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

November 27, 2020 by Chris

Coronavirus / Covid-19 / Paycheck Protection Program

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

Jobs / Workers / Unemployment / Gig

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

Inequality / Systemic Racism / Economic Justice / UBI

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

Black Business General / Interesting Businesses Stories

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

Black Business Specific

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

Big Business / Corporate

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

Discrimination

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

Reparations / Affirmative Action / Diversity / Inclusion

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

Black Economics

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

Straight up Econ / Economics / The economy

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

Industry Watch / Spotlight

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

Sports / Media / Entertainment

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

Alcohol / Marijuana / CBD

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

Beauty / Fashion / Retail

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

Technology / Apps / Innovation

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

Finance / Investing / Banking

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

Real Estate / Finance / Development / Housing / Segregation

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

Cities / Urban Planning / Local Government

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

Politics / Government / State and Local

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

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

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

Education / Healthcare

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

Science / Math / Statistics / STEM

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

Career / Professions / Entrepreneurship / Businesses You Can Start

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

People / Motivation / Leadership / Success Stories / Ideas

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

Caribbean / Canada / Africa / Europe / International

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

Travel / History

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

Classic / Old stories but good stories

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

Opinion

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

Other

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

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

November 27, 2020November 22, 2020 by Chris

Protest / Social Justice

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

Coronavirus / Covid-19 / Paycheck Protection Program

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

Jobs / Workers / Unemployment / Gig

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

Inequality / Systemic Racism / Economic Justice / UBI

California policies stifle poor’s upward mobility (Orange County Register) — Conservative

Black Business Specific

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

Black Business General / Interesting Businesses Stories

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

Big Business / Corporate

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

Discrimination

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

Reparations / Affirmative Action / Diversity / Inclusion

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

Straight Up Econ / The Economy

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

Sports / Media / Entertainment

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

Marketing / Advertising / Consumer Behavior

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

Alcohol / Cannabis

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

Technology / Apps / Innovation

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

Finance / Investing / Venture Capital

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

Real Estate / Housing / Segregation

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

Real Estate / Finance / Development / Segregation

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

Real Estate / Construction / Development / Discrimination

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

Politics / Government / Federal, State And Local

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

Law / Legal / Non-Profits / Philanthropy

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

Arts / Music / Culture

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

Education / Healthcare

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

Rehab / Re-Entry / Corrections / Police

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

Career / Professions / Entrepreneurship / Businesses You Can Start

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

People / Motivation / Leadership / Success Stories / Ideas

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

Good News

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

Caribbean / Africa / International

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

Travel / History

BOSS: The Black Experience in Business (WNET)

Conservative / Alternative

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

Opinion

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

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

March 24, 2021November 11, 2020 by Chris

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

Top Stories

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

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

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

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

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

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

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

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

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

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

Coronavirus / Covid-19 / PPP

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

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

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

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

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

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

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

Jobs / Workers / Unemployment

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

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

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

Inequality

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

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

Black Business General

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Black Business Specific

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

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

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

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

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

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

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

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

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

Big Business

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

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

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

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

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

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

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

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

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

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

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

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

Industry

20 Food Cooperatives Building Resilient Communities (FoodTank)

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

Discrimination

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

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

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

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

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

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

Affirmative Action / Diversity & Inclusion

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

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

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

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

Finance/ Investing / Venture Capital

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

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

Economic / Economy

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

Real Estate

Healing the racial divide through home ownership (Christian Post)

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

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

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

Brockton

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

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

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

Sports / Media / Entertainment / Fashion

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

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

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

Marijuana / Alcohol

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

Jay Z Launches His Own Cannabis Brand (Vibe)

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

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

People

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

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

Education

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

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

Human Resource / Human Capital

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

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

Politics / Government

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

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

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

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

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

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

Science / Technology / Innovation

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

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

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

Black and Mobile restaurant delivery app mentioned in the story.

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

Career / Professions / Entrepreneurship / Businesses You Can Start

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

People / Motivation / Leadership / Success Stories / Ideas

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

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

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

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

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

Caribbean / International

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

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

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

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

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

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

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

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

Travel / History

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

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

Opinion

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

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