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.