Month: September 2020

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

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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

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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

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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.

Black Business and Economic Stories for August 24th to August 30th

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We have 62 stories this week. We have seven stories in our Black economics section and several stories in our people section.

Top Stories

  • Is this the end for America’s mom-and-pop stores? (Financial Times)
  • Erika James, Wharton’s first female dean (Philadelphia Inquirer)
  • The Owners of Fulton-Mecklenburg, a Digital Marketing Agency, Says Black Owned Businesses Need to Collaborate During Pandemic (EURWeb) – Here a good and detailed looking inside a Black marketing agency.
  • Light-Skin / Dark-Skin: How skin-tone bias affects racial equality at work (European Sting) – Very dry but something we all know is true. Society prefers people with lighter skin.
  • The Unequal Future of Consumption: Covid is changing earning and spending (The New Republic) – Good long article if you are trying to figure things out.
  • Rising Black Voices in Wine (Wine and Spirits Magazine)

Covid-19 / Coronavirus / PPP

  • The Unequal Future of Consumption: Covid is changing earning and spending (The New Republic) – Good long article if you are trying to figure things out.
  • Is this the end for America’s mom-and-pop stores? (Financial Times)
  • Report: Poorest Congressional Districts Shortchanged by PPP Program (Accountable.us)
  • Nations poor areas got billions less in PPP aid than rich areas, Report Finds(Tri-City Herald)
  • Chairwoman Maxine Waters Sounds Alarm on Coming Wave of Evictions (Jacksonville Free Press)
  • Report: COVID-19 Now is The Third Leading Cause of Death Among Black People (Jacksonville Free Press)
  • Coronavirus Is Hitting Black Business Owners Hardest (NY Times) – From June 18th.  Uses Fairlie data.

Protest

  • “Jobs, not ‘abstract notion of freedom’ were focus of first March on Washington” (WJLA TV)

Jobs / Workers / Unemployment

Black Business

  • New Black-owned financial center aims to build wealth, promote homeownership in North Omaha (Omaha World-Herald)
  • A New Moment for Black Bookstores (Publishers Weekly)
  • Not just a haircut: Barbershops, salons offer freedom and community (Youngstown Vindicator)
  • Shanel Fields is proving that now can actually be a good time to start a business (NBC News)
  • The Owners of Fulton-Mecklenburg, a Digital Marketing Agency, Says Black Owned Businesses Need to Collaborate During Pandemic (EURWeb) – Here a good and detailed looking inside a Black marketing agency.

Black Business General

  • Minority entrepreneurs at a tipping point as Black-owned banks dwindle in the U.S. (CNBC)
  • Black-owned firms in Boulder County seek inclusion (Daily Camera)
  • Temoura Jefferies, of High Point, creates Buy Black Guide as resource for Black-owned businesses (WFMY TV)
  • Fairfax County EDA forum spotlights access to capital for minority-owned businesses (Fairfax Times VA)

Big Business

  • Black Owned Celldration Premium Water Signs Historic Distribution Deal For 1100 Kroger Stores (Michigan Chronicle) – Interesting idea. Story reads like a press release.
  • Brooklyn Nets owners pledge $50 million to create ‘economic mobility’ in the Black community (CNBC)

Industry Spotlight

  • History of trucking in America (KAKE TV Wichita KS) – Kinda of interesting
  • Black Entrepreneur Creates Platform To Promote Diversity In The Cannabis Industry (NY Beacon)

Finance / Investing

  • How University of Chicago, Howard, & Other Endowments Are Tackling Asset Management’s Big Problem (Institutional Investor)

Discrimination

  • Light-Skin / Dark-Skin: How skin-tone bias affects racial equality at work (European Sting) – Article that confirms what we already know in a dry and boring manner.  Can’t they make this more salacious somehow with a glamourous light-skin woman next to a drab dark-skinned woman?  Oops, I guess that’s the point, huh.
  • Systematic Inequality and Economic Opportunity (Center for American Progress) – August 2019.  One of the defining papers on discrimination.

Inequality

  • Monroeville man saw ’To Kill a Mockingbird’ in segregated theater. Now he’s city’s 1st Black mayor(AL.Com) – Long time Black law enforcement official now mayor, says the key is jobs and economic development.

Reparations

  • California moves to consider reparations for slavery (AP News)
  • Education Subcommittee for Reparations Seeks New STEM School in Fifth Ward (Evanston Roundtable) — Interesting, they are going to use some of the reparations money to build a STEM school.

Gig Economy / California AB5 / Prop 22

  • Why Uber’s business model is doomed (Guardian)

Sports / Entertainment

  • Let’s call athletes ‘workers,’ and let’s call these NBA protests what they were – strikes (The Conversation)
  • NBA issues statement on social justice and racial equality (NBA)
  • Sixers’ $4B arena bid vows 35k jobs; Black and brown inclusion — goals similar projects failed to meet (WHYY Philadelphia)

Black Economics

  • Truth and  Redistribution: How to fix the racial wealth gap, end plutocracy, and build Black power (Yes Magazine) – Darrick Hamilton. Reparations, Baby Bonds, and a Wealth Tax.
  • Is Atlanta really Wakanda? Atlanta is Number one for income inequality. (11 Alive)
  • Democrats Have Failed Urban Black Americans (The New Republic)
  • The State of Black Milwaukee in National Perspective: Racial Inequality in the Nation’s 50 Largest Metropolitan Areas. (University of Wisconsin – Milwaukee Center for Economic Development) – Wow. Milwaukee is not a good place to be if you are Black.
  • Signifyin’: Final Levine Report (Milwaukee Community Journal) – Mikel Kwaku Oshi Holt gives a good summary of the report.
  • Executive Director David Clunie Calls for economic justice for Black Americans during march on Washington. (Black Economic Alliance)
  • Changing the Federal Reserve mandate could provide a down payment to ending racial inequality (The Conservation)
  • Systematic Inequality and Economic Opportunity (Center for American Progress) – August 2019.  One of the defining papers on discrimination.

Co-Ops / Employee Owned / Cooperative Economics(UJamaa)

  • Newark Paper Co., employee-owned cooperative, has ribbon-cutting in city meant to signify new era (ROI-NJ)

Straight Up Econ

Politics / Government

  • Kimberly Klacik Republican ad from RNC convention(Kim Klacik for Congress)
  • Rep. Welch on state opportunities for minority- and women-owned businesses: “The data is abysmal” (Illinois Capital Fax)
  • Racial resentment predicted white Americans’ economic evaluations in the 2012 and 2016 presidential elections (PsyPost)

People

  • Stephanie Chung Joins Wheels Up as Chief Growth Officer (Airline Industry News) (StephanieChung.com) – You aren’t big until you have your own website and can do speeches.
  • Fred Perpall, CEO of The Beck Group, says Blacks and Whites need to be more inclusive (Dallas Morning News)
  • Erika James: Bringing crisis management ideas to the oldest US business school (Financial Times)
  • Erika James, Wharton’s first female dean (Philadelphia Inquirer)
  • Erika James, First Black Woman to Lead a Top Business School, on the Corporate Diversity Problem (Bloomberg) – This profile is from 2014 when she became dean of Emory’s Business school.
  • IU education empowers couple to advocate for equality, give back to community (Indiana University Kokomo)
  • Six Black Female Entrepreneurs Who Are Changing Their Industries For Good  (Harpers Bazaar)
  • Rising Black Voices in Wine (Wine and Spirits Magazine)

Education

  • Black Families Don’t Need ‘Fixing.’ They Need Better School Funding (Education Week) – Andre Perry
  • How much is your N.C. A&T degree worth? (Black Engineer)

Leadership

  • Here’s what it takes for Black girls to become leaders, according to Michelle Obama (CNBC)
  • Six Black Female Entrepreneurs Who Are Changing Their Industries For Good  (Harpers Bazaar)

Real Estate / Real Estate Finance

  • Why Are Billionaires Schwarzman and Palmer Using A Shell Committee to Funnel Big Bucks to ‘No on Prop 21’ Campaign? (City Watch LA) – California Proposition 21 gives local governments rent control power.
  • How federal housing programs failed Black America (Nation) – Discussion of Keeanga-Yamahtta Taylor’s new book “Race for Profit.”

Re-entry / Corrections / Police

Travel

  • Meet The Black Woman Revisioning The Historic Green Book Travel Guide (NY Beacon)
  • The Long Fight for Restitution (Conde Nast Traveler) – African countries try to regain artifacts.
  • Inside Audacity Fest, Where Black Travelers Have an Open Conversation about Travel (Conde Nast Traveler)
  • Conde Nast has struggled with racism
  • Former Condé Nast employees expose racial issues at publishing giant (Page Six)
  • A Reckoning at Condé Nast (NY Times) – June 2020

Conservative / Alternative

  • Belinda Keiser: School Choice is the Secret to Trump’s Strong Economy (Daily Florida)

Law / Legal

  • Black Firm Leaders Drive Big Law Social Justice Efforts (Bloomberg Law)

Non-profits / Philanthropy

  • Local Black-Led Nonprofits Join National ‘Give 8/28’ Day (Sarasota Magazine)
  • Advancing Economic Justice: How the Ford Foundation Is Investing in Diversity (Wharton Magazine)

Classic / Old but Good

  • The Road to Zero Wealth: How the Racial Wealth Divide is Hollowing Out America’s Middle Class (Prosperity Now)