Times)

Investopedia adds entry on Reparations for Slavery (Investopedia)

New Study Highlights $34 Billion Tourism Opportunity and Strong Traveler Interest in Black History and Culture (GlobeNewswire). 

Investing in Black-owned banks key to ending racial disparities (CNBC) – Investing in Black banks can help fight the inequity in the disbursement of loans to the Black community.

Coronavirus / PPP

Income shocks hit Black and Hispanic families twice as much (Chicago Booth Review).  Black and Hispanic households are 20–50 percent more sensitive to income volatility than their white counterparts.

‘A tale of two Americas’: How the pandemic is widening the financial health gap (Fortune).

Big Banks Prioritized Billions In PPP Funds For Wealthy Clients At The Expense Of Struggling Small Businesses, House Report Finds (Forbes)

Business group offers pandemic grants to Seattle-area Black-owned businesses (Seattle Times)

Protest / Social Justice / Racism

Black Lives Matter provokes change on Wall Street (Financial Times). Protestors are challenging asset managers to do more on racial injustice issues.

Racism has cost the US economy $16 trillion in the last 20 years — and will keep costing the country money if things don’t change (Business Insider).

Jobs / Workers / Unemployment

Mass Unemployment Is a Crisis — But We’re Not Treating It as One (Jacobin Magazine)

More than 865,000 women left the U.S. workforce in September (Business Record). Of those women, 324,000 were Latina and 58,000 were Black. 

Black Business General

Black Business Expo in Lancaster PA hopes to create economic support system (ABC 27 TV)

Black Restaurant Week Establishes ‘Feed The Soul Foundation’ (Cision PR Newswire) –The foundation will support small business with developmental help and mentorship support.

Loan program looks to support businesses that are owned by and help communities of color (WFMY) — $100,000 given to Piedmont Business Capital to distribute to business owners of color.

Barefoot and New Voices Foundation Award Grants to Black-owned Beauty Businesses (Cision PR Newswire) — $60,000 in grant money given to Black businesses specializing in highlighting the beauty of women of color.

In Texas, some Black-owned barbecue restaurants saw an uptick in business during summer protests (Marketplace) – Pandemic would have posed insurmountable challenges for many Black businesses had there not been an uptick of support due to summer protests.

Black Entrepreneur’s Guide To The Rest Of 2020 (Forbes) – Tips for Black entrepreneurs looking to seize the rest of 2020.

We must support Black businesses, especially now (The Daily Targum) – A small list of unique Black Businesses. Rutgers University

Black business owners, city leaders discuss proposals to close wealth gap in Big Bend area (WTXL) – Black business owners call for a fair chance of success regardless of skin color.

Blaktober aims to put a spotlight on Chicago’s Black-owned restaurants (Chicago Sun Times) – 70 Black-owned to be highlighted in Chicago’s Blaktober

Black-owned businesses receive $250k from Kaiser Permanente Northwest (KGW). This investment is part of a national effort to uplift communities of color and improve public health.

Week-long event highlights the Black-owned restaurants in NOLA (The Louisiana Weekly)

Black Restaurant Week kicks off in Philly (Philly Metro)

These 15 Black Owned Plant Companies will Help You Find Your Green Thumb (Cosmopolitan)

Black Business Specific

A Black Chicago Bar Owner wants more than fake support from his industry (Chicago Eater) – White bar owners decline to participate in protests, Johnson is left with feelings of performative ally-ship.

Even During a Pandemic, LA’s Black-Owned Bars Offer a Ray of Hope (LA Eater) – Gentrification put a limit on Black-owned spaces, establishments like the Living Room keep hope alive.

Fighting Climate Change, One Building At A Time (NPR)

Killer Mike wants to revolutionize banking (Vanity Fair)

With Greenwood, Black Lives Matter Brings its Powerful Message to Online Banking (Triple Pundit) – Using Killer Mikes celebrity status is a good strategy for Greenwood bank.

Space City Shows Drive-In Celebrates Black-Owned Businesses (Houstonia Magazine) – EaDo, the first Black-owned drive-in theater, hosts venue featuring Black-led films and serviced by Black-owned food trucks.

Mastercard / Stride Partnership includes MoCaFi, a Black financial technology company (Pymnts Magazine)

Black Business Spotlight: Just Turkey (MSR) – New restaurant ‘Just Turkey’ targets niche market in Minneapolis.

Virginia Black Business Directory Expo Coming To Fredericksburg (Patch) – Expo to serve as a place for Black business owners to promote their products and services.

How a McDonald’s Father-Daughter Duo Inspires Positive Change (QSR Magazine)

Columbus Welcomes First Black-Owned Grocery Store in 25 Years (Spectrum News 1 Columbus)

Big Business

Google To Provide Digital Skills Training At HBCUs As Part Of $15 Million Pledge (Forbes) – Press Release

Merck CEO calls on private industry to ‘stabilize society’ amid racial injustice, economic downturn (Fierce Pharma) – Ken Frazier is one of four Black CEOs.

TD Bank Investments in International African American Museum (Monitor Daily) – Interesting story coming from a web site devoted to equipment leasing and financing.

Business Groups Urge Trump to Withdraw Order on Diversity Training (Wall Street Journal) – Black people hold 3% of executive or senior-level roles at US companies with 100 or more employees.

USAA launches $50M initiative to advance racial equality (The Business Journals).

Yelp Users Can Now Flag Businesses For Racist Behavior (Grit Daily) – Reviews for Black-owned businesses up 617% this summer on Yelp

Business Roundtable CEOs Announce Corporate Initiatives on Racial Justice (Industry Week) – One initiative of Business Roundtable is better service to underbanked populations.

New initiative goes beyond survival to assist small Black businesses with sustainable growth (Chicago Crusader) – The Comcast RISE program will offer media campaigns, computer and voice equipment, and free marketing insights to all applicants.

YouTube debuts a new platform to ‘amplify Black voices’ in new shows (Today). Youtube announced the $100 million Black Voices Fund.

JPMorgan commits billions to build Black and Latinx wealth (ImpactAlpha). 

Facebook’s #BuyBlackFriday initiative promotes holiday shopping at Black-owned businesses (The Business Journals). Facebook is working with the U.S. Black Chambers on the initiative to encourage consumers to consider purchasing from Black-owned small businesses.

Corporate America Is Tackling Diversity Issues. Here’s What CEOs and Money Managers Say Will Turn Talk Into Action. (Barrons)

More than 150 business groups tell Trump to reverse executive order banning diversity training (The Hill)

Discrimination

Black businesses get fewer loan opportunities, study shows (The Grio)

Disparity In Bank Lending To Black Business Owners (Northern California Public Media) – There has been an 84% drop in lending to African American owned businesses in SBA program since 2007

Reparations / Affirmative Action

Can Prop. 16 boost California’s Latino-, Black-, Asian- and women-owned companies? (LA Times)

San Diego protest calls for reparations for Black Americans (San Diego Union-Tribune)

Will County Democrats want Black residents to decide how to spend revenue from cannabis tax as reparations for slavery (Chicago Tribune)

How much is owed to Afro-descendants in the Americas? (GQ UK)

Investopedia adds entry on Reparations for Slavery (Investopedia)

Real Estate / RE Finance / Residential Segregation / Gentrification

Black Americans are paying more to own a home and falling further behind (CNN). Black homeowners on average pay more in mortgage interest, mortgage insurance, and property taxes than other homeowners.

Why highways were designed to run through Black communities. SC faces historic dilemma again (Charleston Post & Courier) – In the old days, there was little community input.  Planners looked for the least expensive land.

Why Are There So Few Black Farmers in The Midwest? (WVIK Public Radio)

Miami Gardens: Dade’s Black middle class city (Miami Hearld)

Pittsburgh Unveils ‘Avenues Of Hope’ Project To Revitalize Historically Black Neighborhood Business Districts (CBS Pittsburg)

ABC Nightline features family who says home appraisal value increased after removing ‘Blackness’ from home (First Coast News)

A community investment trust for Portland, Ore. residents to ‘buy back the block’ (Brookings)

Why accessing real estate capital is tougher for Black entrepreneurs (National Mortgage News)

Finance / Investments

Stocks are soaring, and most Black people are missing out (The Detroit News). Black households are less likely to own stock, missing out on “roughly 260% returns for S&P 500 funds over the last decade.”

New Report Finds Just 31 Black Founders Raised Venture Capital In Q3 2020 (Yahoo Finance). 31 Black venture capitalists raised $5.8 Billion with only 115 Million being invested in black founder-led startups.

LA Black Investors Club Pitch Competition (LABIC)

Economics

William Darity wins 2020 Leaders in Diversity Awards Lifetime Achievement Award winner (Triangle Business Journal)

Nobel problem: Economists want to see their profession diversify (Aljazeera). Paul Milgrom and Robert Wilson speak about diversity within the field.

People / Careers / Motivation

Kristen Noel Crawley on spurring diversity in beauty: ‘We could be molding the next billion-dollar company’ (Glossy) – Crawley, a Black female founder, notes challenges she has overcome

Black CEOs Thrives Where Big Banks Fled (Bloomberg) — Darrin Williams of Southern Bancorp is pitching traditional banking to the untrusting and the unbanked.

Black Professionals News Publisher Earl Harvey, 65, remembered as an innovator (Philadelphia Tribune) – Earl Harvey, champion of Black entrepreneurs and organizer of innovative community-building events, dead at 65.

NFL superstar Malcolm Jenkins just created a venture capital fund focused on empowering black founders and investors (Business Insider).

Destiny Payton-Williams is Shaking up the Beauty Industry (Global News Wire)

Career / Industry

U.S. Space Force sends recruiting envoy to North Carolina A&T (Triad Business Journal)

Sports / Media / Entertainment

Oakland Businesses Propose $92 Million to Create First Black-Owned NFL Team (Oakland Post)

Viola launches cannabis business incubator program with Gold Standard Farms (Greenway). The ultimate goal of the incubator program will be to create 100 Black millionaires within cannabis.

Politics / Government

Experts testify about systemic racism in Illinois home loan, banking industries; Lawmakers look for answers from banking executives, community advocates, researchers (Quad-City Times) – Illinois

Experts Testify About Systemic Racism in Illinois Home Loan, Banking Industries (Northern Public Radio)

Black Super PAC Urges Candidates and Parties to Spend Millions with Black Businesses (Dallas Weekly)

Diddy Announces Launch Of Our Black Party PAC (Vibe)

OKC approves more funds for small minority businesses hurt by pandemic (The Oklahoman)

Has Trump failed Black Americans? (Brookings) – Trump’s Platinum Plan is too little, too late when it comes to addressing the neglect faced by members of the Black community.

Black business leaders bring policy proposals to City and County Commissions in Tallahassee, FL (WCTV) – Policies aimed to aid minority-owned businesses include breaking up large contracts for professional services.

Black Democrats demand minority lead Treasury under Biden (Axios)

Metro East senator says black businesses deserve fair share in state contracts (Illinois Business Journal)

Non-Profit

Wes Moore, CEO of the Robinhood Foundation talks about Race and Poverty in America (Washington Post) – Wes Moore, CEO of the Robin Hood Foundation, seeks to aid in the eradication of poverty and the uplifting of Black and Latino communities

Caribbean / UK / Canada / Africa / International

Atlantic Council hosts session on investment in Africa (Atlantic Council)

Simply Noir Marketplace for black independent businesses launches in UK (Tamebay) – Simply Noir works to make black & ethnic products more accessible to all.

Black and Indigenous entrepreneurs struggle for traction in Canada’s cannabis industry (CBC)

6 Canadians on How They’d Elevate Their Businesses Through the Black Entrepreneurship Program (Flare) — Canada

Travel

New Study Highlights $34 Billion Tourism Opportunity and Strong Traveler Interest in Black History and Culture (GlobeNewswire). 

Local ‘Green Book’ motel was a haven for Black travelers during Jim Crow. An affordable housing project seeks to honor that history (Chesterfield Observer)

Opinion

The Oakland Coliseum Should be Developed by and with Blacks (Post News Group)

Investing in Black-owned banks key to ending racial disparities (CNBC) – Investing in Black banks can help fight the inequity in the disbursement of loans to the Black community.

No one has done more for Black people than Black people (News Press). The focus on which president has done the most for Black people diminishes the contributions Black people made to their own history.

Black Business and Economic Stories for the week of Oct. 5th to 11th

We have over 120 stories this week. We have twelve inspirational “people” stories about successful Black entrepreneurs plus 25 Black business stories.

Top Stories

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

Killer Mike and Andrew Young start Black-owned bank called Greenwood Bank. (CNN) — Greenwood Bank website.  Greenwood closes $3 million seed round to build online banking solution for Blacks and Latinx (Cision PR Newswire)

The dark truth behind the million-dollar imported Black hair business (CNN)

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

California to study, consider reparations for Black residents after landmark law passed (USA Today)

A bike company offers Black customers reparations in the form of a discount (Yahoo Finance). Rivendell Bicycle Works created a direct approach in reparations that provides a 45% discount for their Black customers

Philadelphia Examining Whether Public Deposits Can Close Racial Disparities in Small Business (NextCity). Council member Derek Green wants to use the city’s own deposits to help close disparities.

Canadian business leaders launch national initiative to fight anti-Black systemic racism (CBC)

‘I altered my personality to fit in at work’ (BBC)

Covid-19 / Coronavirus / PPP

COVID-19 is increasing multiple kinds of inequality. Here’s what we can do about it (World Economic Forum)

COVID-19 Laid Bare Inequities, Racism, Cleveland Mayor Frank Jackson Says (WOSU Public Radio)

Racism is the most significant underlying condition in the COVID-19 pandemic (Poynter Institute)

Hundreds of Black-owned businesses in San Francisco asked for help amid Covid-19. There’s not enough money to help them all (San Francisco Business Times)

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

Why are we letting America’s smallest businesses die? (Fortune). Orv Kimbrough argues that Black-owned small businesses have been hit especially hard by COVID-19, and need adequate loans and relief.

Black Small Businesses Significantly Impacted by COVID-19; Less Likely to Receive Financial Assistance (PR Newswire) – According to the report, by SCORE, Black small business owners are 90.7% more likely to have a direct relationship with someone with COVID-19 infection than their white counterparts

House Passes $2.2 Trillion Dollar Second Stimulus Bill, Is Racial Equity Lacking For African Americans? (Forbes) – New bill may still fail to address racial disparities daces by Black and Brown individuals.

Workers / Unemployment / Labor

The U.S. is still ‘missing’ more jobs than it did at the worst point of prior postwar recessions (Washington Post)

Black Business General

Economics in Brief: Report Illuminates How Wide the Funding Gap is for Black and Latinx Americans (Next City)

New council wants to bring opportunities to Black businesses in Marion OH (Marion Star)

Urban Black farmers try to diversify Kalamazoo farmers market (Michigan Live)

My Black Receipt report over $7 million in spend from 22,750 consumers (MyBlackReceipt)

Austin natives, Black clean energy entrepreneurs say industry needs people of color (Austin Weekly News)

Want to grow more Black businesses in Philadelphia? Start with advocacy, funding and social capital (Technically)

3 Austin Black-owned startups secure $200,000 in funding from tech giant (CultureMap Austin)

NAACP and Hello Alice partnership create grants and resources for Black-owned businesses (ABC News).

Black Businesses Matter workshops seek to reach minority entrepreneurs in Western NY (Biz Journals) – Virtual workshop gives black and minority businesses exposure to advertising and marketing techniques.

Black entrepreneur get funds from Black Business Investment Fund for construction company expansion (Biz Journals)

Small Business Credit Survey: Report on Minority owned firms (Atlanta Fed) – December 2019.  28% of Black-owned firms need to rely on personal funding compared to 16% of white-owned firms, says Federal Reserve Bank of Atlanta Study.

Black Business Specific / Business Ideas / Entrepreneurs

Killer Mike and Andrew Young start Black-owned bank called Greenwood Bank. (CNN) — Greenwood Bank website

Greenwood closes $3 million seed round to build online banking solution for Blacks and Latinx (Cision PR Newswire)

OneUnited: The Nation’s Largest Black-Owned Bank Is Unapologetically Black And Activist (Forbes)

Photojournalism Project Profiles 9 Black Women Business Owners in Newark (WBGO)

Brown Sugar Bakery buying 84-year-old Cupid Candies on Chicago’s Southwest Side (Chicago Tribune)

Author Latoya Nicole Launches Black-Owned Coloring Pencils Brand (MadameNoire)

Brooklyn teen opens beauty supply store amid pandemic to ‘inspire others’ (The Grio)

New Black business in St. Paul, MN: Taste of Rondo (St. Paul Spokesman-Recorder)

Charlotte graduate donating $1 million in web services to Black businesses (WSOCTV) – Jeremiah Chapman aims to amplify the voices of the Black community with Black Culture Weekly.

From coffee to salad, new Louisville event showcases Black chefs (WLKY) – Black Eats Week added to Louisville’s Black business week that takes place in June.

FishScale, A Black-Owned Seafood Restaurant In Washington, D.C., Rebounds For The Community (Forbes) – Innovative Black-owned seafood restaurant able to bounce back with PPP loan

At Inglewood’s Sip & Sonder, Community And Personal Well-Being Take Focus (Sprudge) – City in the middle of a transformation still holding on to its Black culture.

Big Business

JPMorgan puts $30B toward fixing banking’s ‘systemic racism’ (AP)

JP Morgan Chase to spend $30 billion to close the racial wealth gap (USA Today). JP Morgan Chase says it will dedicate $30 billion to closing the racial wealth gap, from granting loans that help Black and Latino Americans purchase homes to helping the unbanked open checking and savings accounts.

Black LinkedIn Is Thriving. Does LinkedIn Have a Problem With That? (New York Times). Black users are speaking up and are saying the site is limiting their voice.

How Bank of America’s CEO Is Combating Economic Inequality (Barrons)

Wells Fargo faces criticism over diversity, forbearance efforts (Triad Business Journal)

Sustainability Investors Shift Their Focus to Social Issues (Wall Street Journal)

Facebook launches initiative called #BuyBlackFriday to support Black-owned businesses (WRAL TechWire)

Bank of America buy 5% of Black-owned Unity bank of Houston (BlackBusiness.com)

Southern California Edison Strengthens Commitment to Black Employees by Joining AABE Energy Equity Initiative (Black Chronicle)

Citi pledges more than $1B to help close racial wealth gap: Action for Racial Equity commitments planned over next three year (St. Louis American). Citi is hoping to increase economic mobility in the United States by providing homeownership, business suppliers, capital, and other opportunities.

Labor Department Questions Microsoft and Wells Fargo Over Pledges to Hire More Black Employees (Wall Street Journal). The U.S. Department of Labor is concerned that these companies are engaging in discriminatory practices to accomplish those goals.

Google gives black Atlanta tech companies $2.35 million (Atlanta Journal-Constitution

Google for Startups Black Founders Fund gives $100K to Newark’s MindRight Health (NJBiz).

Four Black-owned DFW startups land funding from Google (Biz Journals) – Four Black startups receive $300,000 from Google

Macy’s will commit 15% of its shelf space to Black-owned brands, joining a pledge adopted by Sephora, Vogue, and Rent the Runway (Business Insider). The 15% pledge reflects the fact that Black people make up about 15% of the country’s population but are underrepresented on stores’ shelves

Meet the Black woman advocating for greater disability visibility (NBC News) – Black business owner with muscular dystrophy seeking to change the way brands portray disability

Industry News

The dark truth behind the million-dollar imported Black hair business (CNN)

Thirteen-ton shipment of human hair, likely from Chinese prisoners, seized at import (CNN)

Black cigar smokers find community — and business opportunities — amid the pandemic (NBC News) – Black cigar smokers find solace in supporting Black-owned cigar lines during pandemic

Discrimination

Dillard’s agrees to pay $900,000 to settle claim of denying promotions based on race (Arkansas Online)  — This is the first race based EEOC lawsuit we found, but it was started under Obama.

McDonald’s Partners With Rappers as Black Ex-Employees Sue for Discrimination (Vice News)

Yelp will flag businesses accused of racist conduct (San Jose Mercury News)

Yelp Is Warning For Racist Businesses & People Are Mad (Refinery29)

Reparations / Affirmative Action / Diversity

California to study, consider reparations for Black residents after landmark law passed (USA Today)

California task force will consider paying reparations for slavery (LA Times)

Could African Americans in California receive reparations for slavery, discrimination? (ABC 10). Gov. Gavin Newsom signed a bill to create a task force to study and develop reparation proposals for African Americans.

Ignoring current problems, California comes up with illogical reparations bill (Southeast Missourian) – Conservative

Considering reparations for Black people (Danville / SanRamon Blog)

Hanson: Ignoring current problems, California comes up with illogical reparations bill (Casper Star-Tribune) – Conservative

Trump administration targets diversity hiring by contractors (TheDay.Com)

A bike company offers Black customers reparations in the form of a discount (Yahoo Finance). Rivendell Bicycle Works created a direct approach in reparations that provides a 45% discount for their Black customers

Durham, Washington, D.C., Become Latest Cities to Call for Reparations for Black Residents (The Root). Federal and local governments are calling for reparations.

Diversity Program Consortium: A National Program to get more African Americans and other Minorities to be Doctors in Health Science Careers is Coordinated locally at UCLA. (Los Angeles Sentinel). 

Reparations for African Americans, Alameda County supervisors say (East Bay Times).

Inequality / Wealth Gap / Structural Racism

States can pave the way on closing the racial wealth gap (Brookings)

‘We need to step forward’: Fed leaders call for new focus on race in the economy (politico)

The Federal Reserve Has A Role To Play In Reducing Racism In The American Economy (Forbes)

Racism and the Economy (Federal Reserve Bank of Minneapolis)

Racism is hurting the economic well-being of the US and its workforce — including white workers (Institute for Urban Research)

What racism costs us all (IMF)

The debt US companies owe Black Americans (Quartz) — 9.5% of private or closely held public US businesses are Black-owned, and together they make 1% of the income of white-owned businesses.

Finance / Investing

Roger Ferguson, CEO of TIAA, on Why You Shouldn’t Watch the Wild Stock Market All Day (Time) – Ferguson is one of four Black Fortune 500 CEOs

Stocks are soaring, and most Black people are missing out(TheDay.Com)

Access to capital is biggest hurdle for Philadelphia’s Black-owned businesses, leaders say (Biz Journals) – Black business owners face increased need for affordable access to capital.

Real Estate / RE Finance / Housing

Redlining was outlawed in 1968. Here’s how the practice is still hurting Black Americans. (CBS News)

Prop 21 Denies the American Housing Dream for Black, Latino Families (Fox & Hound) – Conservative

Prop. 21 modernizes rent control while incentivizing new housing construction (CAL Matters)

Black-owned real estate companies create the first public REIT for ‘affordable housing’ (The Business Journals) — Real Estate Investors Inc. intends to invest in, develop, redevelop and manage a portfolio of multifamily properties located in Opportunity Zones.

Here are the Black recipients of the MacArthur genius grants  (Becauseofthemwecan.Com) – Thomas Wilson Mitchell who helped draft Uniform Partition of Heirs Property Act of 2010 which amended laws that forced the court ordered sale of Black property.

Black Americans are paying more to own a home and falling further behind (CNN )

Building that houses iconic Tacoma clothing store, barbershop to be razed for apartments (KIRO TV Seattle)

$6.5 million aid proposal will improve Milwaukee homeownership. But those efforts need to go beyond 2021. (Milwaukee Journal Sentinel). Milwaukee has the second-lowest Black homeownership rate at 27.2%.

Charlotte’s gentrification problem transcends homes. Can businesses be saved? (Charlotte Observer) –Closing of City North Business Center forced many businesses to relocate

Agriculture

Momentum to protect Black-owned land  (LimaOhio.Com) – Blacks lose land to tax and partition sales.

Sports / Media / Entertainment

Effort to bring African American owned NFL team to Oakland takes step forward (KCBS)

African American Sports and Entertainment Group (AASEG) – Official website mention in the article.

Philadelphia Inquirer to sell printing facility and lay off 500 plant employees (Philadelphia Inquirer) – The paper I grew up with.

Byron Allen prepares to host an occasion on economic justice and equality for the Los Angeles Urban League (News US) – Press release site

Philadelphia 76ers, African American Chamber of Commerce partner on boosting Black-owned businesses (The Business Journals). The Chamber will create a program that will donate marketing assets to black businesses and increase the amount of business.

Retail / Fashion

23 Sustainable, Black-owned Businesses to Support Online (EcoEnclose)

People / Motivation / Success

NEA Women in Business Arkansas: Tamika Jenkins (Talk Business and Politics) — first African American woman in Arkansas to obtain a certified economic developer designation.

Elayne Arrington, first female Black graduate of Piit’s Engineering school. (Pitt Magazine)

Melody Hobson, Ariel Investments, donates money for residence hall. (Daily Princetonian) – She will give more than $20 million but the exact figure was not revealed.

Columbus tech CEO, Dwight Smith, of Sophisticated Systems, tries to use position for good as Black businessman (Columbus Dispatch)

Clifton Taulbert, Famed Mississippi Author,  to Deliver Talk on Black Wall Street (Hotty Toddy)

Tim Baylor, a North Minneapolis business owner,  moves forward with apartment/retail development (Minneapolis Star Tribune)

Bernard Kinsey, A pioneer of corporate diversity remains unimpressed (Fast Company)

Future looks good for graphic design business started by Lee Green (Rochester Post Bulletin)

Melissa Bradley wants to help people of color jump start their businesses. Here’s her advice (CNBC)

Chicago’s Museum of Science and Industry names Chevy Humphrey CEO (The Biz Journals)

Chevy Humphrey is the first Black and first woman president and CEO of the Chicago Museum of Science and Industry (Because of Them We Can)

Alniesha Carter,  Founder of TaxPrep Evolution Inc. (TPE), a franchise tax preparation service is expanding.  (BlackBusiness.com) – Tax Prep Evolution

Government / Politics

Alabama has many pressing needs; new prisons are not one of them (AL.Com) – Alabama wants to spend two billion on 3 private prisons.

Madison area education referendum includes “Black Excellence” program (Madison State Journal)

Legislative Black Caucus addresses issues facing Black business owners, entrepreneurs (WSIL TV)

‘This is Real Meat’: Black Businessman Encourages African-Americans to Embrace Trump’s Economic ‘Platinum Plan’ (CBN) – Conservative

Black Leaders: State Can Do More to Include Black Firms in Small Biz Support Plans (Sac Observer) – Only 30 of the 259 I-Bank loans in the fiscal year 2018-19 given to Black-owned businesses in California.

$300,000 grant aims to help Twin Cities businesses hit by pandemic, unrest after George Floyd’s death get back on their feet (Twin Cities) — $200,000 grant awarded to Black and Brown business owners.

Jail / Prison / Re-entry

Tom Gores Has Resigned From LA Art Museum’s Board After Activists complain about Prison Investments (ArtnetNews)

Legislators hear about barriers Black businesses face such as access to capital and in state contracting (Illinois Times)

Philadelphia Examining Whether Public Deposits Can Close Racial Disparities in Small Business (NextCity). Council member, and chair of the council’s finance committee, Derek Green wants to use the power of the city’s own deposits to help close disparities.

Economics

United States hit by $2 Trillion dollar drop in GDP (Visual Capitalist) – Map shows states a sectors hit by the fall in output.

Targeting Black Unemployment Would Keep Fed Rate Near Zero to 2025 (Bloomberg). 

Education

Harvard Business School Launches Action Plan for Racial Equity (Diverse in  Education)

Human Resources / Career Advice

20 ‘guiding principles’ to ensure a diverse and equitable corporate culture (Fast Company)

Technology / Innovation / Apps

Google To Provide Digital Skills Training At HBCUs As Part Of $15 Million Pledge (Forbes)

Justice Dept. Sues Yale, Citing Illegal Race Discrimination (NY Times)

Caribbean / Africa / International

Canadian business leaders launch national initiative to fight anti-Black systemic racism (CBC)

It’s time to talk about black tax in South Africa (Mail & Guardian)

Brazilian Retail Company Sued for All-Black Trainee Program, Accused of Limiting Opportunities to Non-Minorities (Atlanta Black Star)

Black Owned: Marie Farmer, founder of Mini Mealtimes (Metro UK)

Timing is everything with federal supports for Canada’s Black-owned businesses (Yahoo Finance) – Loans from $25,000 to $250,000 available for Black business owners.

New online marketplace for black businesses launches (Voice) –Wakuda is a new online UK marketplace for Black businesses

Black Owned: Marie Farmer, founder of Mini Mealtimes (Metro UK )

Career / Motivation

‘I altered my personality to fit in at work’ (BBC)

‘Let’s Build Instead Of Burn’: Daymond John Launches Black Entrepreneurs Day To Inspire Black Business Owners To Persevere (Forbes) – Daymond John aims to give Black Entrepreneurs support from industry peers with Black Entrepreneurs Day.

Black Economic and Business Stories for Sept. 27th to Oct. 4th

Top Stories

Cleveland Clinic Thrives While Its Black Neighbors Fall Behind (Bloomberg)

Moms, Black Americans and educators are in trouble as economic recovery slows (Washington Post) – Good unemployment charts by race and industry sector

Moms and Women of Color Most Affected by the Economic Downturn in Coronavirus (One Green Planet)– The economic consequences of COVID disproportionately affect moms and women of color.

Racial Wealth Gap Put Americans On Uneven Financial Footing Heading Into Pandemic, Fed Survey Finds (WBUR).

Illinois and Newark seem to be on top of things

Newark Launches Investment Fund To Support Black- And Latino-Owned Businesses (CBS New York)– The City of Newark has partnered with several groups to launch a $100 million investment fund.

Newark Mayor Ras Baraka launches “40 Acres And A Mule Fund” to help minority-owned businesses (Revolt)– Because of the unequal access to capital and small number of PPP loans to minority  businesses, Mayor Baraka will launch the FAM Fund, to provide capital.

Illinois Legislative Black Caucus highlights agenda to close state’s racial wealth gap (WGEM) – Black Caucus members highlight the challenge for Blacks in attaining economic mobility.

Illinois Senate committees looks at land use, gentrification, effects of redlining (Belleville News Democrat)

Illinois needs the Fair Tax for racial equity (Chicago Sun Times) – Taxpayers with incomes less than $250,000 dollars payed an extra $4 Billion that if Illinois had graduated income tax on the rich.

Coronavirus / PPP / Recession

The covid-19 recession is the most unequal in modern U.S. history (Washington Post) – Long, but a good description of where we are: September 2020.

The First Female Recession Threatens to Wipe Out Decades of Progress for U.S. Women (Bloomberg)

Moms, Black Americans and educators are in trouble as economic recovery slows (Washington Post) – Good unemployment charts by race and industry sector

$2 million more in small business aid coming from Baltimore Development Corp. (Biz Journals) – The BDC allocated 74% of loans to minority-owned businesses.

As small-business owners try to survive the pandemic, experts share this advice (CNBC) – Racial divide and pre-existing social and economic practices result in the greater suffering of Black, Latino, and Asian businesses due to COVID-19

NC launches program to help small businesses harmed by COVID-19 (WWAY) – Minority and women-owned businesses given access to $12 million in grants

Black businesses tap “resiliency funds” amid COVID (Yahoo News)– “Resiliency funds” are helping Black-owned businesses stay afloat during the coronavirus pandemic.

Moms and Women of Color Most Affected by the Economic Downturn in Coronavirus (One Green Planet)– The economic consequences of COVID disproportionately affect moms and women of color.

Racial Wealth Gap Put Americans On Uneven Financial Footing Heading Into Pandemic, Fed Survey Finds (WBUR).

Protest / BLM

No protest or BLM stories related to business or the economy

Black Business General

Study Aims To Measure Economic Impact Of Tri-State’s Black-Owned Businesses (WVXU Public Radio)

$1.2 million earmarked for minority owned businesses in Forsyth County (Winston-Salem Journal) –Black and Hispanic business fund surpasses $1 million goal, already bringing in $1.2 million in commitments

Grants for small firms available through Black Business Association of Memphis (Commercial Appeal) — $300 grants for black businesses provided through federal CARES Act

Stacy’s Rise Project Partners with Hello Alice to Fund Grants to Black Women Business Owners (Vending Market Watch) – 15 Black women entrepreneurs to receive a total of $150,000 in business grants and services.

U.S. Black Chambers President: Philadelphia’s Black-owned businesses need help (Pennsylvania Capital Star) – Call for aid to be applied specifically to Black businesses. The minority label is too vague and unintentional at this current juncture.

Tabor 100 Launches Black Business Equity Fund To Support Seattle-Area Businesses (Seattle Medium) – BBEF launches with $1,299,000 fund, with the goal of reaching $4.5M over next three years

Up to $10,000 Grants for Small, Black-Owned Broward Businesses Launched (Tamarac Talk) – Grant looks to serve minority-owned businesses, who were underserved by the Paycheck Protection Program.

Black Women Entrepreneurs Have Been Hit Hard In The Pandemic. The Black Women’s Business Collective Is Providing Relief. (Madame Noire) – Since 2007, the number of minority women owned businesses surged by 163 percent. The pandemic put a halt on this growth.

502 Black Eats Week to spotlight Black-owned restaurants in Louisville (Courier Journal) – 502 Black Eats Week spotlights black-owned food and drink places, capitalizing on the current momentum to support black business.

Study Aims To Measure Economic Impact Of Tri-State’s Black-Owned Businesses (WVXU)— The UC Economics Center plans to use this data to attract new businesses to the Greater Cincinnati area.

Newark Launches Investment Fund To Support Black- And Latino-Owned Businesses (CBS New York)– The City of Newark has partnered with several groups to launch a $100 million investment fund.

The new generation of black bankers fighting for a place at the top table (The Telegraph)– Three of the rising star finalists for this year’s Black Business Awards talk about their experiences in the City.

Black Business Specific

Co-founder Falayn Ferrell talks about Black Restaurant Week in New Orleans (nola.com)

Black owned bakery in Utah doing well (Marketplace) – Utah Black-business owner sees business soar in the wake of racial protesting

Bank offers deal on checking accounts to help build Black wealth (Detroit Free Press)

Black entrepreneurs stir up the industry (The Miami Times) – Pernell Cezar and Jarrhod Johnson launch coffee brand, allow consumers to invest in Black communities

‘The message is clear’: Shoreline coffee shop owners believe Molotov cocktail attack was racially motivated (King 5) – Coffee shop faces burn threat, thinks it was connected to their promotion of Black business and culture

Jobs / Workers / Unemployment

AP Explains: 5 key takeaways from the September jobs report (Chattanooga Times Free Press) – Temporary help hiring is falling a know leading indicator of unemployment and recessions.

September Jobs Report Shows Slowdown in Recovery (NY Times)

Childcare and economic stability go hand in hand (San Francisco Bay View)

U.S. Black-white joblessness gap narrows, but not for right reasons (Reuters)

The Persistent Black-White Unemployment Gap Is Built Into the Labor Market (Center for American Progress)— The Black unemployment rate has been consistently twice of the White unemployment rate.

Big Business / Corporate

A Black activist will offer creative leadership and antiracism guidance at Reebok (Boston Globe) – Black activist hired as top executive at Reebok, will report directly to the president. Will handle design and antiracism efforts.

Merchants develop BLM products (Miami Times) – White-owned business commits to making BLM products, wants other White sellers to uplift Black businesses

Constellation Brands draws interest after committing $100 million to Black-owned businesses (CNBC) – The import Corona Beer.

California law mandates diversity in corporate boardrooms (ABC News) – California bill requires publicly traded companies to have one board member from an underrepresented community

AT&T Supports Groups that Create Economic Opportunity, Help Small Businesses in Newark (Insider NJ) – AT&T contributes $175,000 to support local businesses in Newark and ensure equality in minority communities.

Investment firm pledges $5 million to minority-owned businesses in Chicago (Chicago Business).

Cream of Wheat to remove Black chef from the box as it updates imagery in wake of calls for racial equality (USA Today)– The brand has long been criticized for the use of a smiling Black chef on its packaging and will remove it.

Four Black executives are reportedly leaving insurer AIG, including two responsible for improving diversity at the firm (Business Insider)– AIG promised to improve the diversity of its leadership teams.

Citi Impact Fund secures $50 million to invest in Black entrepreneurs (Impact Alpha).

Inequality

Cleveland Clinic Thrives While Its Black Neighbors Fall Behind (Bloomberg)

Should Florida Raise Its Minimum Wage to $15 an Hour? (Sarasota Magazine) – Florida has Amendment 2 on the ballot that would raise the minimum wage.

Wealth gap over last two decades costs $2.7 trillion in Black income (Atlanta Daily World) – Details from Citigroup report.

Bloomberg Equality: Being Black Is a Pre-Existing Condition (Bloomberg)

Discrimination / Racism

Why Are There Still So Few Black CEOs? (Washington Post)— Black professionals face greater obstacles early in their career, such as establishing relationships, causing them to comprise 1% of the executives running America’s top 500 companies.

Target plans to boost Black employee count by 20% (Digital Commerce) Original Source: Bloomberg— Target responds to years of under-representation by announcing to increase black employee count by 20%.

Reparations

California To Study Reparations For Black Americans (KPBS Public Radio)

Economist, Black History Scholar and Professor James Stewart on Reparations and Economic Equality (Sarasota Magazine)– Professor James Stewart talks about his experiences and how it related to the events we are experiencing today.

Banking / Finance / Investing

Hedge funds lack Black money managers (Reuters)– Only 8.9% of hedge fund firms were owned by ethnic minorities, including Hispanic, Black, Asian and Native Americans.

Sports / Media / Entertainment / Fashion

ESPN and The Undefeated to #ChampionBlackBusinesses during NBA Finals With “Shark Tank” Mentors (Laughing Place) – Mark Cuban and Daymond John to mentor two black businesses during NBA Finals

After the Black Squares: How Black-Led Fashion Organizations are Holding the Industry Accountable (Harpers Bazaar)

VON.tv is a new Black oriented streaming service (WFMJ)

Black voices are still largely absent from mainstream media. It’s time for the industry to take a hard look at itself (The Hamilton Spectator).

Real Estate / Finance / Segregation / Redlining

Illinois Senate committees looks at land use, gentrification, effects of redlining (Belleville News Democrat)

The Effects of the 1930s HOLC “Redlining” Maps (Chicago Fed) – 2017 / August 2020 Update

Black, Female and Head of a Public Real-Estate Company. Meet the Only Person to Fit That Description. (Wall Street Journal)– Leslie D. Hale, the first African-American woman to lead a public real-estate investment trust, is highlighted in this article.

Economics

Why Did Hundreds of Thousands of Women Drop Out of the Workforce? (NY Times) – Lower relative pay to men cause some secondary breadwinners to stay home.

Pre-Pandemic Economy Was Reaching Unprecedented Heights for Black and Hispanic Americans, New Data Show (Foundation for Economic Education) – Conservative

Fixing the Racial Wealth Gap Could Add $5 Trillion to the Economy. Here’s Where to Start. (Barron’s) – Farfetched but interesting

Government / Politics / Election

Oxford, Moody’s: Biden’s Economic Plan Would Create More Jobs, Growth Versus Trump’s (Nasdaq)

Vote yes on Prop R for early childhood education and Prop D (St. Louis American) – Proposition D is a non-partisan primary and a run-off general election.

President Trump visits Atlanta to promote Black Economic Empowerment (WRCB TV)

Republican leaders have long history of initiatives for Black Americans (Boston Herald)

What small-business owners need from the 2020 election (Fortune) – PPP neglects Black business owners’ need for startup and start-over money, says CEO of US Black Chambers

Illinois Legislative Black Caucus highlights agenda to close state’s racial wealth gap (WGEM) – Black Caucus members highlight the challenge for Blacks in attaining economic mobility.

Newark Mayor Ras Baraka launches “40 Acres And A Mule Fund” to help minority-owned businesses (Revolt)– Because of the unequal access to capital and small number of PPP loans to minority  businesses, Mayor Baraka will launch the FAM Fund, to provide capital.

Education

Small Business Development Center at Howard University Helps Small Businesses during Covid-19 pandemic (Howard University)– Small businesses can take advantage of the center’s services to gain access to free support from more than 15 consultants with extensive business experience.

Taxes / Government Policy

Illinois needs the Fair Tax for racial equity (Chicago Sun Times) – Taxpayers with incomes less than $250,000 dollars payed an extra $4 Billion that if Illinois had graduated income tax on the rich.

Education

4 HBCU leaders chart a course for a vibrant future (University Business)

Science / Technology / Apps / Innovation

This new app aims to create a one stop shop for Black consumers (WUSA9)– Black weekly culture is an app that acts as a central location for people to access information about Black businesses and news.

Black-owned businesses should adapt to ecommerce, says Katika’s founder (Technical.ly)– Jason Coles shared ways Black-owned businesses can establish themselves online and better participate in ecommerce.

Black scientists call out racism in the field and counter it (Washington Post).

Caribbean / International

Black Pound Day: Take part in our black-owned business campaign #IAMBOB (Business Live)

Black Economic Empowerment 2020 survey finds: 51 black-owned asset managers manage close to 700 Billion Rand (Financial Mail).

History

Forty acres and a mule: The path to reparations in America (AJC)– This provides a greater explanation of the history behind 40 acres and a mule.

Black Business and Economic Stories week of September 21th to 27th

This week we have an all time record of 139 stories and 37 Black business stories. We are publishing late because of capacity issues (basically the editor started teaching high school again).

Top Stories

  • High-Growth Black Enterprise Seeks Venture Capital To Scale (Forbes) – The largest black-women-owned beverage manufacturer in the US.
  • ‘Dream Big, Remain Focused, Get Organized’ — Advice From And For Boston’s Black Business Owners (WGBH)
  • Ex-Atlanta cop on quitting over gentrification: It was ‘a Mafia system’ (The Grio) — Overpolicing used to gentrify neighborhood.
  • Segregation has been embraced, mandated, and maintained in the United States by law and policy — here’s how (Business Insider).
  • What America owes: How reparations would look and who would pay (ABC News) — Good long article that discusses many sides of the reparations debate.
  • Well Fargo CEO, Charlie Scharf, say Black talent pipeline is dry.  (Reuters) (ABC News) (Quartz) (Business Insider)
  • Donald Trump releases “Platinum Plan” for Black America (DonaldJTrump.com) – The Trump campaign grouped together several small, weak proposals aimed at African Americans. 

Coronavirus / PPP

  • For richer and poorer, Uncle Sam’s coronavirus response widened the gulf (NBC News)
  • HOW COVID-19 PERSUADED ME THAT AMERICA NEEDS A UNIVERSAL BASIC INCOME (The Wellesley News)
  • COVID-19 widening racial, economic inequity in Dallas-Fort Worth housing (Dallas Business Journal)
  • Kamala Harris’ claim on COVID-19 business loans not whole truth (The Detroit News) – She said only one Black restaurant got a PPP loan, but it was really three.
  • COVID-19 has disproportionately depleted finances of Latino, Black, Native American households: Survey (Journalist’s Resource).
  • $1 million in relief funds to be distributed to Minority and Women-owned businesses (My News 4). 

Unemployment / Workers / Labor

  • Unemployment in Pennsylvania: Identity protection company hired to vet suspect claims (GoErie)
  • Fastest-Growing U.S. Job Failed to Lift Pay for Black Women (MRT / Bloomberg)

Black Business Specific

  • High-Growth Black Enterprise Seeks Venture Capital To Scale (Forbes) – The story behind the largest black-women-owned beverage manufacturer in the US.
  • How One Black-Owned Printing Company Doubled its Footprint Overnight (KQED) – One strategy used by a black-owned business to expand its horizons is to focus on specific clientele.
  • Houston Church Steps Up to Help Black-Owned Food Truck Vendors Stay Afloat During COVID (Atlanta Black Star)
  • E-Learning startup brings the first Microsoft business applications developer career training app to Google Play (Black PR Newswire)
  • New Asheville coffee shop celebrates historic grand opening weekend (WLOS TV)
  • Horace and Dickies opens new restaurant in Prince George’s County (WUSA TV)
  • These Black-Owned Restaurants Opened for Business in the Midst of the Pandemic (The Quintessential Gentleman) – Five new restaurants
  • Man becomes youngest Black business owner in Royal Oak (Click on Detroit)
  • Black-owned coffeehouse opens Saturday in downtown San Jose (San Jose Mercury News)
  • Mompreneur Creates All-Natural and Vegan Skincare Line to Soothe Her Daughter’s Eczema (BlackBusiness.com)
  • New delivery service gives Black farmers a broader customer base (Fox 5 Atlanta)
  • Black Business Spotlight: Nashville Coop (Minnesota Spokesman-Recorder) – Ethopian brothers create spicy chicken restaurant.
  • ‘Dream Big, Remain Focused, Get Organized’ — Advice From And For Boston’s Black Business Owners (WGBH) – Nice showcase of Boston black businesses.
  • Denver’s Black-Owned Businesses Fight To Hang On (The Colorado Trust)
  • West Town’s Semicolon bookstore thought COVID-19 would close it forever until Instagram followers stepped in (ABC 7 Chicago) – Chicago bookstore is kept alive by Instagram , gaining over 60,000 followers during COVID-19 pandemic.
  • Sen. Harris tells Detroiters: Election will determine nation’s future for years (Detroit Free Press) – Harris visits three black businesses during her time in Michigan: MagnifiClips, Comma Bookstore, and Bedrock Apparel

Black Business General

  • Gabrielle Union’s Haircare Company Launches Initiative To Support Black-Owned Businesses (News One)
  • Black-owned gay bars are dwindling. Can they survive Covid-19? (NBC News)
  • Ex-Atlanta cop on quitting over gentrification: It was ‘a Mafia system’ (The Grio)
  • New incubator space to help advance aspiring African American entrepreneurs in Milwaukee (WTMJ TV)
  • S.C. Black women farmers target agricultural disparities (Times Democrat)
  • What’s Happened To Charlotte’s Black-Owned Businesses In The Wake Of COVID-19 And BLM Movement? (WFAE)
  • Black businesses need more than capital (Black Star News)
  • 4 Atlanta business startups in Black Founders Exchange(Atlanta Daily World)
  • Google’s Black founders summit in Durham aims to help startups thrive despite pandemic (News & Observer) – Black businesses take bigger hit than white businesses from pandemic, Google summit aims to help.
  • Campbell’s Corner: Companies and consumers must take on the 15 Percent Pledge (The Athens OH Post) – Hannah Campbell is a freshman journalism student at OU. Nice.
  • Making Black Banks Matter (Fortune). Black financial institutions are providing more private capital into their communities.  These articles are so frustrating because you cannot see the investment portfolio.
  • Incubator launched to give Richmond’s Black entrepreneurs a boost (Richmond Bizsense). A new incubator program has been created to support Black entrepreneurs.
  • Report: Struggling Black-Owned Businesses Need More Government Grants (Forbes) – 40% of Black small businesses expected to close, survey says
  • Illinois Black-owned media coalition seeks bigger slice of $2 billion state advertising pie (Chicago Tribune) – The Coalition for Black Media Equity calls for 8% of the $2 billion marketing budget to be allocated to Black-owned media
  • Black business leaders announce plan to redevelop South Memphis(WMC TV)
  • ‘This is real economic justice’: Parisi proposes funding for south side Black Business Hub (The Cap Times) – Dane County Executive proposes $2 million investment in Black Business Hub
  • Wilmington, E3 join national program to support entrepreneurs (Delaware Business Times) – Black and Brown owned businesses are the target of funding initiative of national program
  • Dallas-Based Boss Women Media Partners with Square on ‘Home Hustler’ Program for Black Female Entrepreneurs (Dallas Innovates) – Four-week virtual program for black female entrepreneurs culminates with the chance to win $5,000
  • Black Women Entrepreneurs Are Big In Detroit, But Much More Needs To Be Done (Daily Detroit) – While rate of Black Women Entrepreneurs is increasing, capital is lacking.

Big Business

  • Square plans to invest $100 million in Black communities (NY Times)
  • Accenture directs capital to Black start-ups (Philadelphia Tribune)
  • PayPal Provides $5M In Grants To Support Minority Businesses (Pymnts.Com)
  • Cream of Wheat to Drop Black Chef From Packaging, Company Says (NY Times)
  • Citi Launches More Than $1 Billion in Strategic Initiatives to Help Close the Racial Wealth Gap (Valdosta Daily Times) – Billion-dollar investment aims to increase investment in black business and expand Black homeownership.
  • STALOC Truist provides $40 million to national nonprofit fund (Winston-Salem Journal) – Corner Square Community Capital receives $40 million investment to aid black-owned small businesses
  • TeaSquares founder explains how to best support Black-owned businesses (New Hope Network) – Buckner’s Black Business Month Box introduces black-owned brands to new customers. Bucker says many Minority businesses are looking for small scale commercial manufacturing capacity.

Discrimination / Diversity

  • Cisco, sued over lack of diversity, commits to hiring 75% more Black executives (San Jose Business Journal)
  • Segregation has been embraced, mandated, and maintained in the United States by law and policy — here’s how (Business Insider). This article addresses how segregation is the result of government policies and the economic implications that are related.
  • Stop telling Black people we could close the wealth gap if we valued education more(Washington Post)
  • PwC chairman: How Corporate America can stop failing black workers and diversify its ranks (CNN)
  • Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination (WBEZ)
  • Here is the Citigroup Study cited in the WBEZ article (Citigroup)
  • Indicators show Milwaukee is worst city in America for Blacks. Panelists discuss solutions (Milwaukee Business Journal)
  • AIG’s Top Black Ranks Get Thinner With Four Executives Leaving (Bloomberg)
  • Trump executive order on diversity training roils corporate America (USA Today)
  • Black advisers allege discrimination, retaliation at Voya Financial (Tampa Bay Business Journal)
  • Black truck drivers sue Giant Eagle distribution center on race discrimination grounds (Pittsburg Post-Gazette)
  • Racial diversity in the workplace boosts business (FinTech). Failing to diversify staff can lead to economic consequences.
  • Mastercard commits $500 million over five years to reduce racial wealth and opportunity gaps (Impact Alpha).
  • Black leaders seek real change, real relationships with white corporate America (Crain’s Detroit Business News). Black leaders are hoping that companies take accountability and seek change at higher levels of their organization.
  • D.C.-area businesses put plans into action on racial equity, justice initiatives (The Business Journals). This article highlights different businesses and their plan of action in racial equity and justice.

Well Fargo CEO say Black talent pipeline is dry

  • Wells Fargo CEO ruffles feathers with comments about diverse talent (Reuters)
  • Wells Fargo CEO apologizes for suggesting it is difficult to find qualified Black executives in the financial industry (ABC News)
  • Was Wells Fargo’s CEO wrong about the pipeline of Black talent? (Quartz)
  • Well Fargo CEO, Charlie Scharf, filled ranks with White, male ex-JP Morgan execs (Business Insider)

Inequality / Equality

  • The Black wealth gap (The Week) – Good short summary of problem. It is as though we have run up a credit-card bill and, having pledged to charge no more, remain befuddled that the balance does not disappear,” Black writer and intellectual Ta-Nehisi Coates said in The Atlantic. “The effects of that balance, interest accruing daily, are all around us.”
  • What Happened to Milwaukee’s Black Middle Class? (The American Prospect). This article reflects on Milwaukee’s history and the economic implications it has on African Americans.
  • Fixing the Racial Wealth Gap Could Add $5 Trillion to the Economy. Here’s Where to Start (Barrons) – It’s not like $5 trillion will just appear out of nowhere. Some body has to give something up.
  • How Can You Be an Ally? Go to a Black-Owned Bank (NY Times). A great way to support Black communities is to invest your money into Black owned banks.

Finance / Investment

  • Black and Latino Angel Investment Fund Receives Grant from US Economic Officials (New Jersey Business). The Center for Urban Entrepreneurship and Economic Development has been given funds from the government to continue to provide access Black and Latino tech businesses.
  • How can financial services improve black representation? (International Advisor). This article talks about the barriers for African Americans and how they can increase representation in financial services.

Reparations / Affirmative Action

  • What America owes: How reparations would look and who would pay (ABC News) == Good long article that discusses many sides of the reparations debate.
  • It’s time for the US to pay reparations to Black Americans, and cash is only a start (Business Insider)
  • With reparations, we can make all lives matter in Erie: Bishop Dwane Brock (GoErie)  — Takes the middle ground on reparations.
  • Three Prophets Of Reparations (The Jamaica Gleaner)  — African-American lawyer Randall Robinson and Barbadian and Nigerian historians Hilary Beckles and Ade Ajayi
  • Council Votes Down Reparations, Looks To Form Race Relations Committee (Goldsboro Daily News). The Goldsboro City Council has decided not to provide reparations to their African American residents.

Black Economics

  • Look What Has Been Taken From Black Americans (Bloomberg). Trevon Logan and William Darity Jr. reflect on the 1919 Arkansas riot that created over $10 million in damages for black farmers.

Farming / Agriculture

  • Racial Justice Push Creates Momentum to Protect Black-Owned Land (PEW).

Straight Up Economics

  • Howard University To Host Five-Year Program to Increase Diversity in Economist Pipeline (Howard University). Amazon has decided to sponsor the program’s first year with a monetary gift of $135,000.
  • Blacks see gains in income, drop in poverty in latest Census figures (Philadelphia Tribune). This article is specific to the Philadelphia region.
  • 150 lower-income pregnant Black and Pacific Islander women in San Francisco to get $1,000 monthly (CNN). The new programs hope to reduce the effects of death rates related to pregnancy and childbirth in minority women.

Health

  • Can striving for success cost Black Americans their health? (University of Georgia). Successful black adults are more likely to have risk factors and other health issues.

Politics / Government

  • Tump’s radio ads contast Trump and Biden (DonaldJTrump.com)
  • Donald Trump releases “Platinum Plan” for Black America (DonaldJTrump.com) – The Trump campaign grouped together several small, weak proposals aimed at African Americans.  They include old proposals like opportunity zones and a $500 billion dollar increase in access to capital.  Opportunity zones generate few jobs, encourage gentrification and give away unnecessary tax breaks.
  • Trump Tells Black Voters ‘What The Hell Do You Have To Lose’ While Detailing ‘Platinum Plan’ For Black Economic Empowerment (BET)
  • California NAACP president aids corporate prop campaigns — collects $1.2 million and counting (Cal Matters) – So it looks like Black leaders were taking money to back some of the California propositions including prop. 22.
  • Business Owners Participate in Biden’s Black Economic Summit, Join Business Advisory Council (Spectrum News) – Black business owners given a voice at the table during Biden’s Black Economic Summit
  • Biden campaigns to Black business owners during Charlotte visit (City Metro) – Biden’s plan for Black Business owners includes providing relief to businesses with 10 or fewer employees.

Entrepreneurship

  • NSU incubator program levels playing field for minority entrepreneurs (WTKR TV)
  • Black Women’s Business Collective Looks to Support Black Women Entrepreneurs (The Network Journal)
  • Free Tech For Black Founders Initiative Saves Startup Aiming To Help Small Businesses (Forbes). Peep Connect, a customer insight and analytics platform for small businesses, is becoming increasingly popular for black owned businesses. 

Industry / Careers / Professions

  • Honest Conversation about Race and Racism in the Accounting Profession (CPA Journal) – Black make up only 2% of CPAs.
  • Novel partnership offers new hope to enter budding cannabis and hemp industries (NY Daily News) – If you want a good career, Marijuana is guaranteed.
  • Cannabis for Black Lives Aims to Increase Industry Diversity (SF Evergreen) – A great job and career

Sports / Media / Entertainment

  • Will Packer is no longer Black Hollywood’s best kept secret (Bloomberg)
  • Navigating the complexities of race in L.A. — and in The Times’ newsroom — as a young, Black reporter (LA Times)
  • Former CNN Analyst Launches Doing Business While Black Podcast in Milwaukee (Spectrum 1 News Milwaukee)
  • Will Spring/Summer 2021 Be A Turning Point For Diversity? (Vogue UK)
  • MLB, MLBPA commit $10M for programs aimed at increasing Black participation (ESPN). This amount will help fund The Players Alliance, which aims to promote black participation at all levels of baseball.
  • Grassroots Effort Underway To Bring African-American Owned NFL Team To Oakland (CBS San Francisco). Individuals are trying to bring the Raiders back to Oakland.
  • Business owners hope to give Richmond’s Black entrepreneurs a boost (Richmond Bizsense) – Local Black business owners team up to address the needs of fellow Black entrepreneurs.
  • Halle Berry Is Headlining A Major Beauty Event — & It’s Free (Refinery 29) – Halle Berry’s Brown Girl Swap initiative encourages customers to replace go-to products with ones from Black women owned businesses.

Beauty / Fashion

  • Black women are having problems get hair for wigs and extensions (NY Times) — Supply-chain problems have interrupted Black women’s efforts to stockpile during the pandemic.

Caribbean / International

  • Geneva Voters Agree to $25 Minimum Hourly Wage (Bloomberg)
  • UK exporter shortlisted for the Black British Business Awards (WiredGov)
  • Banks accused of being ’racially selective’ over distribution of R200 billion Covid-19 relief funds (IOL).
  • Black business owners win against racism in Ontario Superior Court decision (The Star).
  • Black business owners win against racism in Ontario Superior Court decision (The Star) – Racial stereotyping evident in court case between Elias Restaurant and Keele Sheppard Plaza.
  • This UK Entrepreneur Is Bringing His Haircare Line For Black Men To The US Market (Black Chronicle) – Black entrepreneur who created hair products for specific hair types is looking to make crossover from the UK to the US

Economics

Editor’s Note: While documenting problems is worthwhile work, the researchers are also indirectly profiting from other people’s misery. They should be doing more to help fix the problem. Corporate America is at least making a token commitment. Academia and Research should also follow suit. This attitude of “not my problem” or the “market will sort it out” of economist has little to solve the real world problems of race. We find the detachment of the economics profession from peoples real-life problems: disgusting.

Law / Legal

  • Making the US trademark system more accessible to Black business owners (World Trademark Review) – Bridging the gap between Black-owned businesses and the trademark system

Education

  • How can business schools tackle racial inequality? (Financial Times)
  • Indiana University invests in 31 research projects exploring racial justice, announces gender equity task force (Indiana University). Indiana University has decided to fund research projects that look at the pandemic effect on black businesses.
  • Harvard Business School Launches Action Plan for Racial Equity (Harvard Business School) – The Harvard Business School Action Plan includes initiatives for Black-Owned businesses.

Technology / Apps

Travel

  • Berkeley Talks transcript: How plantation museum tours distort the reality of slavery (Berkeley News)
  • Harriet Tubman Museum opens in Cape May, N.J. (The Daily Item)
  • Black business leaders launch hotel investment (Hotel Management) – First hotel investment fund owned by Blacks removes barriers for African Americans to enter the market.
  • DC’s Only Black-Owned Fine Dining Restaurant Was Hit Hard During Pandemic (TravelNoire)

History

  • What was Black Wall Street? (VOA News). This article explains the events that occurred in Tulsa in 1921. 

Black Economic and Business Stories for September 13th to 20th, 2020

Top Stories

  • Black women who own businesses fight against wave of closures (NBC News). The number of black owned women businesses have decreased since the pandemic.
  • Limited funding, little access: Women of color have steeper climb when opening a business (Greenville News) – The systemic remains of Jim Crow-era practices still permeate funding of Black businesses by banks.
  • Without another round of financial assistance, Black business owners are facing tough choices (The Business Journal). Recovery seems to take longer for black owned businesses.
  • White Workers Are Getting Hired Back Twice As Fast As Black Workers (Huffington Post)
  • RAND study uncovers massive income shift to the top 1% (Fast Company)
  • Racism has cost Black Americans $70 trillion since the start of slavery — here’s how that cost breaks down (Business Insider)
  • Organizer helps Black entrepreneurs find a doorway into marijuana industry (The Business Journal). The Canna Education Collective will create 8 separate businesses designed to help service people interested in entering the legal marijuana market. Marijuana Business offer a great opportunity.
  • Master P on the importance of minorities disrupting the food industry: ‘We need more people who look like us doing this’ (Yahoo Sports) – Master P calls for the more Black ownership in the packaged food goods and restaurant businesses.

Coronavirus / PPP

  • Some Urban Hospitals Face Closure Or Cutbacks As The Pandemic Adds To Fiscal Woes (NPR). The economic damage inflicted by the COVID-19 creates a greater pressure for urban hospitals.
  • Without another round of financial assistance, Black business owners are facing tough choices (The Business Journal). Recovery seems to take longer for black owned businesses.
  • Black workers bear brunt of Covid-19’s job shock in Minnesota (Biz Journals) – In the midst of COVID-19 layoffs, a quick way to help black workers is to invest in black business.
  • D.C. Businesses In Majority Black Neighborhoods Waited Longer For Federal Pandemic Aid (WAMU) – Analysis by Brookings Institution reveals businesses in Black neighborhoods given additional waiting time for PPP funding

 Protest

  • On Anniversary of Church Bombing that Killed Four Black Girls, Group of Prominent Black Women Leaders and Advocates Call for $1 Billion Investment to Help Black Girls Thrive (Yahoo Finance). Black women leaders and advocates invest $1 billion in Black girls and young women.

Workers / Labor / Unemployment

  • White Workers Are Getting Hired Back Twice As Fast As Black Workers (Huffington Post)
  • An economist explains how the U.S. labor market and mass incarceration are interwoven (Yahoo Finance)

Black Business General

  • Virtual African American Day Parade set for Sept. 20 (Amsterdam News) – The theme of the 51st Annual African American Day Parade is “A Tribute to Black Business”
  • Black women who own businesses fight against wave of closures (NBC News). The number of black owned women businesses have decreased since the pandemic.
  • Why Johnson & Johnson and others are investing in this burgeoning Black-owned haircare company (CNN). The demand for natural hair products is increasing. This partnership is a seven-figure deal.
  • This Shark Tank star is partnering with Lowe’s to help minority-owned businesses (CNN).Lowe’s is partnering with Daymond John to help support minority-owned businesses.
  • Free webinar to support city’s black businesses (Express & Star). A free webinar will be held to help black businesses deal with the impact of the pandemic.
  • American Express Launches the “Coalition to Back Black Businesses” Grant Program with a $10 Million Commitment (Business Wire). $10 Million will be allocated in the form of grants to help with the recovery of small black-owned businesses.
  • Limited funding, little access: Women of color have steeper climb when opening a business (Greenville News) – The systemic remains of Jim Crow-era practices still permeate funding of Black businesses by banks.
  • Encinitas4Equality Strive To Empower Black Community In North County (KPBS) — In addition to helping Black businesses, E4E aims to aid the community building, policing, housing, ally ship, and educational needs of Blacks.
  • ABC 7 Eyewitness News Spotlights Third Installment of Black-Owned Business with Week-Long Series (Chicago Defender) –Black Owned is a series of interviews highlighting the Black Business community in Chicago.
  • Indiana Black Expo offering Hoosiers webinar about digital business survival (WTHR) – Webinar aims to help minority-owned businesses with web presence.
  • New nonprofit Black San Diego hopes to bolster Black-owned businesses (10 News) – It all started as a Facebook group. Black San Diego looks to improve the entrepreneurship skills of the Black community.
  • Bud Light Partners with EatOkra App to Spotlight Black-Owned Restaurants This Football Season (People) – Bud Light to give nod to Black Businesses during NFL Thursday Night Football.

Black Business Stories

  • Organizer helps Black entrepreneurs find a doorway into marijuana industry (The Business Journal). The Canna Education Collective will create 8 separate businesses designed to help service people interested in entering the legal marijuana market.
  • New Black-owned business opens in Grand Rapids MI amid pandemic (WoodTV). A new black-owned business opens in Grand Rapids  MI during the pandemic.
  • Black-owned businesses thrive in the Lehigh Valley (Brown and White). A list of black owned businesses that thrive in the Lehigh Valley.
  • Dynamic new online directory helps global shoppers discover, support black-owned businesses (Digital Journal). “Black Good” is a site directing shoppers to support black-owned businesses.
  • For the Culture: Tampa Bay directory service promotes Black-owned businesses (News Channel 8) – Search engine makes finding Black businesses in Tampa Bay easier.
  • 19 Minority-Owned Businesses That Sell Incredible Spices, Sauces, and Condiments (Self) – A comprehensive list of minority-owned condiment businesses and why it is important to support them as they overcome the obstacles of systemic racism. 
  • The Best Holiday Gifts to Shop from Black-Owned Businesses (GH) – A list of products that can make you in complete support of black-owned businesses during the holiday season.
  • Richmond woman creates app to find Black-owned businesses (WTVR) – New app Blocal Search is a nationwide directory of Black-owned businesses.   (BLocalSearch.Com)
  • Black-owned businesses face unique challenges during COVID-19 recession (News & Observer) – In the face of COVID-19 and gentrification, legacy and loyalty are the keeping some afloat.
  • Businesses that are Black-owned and eco-friendly (The Famuan) – Three businesses give showcase a winning combination: Black-owned and sustainable.

Big Business

  • Focus on Black Directors Has Latinos Asking: What About Us? (Bloomberg)

Inequality

  • RAND study uncovers massive income shift to the top 1% (Fast Company)
  • Racism has cost Black Americans $70 trillion since the start of slavery — here’s how that cost breaks down (Business Insider)
  • Virginia’s racial income gap closed more before the Civil Rights era than it has since (The Virginian-Pilot).

Politics / Government

  • Comparing Biden’s and Trump’s economic policies (MarketPlace) – Great, detailed summary of the economic polices of Biden and Trump.  Doesn’t really matter though.
  • The Congressional Black Caucus: Necessary but Not Sufficient (The American Prospect). New progressives elected in office can have an effect on the Congressional Black Caucus.
  • CBC Introduces Jobs And Justice Act Of 2020 To Help Black Families Economically And Socially (News One). The Congressional Black Caucus (CBC) proposes a new bill to improve employment and criminal justice within the black community.
  • Kamala Harris makes her Pa. campaign debut with a message to Black and Latino voters in Philly (Philadelphia Inquirer) – The Biden-Harris campaign includes a promise to invest in Black business and Black education.

Sports / Media / Entertainment

  • Golf’s latest diversity efforts may finally move the needle and bring minorities into the game (Golf Inc)
  • Philadelphia 76ers owners name first chief diversity officer to oversee $20M racial equity plan (Philadelphia Business Journal) – Racial equity plan includes support for black communities and black businesses.  Head’s up: the 76ers want a new stadium.

Entrepreneurship

  • Women who inspire: Black and Latina entrepreneurs who are excelling amid COVID-19 (NBC News). This article highlights women who have been successful during the pandemic.

 International / Caribbean

  • Black Wall Street to create 100,000 job opportunities for African Business Administration Graduates (The Street Journal). The Black Wall Street is creating 100,000 (Hundred thousand) jobs for African Business Administration graduates.

Real Estate

  • Chicago Must Build More Affordable Housing That Black, Latino Chicagoans Can Actually Afford: Task Force (WTTW). An ordinance should be proposed that developers must provide a subsidy to low income families for their units.
  • LaSalle Launches $500,000 Program to Award Real Estate Scholarships for Black and Latino/a Minorities (Yahoo Finance).
  • How discriminatory Real Estate practices continue to hurt black communities in the U.S (Vanguard). Residential segregation still exists today.
  • Atlanta’s Majesty and Elize Launch $100M Affordable Housing Initiative Amidst COVID-19 Pandemic (MarketWatch/Press Release)
  • State Representative working to save Lowcountry’s black-owned businesses (Count On 2) – Property ownership, says Grant, is the answer to the gentrification of Black business.

Reparations

  • Reparations: Blueprint for a Shakedown (Chronicles Magazine). African Americans breakdown the topic of reparations.

Discrimination

  • D.C. legalized marijuana, but one thing didn’t change: Almost everyone arrested on pot charges is Black (Washington Post). Disparities within the marijuana market exists.
  • New Study Finds Formerly Redlined Neighborhoods Are More At Risk For COVID-19 (WBUR). People living in formerly redlined neighborhoods are more susceptible to having COVID-19 complications. 

Philanthropy

  • 15 Black led organizations to receive donation through Cohort Fund (Wane). The Cohort Fund includes a $105,000 cash donation and in-kind support to 15 Black led organizations.
  • Southern Black Girls And Women’s Consortium Launches Black Girls Dream Fund (PR Newswire). The $100 million fundraising initiative will support making Black girls’ dreams a reality. 
  • Nextep Donates $10,000 to Grand Gentlemen to Support the Oklahoma City Black Community (Yahoo Finance). Nextep founder and CEO, Brian Fayak, give $10,000 grants to five black-owned businesses in the Oklahoma community.
  • Maryland Episcopal Church vows to create $1M reparation fund (NBC News). A Maryland religious institution has pledged to create a $1 million fund for programs benefiting the Black community in an effort to make reparations for its role in slavery and racial injustice.
  • American Express is committing $10 million to help Black business owners recover from the pandemic (The Hill) –The Coalition to Back Black Business partners with American Express to help Black businesses in economically vulnerable communities.
  • Shaquille O’Neal and AMEX launch $10 million grant for Black-owned businesses (Revolt TV) – Women business owners are a specific target of Shaquille O’Neal and Amex’s pledge.
  • Mastercard investing $500 million in Black communities, including Birmingham (AL) – Mastercard targets seven cities with its $500 million investment over five years.
  • Netflix, $100 Million and Black-Owned Banks (NewsWise) – Netflix latest to pledge to black owned financial institutions, promising 2 percent of its cash holdings. Read more here (NY Times)

People / Success Stories

  • Black-owned WeatherCheck helps property owners file insurance claims for weather damage. (Fortune)
  • This guy used his experience and cash from a pharmacy job to create a photography business (Orlando Business Journal) – How Landen Conner turned his side hustle to his main job
  • Pre-teen with lots of drive starts successful business (Chestnut Hill Local) – 12 year-old business owner already has his eyes on setting up an LLC.
  • Master P on the importance of minorities disrupting the food industry: ‘We need more people who look like us doing this’ (Yahoo Sports) – Master P calls for the more Black ownership in the packaged food goods and restaurant businesses.

Technology / Innovation / Apps

  • Black Nation App Fosters Human Connection Through Technology (Grit Daily) – New app allows for marketing, giveaways and networking amongst Black businesses.

HR/ Personnel

  • Why Black Talent Is Opting Out of Corporate America (Hunt Scanlon) – Many Black executives are exiting the corporate world in favor of solo opportunities.
  • African Americans and Burnout: What You Need to Know (Thrive Global) – African Americans are more likely to experience burnout. Contributors from the financial world break down common symptoms

History

  • Reopening of historic Madam C.J. Walker building delayed (The Chicago Crusader) – Last surviving building of Indianapolis’s Black business community remains closed due to coronavirus.

Black Business and Economic Stories for September 7th to September 13th

Top Stories

  • Thyk Skynn, Black-Owned Line of Bulletproof Vests For Adults and Children Sees 400% Increase in Sales (Chicago Crusader) – This is dope.
  • Black business group pressures Massachusetts Governor Baker to diversify state contract awards (Boston Globe)
  • The Color Of Public Money: Black Businesses’ Share Of Public Contracts Has Declined Over 20 Years (WGBH) – Must read.
  • Walmart details its report on diversity (Arkansas Democrat Gazette). You can read the report here. (Walmart). Blacks are 21% of workers and 12% of managers.
  • Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC (Bitcoin.com) – TI was charged with a fraudulent initial coin offering.
  • Many Black WW2 veterans were denied their GI benefits. (War on the Rocks)
  • Opportunity Zones Get Big Push as Critics Question Who They Help (Bloomberg) – Trumps only proposal for the Black community.
  • Covid-19 has exposed the consequences of decades of bad public housing policy (Washington Post) – Great discussion of public housing

Covid-19 / Coronavirus

  • Column: ‘It’s like we’ve been living in a pandemic all along.’ COVID-19 and recent looting add to setbacks for long-neglected North Lawndale (Chicago Tribune) – by Dahleen Glanton. Very good writer to follow.
  • Covid-19 deaths among Black essential workers linked to racial health care disparities (Health Care Finance)
  • Racial Disparities in COVID‐19 Mortality Among Essential Workers in the United States (World Medical & Health Policy)
  • How economic factors are putting people of color at greater risk for coronavirus (PBS)
  • Small businesses are losing confidence in their survival (Axios) – 43% of black-owned businesses say cash reserves will be depleted by year end.
  • COVID-19 deaths among black essential workers linked to racial disparities (EurekAlert). African Americans are more likely to be essential workers, thus having a greater chance of contracting COVID.
  • A Second Stimulus Check Could Be Coming. Can Low-Income Households Wait? (Forbes). Even though blacks have been disproportionately affected by the pandemic, the second proposed stimulus check (HEALS and HEROES) may be delayed.

Protest

  • New Reporting Shows Kenosha Riots Hit Minority Communities Hardest (Foundation for Economic Education) – Conservative
  • American Airlines shows support for Black staff, passengers with Black Lives Matter pins (USA Today). American Airlines provides their support to African Americans, and believes in equity and inclusion for all.

Jobs / Workers / Unemployment / Gig Economy / Labor

  • African Americans and the Labor Movement (Chicago Crusader)
  • Jobs to Move America’s coalition announced the renewal of their community benefits agreement with Chinese electric bus manufacturer BYD (Antelope Valley Press) – “As a result of the targeted hiring program, workers of color comprise 90% of BYD’s workforce, with African-American workers representing 30% of the total workforce. “
  • US layoffs remain elevated as job market’s gains weaken (Philadelphia Tribune)
  • Gov. Newsom of California Signs Bill Allowing Producers, Writers, Musicians and More to Remain Freelancers (LA Watts Times)
  • UI claims rising as jobs remain scarce (Economic Policy Institute)
  • Keeping it Real: Hard Work (Black Voice News) – Talks about Black unemployment then pivots to support for California Propostion 22.  It’s so weird seeing editorials in the Black press on a topic they never paid any attention to.  Hmmm.

Inequaltiy / Systemic Racism

Black Business Specific

  • Clint Gray of Slim & Husky’s discusses West Coast expansion (Rolling Out)
  • Santa Monica Black-Owned Businesses and Entrepreneurs (Part 10 in a Series) (City of Santa Monica) – Unique stories from Black-owned business owners.
  • Thyk Skynn, Black-Owned Line of Bulletproof Vests For Adults and Children Sees 400% Increase in Sales (Chicago Crusader) – This is dope.
  • Former NFL linebacker Darryl Sharpton is now thriving with an online furniture business (CNBC)

Black Business General

  • Black Farming Conference to show the way for next generation of farmers (Dayton.com)
  • Pittsburgh’s Black farmers work to grow a new future (Environmental Health News)
  • WKYT TV) – Lexington, KY
  • Black business group pressures Massachusetts Governor Baker to diversify state contract awards (Boston Globe)
  • The Color Of Public Money: Black Businesses’ Share Of Public Contracts Has Declined Over 20 Years (WGBH) – Must read.
  • ‘Lift As We Climb’ To Support Black-Owned Business (Happi) – Gabrielle Union’s “Lift as We Climb” initiative to highlight black-owned brands on its social channels and webpages.
  • Supporting Black-Owned Businesses Should Be More Than Just A Trend (Forbes). An increase in searches for Black-owned businesses prove that support for them should be continuous.
  • Black-owned businesses still face uphill financial battle during the pandemic (Marketplace). This is a podcast from the Marketplace Morning Report, addressing the concerns for black businesses.

Black Institutions

  • The National Business League Aims to Empower 1 Million Black Businesses By 2025 (The Black Chronicle)

Big Business

  • Walmart details its report on diversity (Arkansas Democrat Gazette). You can read the report here. (Walmart). Blacks are 21% of workers and 12% of managers.
  • Target also release it’s diversity report (Target) – Blacks are 15% of workers and 12% of managers.
  • Zillow, Nextdoor and Other Companies Pledge to Add Black Directors (Wall Street Journal)
  • Fifth Third Foundation Powers $1.2 Million Innovation Meets Main Street Program for Black, Women-Owned Entrepreneurs (Business Wire) — $1.2 Million of $8.75 million pledge dedicated specifically to Black Women-Owned Business.
  • CareerBuilder Offers Free Services to Black-Owned Small Businesses Impacted by COVID-19 (PR Newswire)
  • Bank of America backs Black-owned banks, including one in Detroit, in $300 million equality drive (Detroit Business) – Bank of America’s pledge of $1 Billion over four years includes direct equity investments in black-owned businesses. Black-owned SC lender lands investment from Bank of America (The Post and Courier)
  • Biotech company partners with Black-owned bank (Miami Times) – Partnership aims to help close the racial wealth gap and serves as support for the #BankBlack movement.

Discrimination

Affirmative Action

  • Vote NO on California Proposition 16 restoring ‘affirmative action’ (Bakersfield.com) – Just a collection of frequent complaints supporting inaction. It costs too much. Pretty lame.

Industry

  • Cannabis industry in Colorado takes on social justice (Daily Camera)
  • Amazon to hire 100,000 to keep up with online shopping surge (Philadelphia Tribune)
  • Retail strategies to support Black-owned businesses, tap into $1.5 trillion buying power of Black shoppers (Food Navigator USA)

Real Estate / Housing

  • How Philly’s affordable housing problem was 100 years in the making (BillyPenn)
  • Work begins on National Pullman Monument (Chicago Crusader)
  • 19 families buy nearly 97 acres of land in Georgia to create a city safe for Black people (KMOV TV)
  • R&B singer Akon moves ahead with ‘Akon City’ in Senegal (Associated Press)
  • Attica Locke: why did my black ancestors never leave Texas? They knew land is power (Guardian)
  • Board OKs variances for Milford, DE African American funeral home project (Delaware State News) – Wow, if you want to see how complicated local development is, read this.  You need to lawyer up. 
  • Community land trusts could help heal segregated cities (The Conversation)
  • Donating Materials, Time and Talent to Boost Black Homeownership (Next City)
  • Covid-19 has exposed the consequences of decades of bad public housing policy (Washington Post) – Great discussion of public housing

Finance / investing

  • African Nations Say They’re Being Ripped Off by Wall Street (Yahoo Finance)
  • Memphis City Council urges state to ban all payday lenders (WMC TV)
  • Investors Want to Align Their Dollars with Racial Justice Demands (Next City). Activists demand investors to include fiscal justice investments into their strategies.

Tech / Apps / Venture Capital

  • SunUp App Launches to Discover Black-Owned Businesses in NYC (PR Newswire) – Is it Black Owned? With the SunUp app, you no longer need to ask. Good find.
  • Venture investors need to invest in Black-owned businesses (Big Think). Abner Mason recommends that all venture capital firms agree to invest 13% of their funds to African American Businesses.

Straight Up Econ

  • Progressive economists have left rural America behind (Business Insider) – A social safety net would help, but people vote with their cars by moving.
  • Opportunity Zones Get Big Push as Critics Question Who They Help (Bloomberg)
  • How US consumers use their stimulus payments (VOXEU)             

People

  • Wesley Gillespie reflects on his journey to leadership (Crain’s Cleveland Business)
  • Jasmine Lawrence, CEO, started beauty company at 13 years old (Fox) – She used her allowance at age 13 and now has products in CVS, Target, Walmart and Sally’s.
  • Wilma Mae Basta’s Childhood Was Steeped in Black Activism. Now as an Entrepreneur, She Seeks to Support other Women(Inc)

In Passing

  • Theodore R. Laster Jr., a veteran real estate agent in Baltimore city’s comptroller’s office, dies (Baltimore Sun) – Interesting bio

Government / Politics

  • Trump’s second-term agenda for African American voters: expand opportunity zones (McClatchy DC)
  • BLACK ECONOMIC ALLIANCE PAC ENDORSES NY CANDIDATES JACKIE GORDON, MONDAIRE JONES
  • Black Economic Alliance endorses NY Candidates: Jackie Gordon and Mondaire Jones (Black Star News)
  • Covid-19 has exposed the consequences of decades of bad public housing policy (Washington Post) – Great discussion of public housing
  • Race Training for Federal Employees is a “Sickness” (FedSmith) – Conservative
  • Environment
  • Citizens for a Sustainable Future bridging the green gap in Black communities (Tallahassee Democrat)

Africa / Caribbean / International / Diaspora

  • Trudeau announces $221M loan program for Black entrepreneurs (BNN Bloomberg) – COVID-19 brings systemic gaps that Black Canadians face to light

Immigration

  • How immigrants expand the U.S. economy(Phys.org) – Not sure we agree with this in a tribal, zero-growth economy.  The real world tells us otherwise.
  • Africa, stop ruining your future by exporting needed human capital! (The Africa Report)
  • Sports / Media / Entertainment / Travel
  • A high school basketball player has a 0.01% chance of making the pros. (NCAA)
  • National Coalition of Black Meeting Professionals Presents Its 7th Annual “State of Black Tourism” Event Hosted By The National Press Club (Yahoo Finance).

Law / Crime / Scams

  • Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC (Bitcoin.com) – TI was charged with a fraudulent initial coin offering.

Education

  • At USF, 23 research projects will focus on racism and disparities (Tampa Bay Times) – “The work will involve 90 faculty across eight colleges and the university’s three campuses.”
  • USF ranks among top in the nation for reducing inequality, outlining a potential rise on a national stage (Tampa Bay Business Journal)

Military

History

  • Matewan, WV. Reopening Of Mine Wars Museum Includes Uncovered History (West Virginia Public Broadcasting) – Part of famous story where Black, White and Immigrant workers joined forces.

Black Business and Economic Stories for August 31st to September 6th

We have over 80 stories this week. The best story is how HBCUs prepare students for careers in science and technology.

Top Stories

  • Tyler Perry: From Poor as Hell to Billionaire, How Tyler Perry changed show business forever. (Forbes) – The 51-year-old entertainer owns the entirety of his creative output and a 330-acre studio lot at the edge of Atlanta’s southern limits.
  • 52 Black Former Franchisees Sue McDonald’s Alleging Discrimination (NPR) – Lawsuit alleges discrimination inside McDonald’s. Black owners were steered to low-profit locations.
  • Three young entrepreneurs talk about their small business journey (National Retail Federation)
  • Master P introduces a new Black-owned food brand to replace Aunt Jemima and Uncle Ben’s (CNN)
  • Who has the most success preparing Black students for careers in science? Historically Black Colleges and Universities (Chemical and Engineering News)
  • How Government Rules Prevent Poor Americans From Saving (Politico) — The Covid-19 pandemic has illustrated the folly of capping the assets of Americans on public assistance.
  • To Understand How Gentrification in Durham Works, Just Read the Signs (Indy Week Durham) – Good story on gentrification
  • Michael Bloomberg to Give $100 Million to Historically Black Medical Schools (NYTimes)
  • The Black unemployment rate dropped to 13% in august according to the Bureau of Labor Statistics September unemployment report (BLS). Black men, 20 an over, had an unemployment rate of 13.2% and Black women, 20 and over, had a rate of 12%.

Covid-19 / Coronavirus / Pandemic / PPP

  • African Americans Hit By Job Losses During The Pandemic Find It Hard To Recover (St. Louis Public Radio). The financial burden of the pandemic is making it difficult for African Americans to recover.
  • Big Banks Profit from White Supremacy. They Should Return PPP Fees to Black and Latino Communities (Next City) – Racist banking policies put Black and Latino communities at a disadvantage.
  • URBAN AGENDA: Economic Inequities Grow As COVID-19 Recession Takes Hold (NY Amsterdam News)
  • 1921 Tulsa Race Massacre Descendants File Lawsuit (The Black Wall Street Times)
  • Oklahoma Lawsuit Seeks Reparations In Connection To 1921 Tulsa Massacre (NPR) – 105-year-old lives to see reparations from massacre on Black Wall Street.

Jobs / Unemployment / Workers / The Economy

  • Michigan used to lead the U.S. with the smallest pay gap between Black and white workers. Not anymore (MLive.com)
  • U.S. unemployment rate falls to 8.4% even as hiring slows (Philadelphia Tribune) – AP
  • The Black unemployment rate dropped to 13% in august according to the Bureau of Labor Statistics September unemployment report (BLS). Black men 20 an over had an unemployment rate of 13.2% and Black women 20 and over had a rate of 12%.

Black Business General

  • Oakland Black Business Fund Launches Investment Platform for Black-Owned Businesses Across the U.S. (Oakland Black Business Fund) – Press release. The OBBF aims to raise $1 Billion dollars to invest in Black business and real-estate across the US.
  • Meet the Two Entrepreneurs Who Launched a $1B Investment Fund For Black Businesses (AfroTech) – Another nice write up.
  • City’s BE NYC initiative aims to increase amount of Black-owned businesses with resources and investment (QNS) — New York City created the BE NYC Program to increase the number of Black-owned business in all 5 boroughs.
  • Beyoncé gives $1 million to Black-owned businesses impacted by the pandemic (Business Insider)
  • National Business League, Nation’s First Black Business Organization Turns 120 Years Old (Cision PR Newswire)
  • How Bank Black USA Is Helping Empower Black-Owned Banks And Credit Unions (Forbes)
  • Meet the Women Advancing Black Business for Themselves and Their Communities (Swaay) – Discusses the Black Innovation Alliance
  • Sephora, Netflix help Black businesses — but that’s not enough. Entrepreneurs need more (USA Today) – The article mentions Tuloko.com, the authors website.
  • YoCo Strong Restart Grants prioritizing Black, minority-owned small businesses in York County (York Daily Record)
  • Global Data’s Bill Spruill says effort to support minority bank is paying off (WRAL Techwire)

Black Business Specific

  • Three young entrepreneurs talk about their small business journey (National Retail Federation)
  • 60+ Black-Owned Breweries to Support Across the Country (Porch Drinking)
  • Black-Owned Breweries Are Few and Far Between. These Founders Are Helping Change That (Inc Magazine)
  • How The First Black-Owned Bank With $1 Billion In Assets Can Close The Racial Wealth Gap (Forbes) — City First Bank of D.C. and Broadway Federal Bank are merging.  Not a lot will change.
  • Black Girl Sunscreen CEO Shontay Lundy creates solution for women of color (Rolling Out) – Shontay Lundy creates Black Girl Sunscreen for melanin-infused skin.
  • Master P introduces a new Black-owned food brand to replace Aunt Jemima and Uncle Ben’s (CNN)
  • Master P Launches ‘Uncle P’s’ Brand as an Aunt Jemima Alternative (Eater)
  • How a new contract for Black-owned business benefits Fresno (Fresno Bee)

Big Business

  • Facebook group is working to empower Black-owned businesses across Triangle (Wral Tech Wire).
  • KFC, Yum! Brands to Invest $6 Million in Louisville to Combat Social Injustice (QSR)
  • Costco commits $25M to Black Economic Development Fund (Grocery Dive)
  • IBM sued by former employee over alleged age discrimination (West Fair – Online) – Plus an old link to a article discussing age discrimination at IBM. Cutting ‘Old Heads’ at IBM (ProPublica) – March, 2018.  It’s a tough call because all of IBMs rivals employ only young men and discriminate worse.  In fact, they simply don’t hire older employees, so they don’t have an issue laying them off.

Discrimination

  • 52 Black Former Franchisees Sue McDonald’s Alleging Discrimination (NPR) – Lawsuit alleges discrimination inside McDonald’s. Black owners were steered to low-profit locations.
  • The McDonald’s mess continues: 52 Black ex-franchisees are suing the company for $1 billion, alleging racial discrimination. (Business Insider)

Inequality / Structural Racism

  • Black Lives Matter is just tip of iceberg. Economic gain, worker protections, voting also key (USA Today) – by Alicia Garza
  • How Government Rules Prevent Poor Americans From Saving (Politico) — The Covid-19 pandemic has illustrated the folly of capping the assets of Americans on public assistance.
  • Families Can’t Get by on Cash Assistance (Center for Law and Social Policy)
  • Billionaire Bill Ackman says mandatory investing accounts for every US child could combat wealth inequality (Business Insider) – Darrick Hamiliton’s baby bonds receives an endorsement.
  • For many of color, a very different life in Tampa Bay | Editorial (Tampa Bay Times) – Life’s tough for Black people in Tampa.

Reparations

  • California assembly pushes reparations bill forward (The Hill)
  • Experts: America’s elite colleges can lead reparations talks by partnering with Black colleges (The Atlanta Voice)

Black Economics

  • Black women lead initiative of 19 Black family investors in purchase of 96.71 acres of undeveloped land (The Atlantic Voice). The Scott and Walters’ Freedom Georgia Initiative purchased the land in hopes to creating a safe haven for Black families.  
  • What hurts minorities’ progress in economics? (American Economic Association). Professor Gary Hoover interviews minorities to gage their experience in the economic profession.
  • The Tax Code And Economic Justice In America(Forbes) – long interview with Darrick Hamilton
  • What Black America Can Do To Close The Racial Wealth Gap (Forbes)
  • The World Bank perpetuates racism and help ex-colonialists (The Elephant)
  • PowerNomics | 1995 Detroit Black Journal Full Episode (You Tube) – Dr. Claude Anderson. Always interesting.

Straight up Econ

  • Capitalist forces make it tough to run a restaurant that treats workers fairly (Eater)
  • The Trump vs. Obama economy — in 16 charts (Washington Post)

People

  • Black Female Entrepreneur Who Took a Leap of Faith Despite the Odds Finds Success in Jacksonville (Jacksonville Free Press)
  • Tyler Perry: From Poor as Hell to Billionaire, How Tyler Perry changed show business forever. (Forbes) – The 51-year-old entertainer owns the entirety of his creative output, including more than 1,200 episodes of television, 22 feature films and at least two dozen stage plays, as well as a 330-acre studio lot at the edge of Atlanta’s southern limits. Basically this story should be in Black Enterprise.
  • Taking the initiative to push for Black executives in Pittsburgh’s businesses (Pittsburgh Post-Gazette)
  • ReMix Dissolving Barriers for Black Entrepreneurs(Arkansas Business) — Benito Lubazibwa runs a non-profit that teaches entrepreneurship.
  • City’s technology chief Louis Stewart hired away by Nvidia Corp (Sacremento Business Journal)
  • “As a Black Female Founder, I Know Times Are Hard. Here’s How I Push Forward.” (Entrepreneur Magazine)

Industry / Careers

  • There Really Is No Ethical Restaurant Under Capitalism (Eater)
  • Who has the most success preparing Black students for careers in science? Historically Black Colleges and Universities (Chemical and Engineering News)

Sports / Media / Entertainment

  • African American newspapers are a vital source of public health information (The Washington Post). The disproportionate impact of the pandemic emphasizes the importance of African American new outlets.
  • NCAA quarterbacks ‘would make over $2million annually’ and starting men’s basketball players ‘could earn $800K’ if college athletes were paid equitably, according to a new economic study (Daily Mail UK)
  • Ice Cube’s contract with Black America (Icecube.com) – Ice Cube has a surprising number of financial and economic proposals

Cities / Urban Planning / Local Government

  • Tourism officials: It will take years for Baltimore to recoup from coronavirus (WBAL TV)
  • For 40 Years, Philly Mayors Have Promised to End Poverty. For 40 Years, I’ve Watched Them Fail. (Philadelphia Magazine). From a series called Broke in Philly (BrokeinPhilly.org)

Careers

Finance / Investing

Real Estate / Finance / Development / Segregation

  • Oak Ridge TN celebrating 65th anniversary of school desegregation (Oak Ridge Today)
  • Groups urge City and DRWC to support project’s plan to create tens of thousands of jobs and unprecedented economic opportunity for Black and Brown Communities (Yahoo Finance) – Developers want public money and land to build a new arena for 76ers in Philadelphia.
  • Proposal For New 76ers Arena At Penn’s Landing Earning Support From Local African-American Organizations (CBS Philadelphia)
  • To Understand How Gentrification in Durham Works, Just Read the Signs (Indy Week Durham) – Good story on gentrification
  • Build Something Big! One Million New Affordable Housing Units, 2020-2030 (Archinect) – So I always wonder if people write editorials to promote their own books ?
  • Progress for whom? Blacks have not benefits from development in St. Petersburg FL. (The Weekly Challanger)

Education

  • Charter Schools Find Gold in Federal Government Aid to Small Businesses While Black-Owned Firms Get the Shaft (Our Schools / Naked Capitalism) – Charter schools received PPP money while public schools did not.
  • In NYC, Education Remains Paramount in Reducing Economic-Racial Gap, Experts Say (Brooklyn Reader)
  • Decline in school enrollment in the Black Belt threatens economic stability, new report says (WBRC Alabama)

Politics / Government

  • Only 3% of all US financial regulators over the past 90 years have been Black Americans, study finds (Business Insider)
  • What do the data reveal about (the absence of Black) financial regulators? (Brookings). The absence of black financial regulators could limit economic inclusion. Interesting Tidbit: Most regulators start as congressional staff attorneys.
  • Sheila Clark, Program Director for the Fed’s Office of Diversity and Inclusion testifies before congress (Mondovisione)
  • Report to the Congress on the Office of Minority and Women Inclusion – March 2020 (Board of Governors — Federal Reserve)

Philanthropy

  • Cleveland Foundation creates Cleveland Black Futures Fund, announces second phase of Greater Cleveland COVID-19 Rapid Response Fund (Crain’s Cleveland)
  • Michael Bloomberg to Give $100 Million to Historically Black Medical Schools (NY Times)
  • Bloomberg Philanthropies Commits $26.3 Million Gift to Morehouse School of Medicine (MKE Community Journal) – Donation made with the hope that more Black doctors equals more black lives saved.

Old but good

  • African-Americans’ economic setbacks from the Great Recession are ongoing – and could be repeated (The Conversation) – A good summary of the problem
  • Here’s The Only Way To Close The Racial Wealth Gap (Newsone) — If these problems aren’t addressed, African-Americans may not have another chance to ever becoming equal economic players in this country.
  • PowerNomics | 1995 Detroit Black Journal Full Episode (You Tube) – Dr. Claude Anderson. Always interesting.