Black Business and Economic Stories for November 23rd to 29th 2020

We have an average number of stories this week. The best one is another high tech discrimination story by the NY Times focused on Coinbase: the crypto trading company. So tired of reading the same story with a different company name and different Black employees.

Top Stories

  • Inside Black Workers’ Struggles at the King of Crypto Start-Ups (NY Times) – Workers allege discrimination at Coinbase, a large crypto-currency company. If you like well written stories about discrimination in macho/bro culture tech companies, read on.
  • Minority-Owned Alabama Business Receives Over $10.5 Million to Develop PPE Equipment, Creating Over 300 Jobs in Dallas County (Alabama News Network)
  • Why Black-Owned Businesses Struggle To Get Small Business Loans (Forbes)
  • “This wasn’t really a plan.” Black-owned business offers fresh produce while supporting hard-hit farmers (Madison 365) – Kingsley Gobourne leverage his sales experience to help out struggling farmers.
  • Initiative launches to support Black-owned CPG businesses (Food Business News) — Nine firms are partnering to launch The Empower Project to support Black-owned businesses in the consumer packaged goods industry.
  • Macy’s, America’s Largest Department Store, Takes Aurora James’ 15 Percent Pledge to Boost Black Businesses (Footwear News)
  • Would canceling $10,000 in student debt really help that much? (Marketplace). 1 in 5 Americans with student loan debt are Black.
  • Home Lending to Communities of Color in California (Greenlining Institute). Non-bank lenders are more likely to make home loans to low-income borrowers than traditional banks.
  • How Business Schools Can Help Corporate America Fight Racism (Harvard Business Review) — Few make the connection between management programs and the lack of representation of Black executives.
  • Gabrielle Union and celebrity hairstylist Larry Sims talk all things ‘Lift As We Climb’ initiative (Amsterdam News) — “Lift As We Climb,” is an initiative to uplift Black businesses and organizations, of which nearly half have closed due to effects from the coronavirus pandemic.
  • Nine Black women you should know in data science (BuiltIn)
  • History of Blacks in Computer Science (Washington University Libraries)

Stories

Protest / Social Justice

  • Black-led organizations fighting for racial justice, equity receive grants worth almost $300K (Koco News 5 ABC)

Coronavirus / Covid-19 / Paycheck Protection Program(PPP)

  • Minority-Owned Alabama Business Receives Over $10.5 Million to Develop PPE Equipment, Creating Over 300 Jobs in Dallas County (Alabama News Network)
  • Charlotte Black Businesses in Peril (WFAE) — Black-owned restaurants are especially hard hit by pandemic, given the restrictions on capacity during the coronavirus.
  • All I want for the holidays is small business relief (Bangor Daily News) — COVID’s outsized impact on Maine’s Black community exacerbated by a legacy of racist lending practices have made Black-owned businesses especially vulnerable.

Inequality / Systemic Racism / Economic Justice

  • Redefine Black Friday When You Shop These Small Black-Owned Businesses on Etsy (Popsugar) – Shop from black creatives on Etsy and make the most of this holiday season.
  • How Business Schools Can Help Corporate America Fight Racism (Harvard Business Review) — Few make the connection between management programs and the lack of representation of Black executives.

Black Business

Black Business General / Interesting Businesses Stories

  • Why Black-Owned Businesses Struggle To Get Small Business Loans (Forbes)
  • How to shop at Black-owned businesses over the holidays (CBS News)
  • This Black Friday, consumers urged to shop at Black-owned businesses (CBS News)
  • Minnesota woman is showcasing Black-owned businesses through new endeavor (FOX 9 KMSP)
  • Peoria joins #BlackShopFriday campaign to promote black-owned businesses (CI Proud) – Peoria’s support of Black Shop Friday includes list of list of black-owned businesses made by Discover Peoria.
  • Black Business Friday: ‘It’s more than just shopping for your family and friends (Guardian)
  • MN Black Box: Minnesota woman is showcasing Black-owned businesses through new endeavor (Fox 9) —  Jessica Winnie is creating custom boxes that feature products from more than 50 Minnesota-based, Black-owned businesses.
  • #BuyBlackFriday and support Black-owned businesses (The Loop) — The online movement aims to encourage people to support Black-owned businesses every Friday.
  • Black business directory Green Book of Tampa Bay has quadrupled in size since launching in late 2019 (Creative Loafing Tampa Bay)
  • “This wasn’t really a plan.” Black-owned business offers fresh produce while supporting hard-hit farmers (Madison 365) – Kingsley Gobourne leverage his sales experience to help out struggling farmers.
  • Center for Black Innovation secures $2M investment (The Business Journals)
  • Mayor Encourages Chicagoans to ‘Shop Black Owned’ on Black Friday (NBC Chicago) — Mayor Lightfoot is asking residents to “shop Black” on Black Friday and throughout the holiday season.
  • Shop Black Friday Website
  • A Gift Guide Featuring Black-Owned Businesses, for Those Who Like to Pamper (New York Times) – Gift ideas that can help support Black-Owned Businesses.
  • AT&T, City of Buffalo aid black businesses this holiday season in ‘Buy Black Buffalo Week’ (Niagara)
  • Westport native helps start Facebook #BuyBlack campaign (Westport News) – Remi Ray and colleagues came up with the idea of a virtual event to support Black-owned businesses.
  • Black Business Friday: ‘It’s more than just shopping for your family and friends’ (The Guardian) —  Black entrepreneurs are bringing new meaning to the busiest shopping day of the year
  • 20 Black-Owned Businesses That Will Have Something for Everyone on Your Holiday Shopping List (TIME) – Black-owned businesses that you can support not only this holiday season but also in the months to come.
  • Grant shines light on Black-owned businesses (Oak Park) – Grant provides further boost after black-owned business already received PPP.
  • Initiative launches to support Black-owned CPG businesses (Food Business News) — Nine firms are partnering to launch The Empower Project to support Black-owned businesses in the consumer packaged goods industry.
  • Black-owned businesses featured as part of Downtown holiday festivities (Pittsburgh Post-Gazette)

Black Business Specific

  • Brother Jeff’s Cultural Center Provides Pies To Those In Need While Supporting Black-Owned Businesses (CBS Denver) — Brother Jeff’s Cultural Center is on a mission to keep Black chefs and bakers employed during the pandemic and provide food for people in need.
  • North Philly non-profit transforms office space to help Black-owned businesses (ABC News 6) – Philadelphia
  • Black-Run Nonprofit Wants To Fund 50-Year Plan To Combat Systemic Racism In Ohio (WOSU Radio).
  • Baltimore restaurant owner launches incubator for Black micro businesses (Marketplace)

Big Business / Corporate

  • Macy’s Joins 15% Pledge to Carry More Black-Owned Brands (Bloomberg)
  • Macy’s, America’s Largest Department Store, Takes Aurora James’ 15 Percent Pledge to Boost Black Businesses (Footwear News)
  • Comcast RISE Awards Over 700 Black-Owned, Small Businesses with Marketing and Technology Resources and Makeovers (Argus Press) — Comcast RISE to partner with small businesses and give them access to tools to help them survive the pandemic and thrive.

Discrimination / Racism

Economics

Black Economics

  • Black Saturday aims to boost hard-hit local businesses (WRDW) – Middleton created Black Saturday event with hopes to boost sales exponentially.

Straight up Econ / The Economy

  • Closing the Gaps: Building Black Wealth through Homeownership (Urban Institute)
  • Financial inequalities between different ethnic groups revealed (MSN). Data from PA Media, hard to really find.

Industry Stories

Sports / Media / Entertainment

  • Google and Wyclef Jean team up to help Black-owned businesses get through the holidays (CNN)
  • If You Aren’t Buying Black This Holiday Season, Gabrielle Union Wants To Know What You’re Even Doing (Refinery 29)

Alcohol / Marijuana / CBD

  • COURVOISIER Cognac Partners with National Urban League to Support Black Small Business Owners and Entrepreneurs (BevNet) – Wonder how much money Courvoisier in the Black community.  No we are not going say, “Pass…”
  • What Black Calder, Michigan’s first Black-owned brewery, truly means for craft beer (Detroit Free Press) — Michigan gets its first fully Black-owned brewery, a significant but much-needed milestone for a state with more than 350 operating breweries as of 2019.
  • First Black-owned Michigan brewery launches inaugural IPA (Grand Rapids Business Journal) — Black Calder Brewing Company
  • Swisher Partners With University of North Florida to Support Underrepresented Entrepreneurs (Chain Store Decisions) – Yes, that Swisher.  Swisher sweets cigars and blunts. Creepy.

Beauty / Fashion / Retail

  • Online Holiday Market Highlights Black Women–Owned Businesses(JCK) – Black owned jewelry companies.
  • Your Guide to Gifting Black-Owned Brands at Every Price Point (WhoWhatWear)

Technology / Apps / Innovation

  • Black Businesses Receive Tech Industry Push Ahead Of Holiday Shopping Bonanza (Forbes) – Facebook, TikTok, and Google are some of the tech giants to support black businesses.

Finance / Investing / Venture Capital

  • As Venture Capital Overlooks Women Entrepreneurs, They Find New Sources of Finance (Triple Pundit)
  • Shaq Moves Into SPACs With Former Disney Execs & MLK Jr.’s Son (Forbes)

Real Estate / Finance / Development / Housing / Segregation

  • Home Lending to Communities of Color in California (Greenlining Institute). Non-bank lenders are more likely to make home loans to low-income borrowers than traditional banks.
  • Working from Home Could More Widely Benefit Black Renters Seeking Homeownership (Zillow). Black renters are 29% more likely than other renters to potentially be able to move and buy a first home because of the rise in telework.

Cities / Urban Planning / Local Government

Politics / Government / State and Local

  • Republicans Rewrite an Old Playbook on Disenfranchising Black Americans (New York Times)
  • Joe Biden Cabinet picks: Running list of the president-elect’s nominees (Chicago Tribune). Linda Thomas-Greenfield is Biden’s nominee for Ambassador to the United Nations. 

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

  • New fund for Black Oregonians faces mounting legal pressure (OPB) — Created in July to help people impacted by COVID-19, the Oregon Cares Fund now faces two federal lawsuits

Education / Healthcare

  • Would canceling $10,000 in student debt really help that much? (Marketplace). 1 in 5 Americans with student loan debt are Black.
  • Prodded by Racial Reckoning, Colleges Aim To Increase Minority Contracting. Will They Succeed? (WGBH.Org)
  • North Carolina Central and Duke Partner to Bolster Black-Owned Startups (Indy Week) – Hey gang let’s put on a pitch competition.
  • HubSpot and Howard University partner for Center of Digital Business (Marketing Technology Today) – Hubspot is a marketing technology company supporting marketing, sales, and service automation.  

Science / Math / Statistics / STEM

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Virtual holiday marketplace brings local Black women entrepreneurs together ‘for the culture’ (The Business Journals)
  • Swisher, UNF partner on program for underrepresented entrepreneurs (The Business Journals)
  • Black men make up less than 3% of physicians. That requires immediate action, say leaders in academic medicine. (AAMC)

People / Motivation / Leadership / Success Stories / Ideas

  • How Do I Start? Elizabeth Takyi Speaks To The Need For Incubating Entrepreneurialism (Forbes)
  • Gabrielle Union and celebrity hairstylist Larry Sims talk all things ‘Lift As We Climb’ initiative (Amsterdam News) — “Lift As We Climb,” is an initiative to uplift Black businesses and organizations, of which nearly half have closed due to effects from the coronavirus pandemic
  • If You Aren’t Buying Black This Holiday Season, Gabrielle Union Wants To Know What You’re Even Doing (Refinery 29) – Gabrielle Union wants to garner support for Black-owned businesses during the holidays.
  • Raw honey business (Fox 5) — Kam and Summer Johnson run their beekeeping and honey business from their home in a bucolic neighborhood in Hunterdon County, New Jersey.
  • Melvin Jones, Publisher of Memphis Black Business Directory, Passes Away (Tennessee Tribune) — Melvin Jones, publisher of the Memphis Black Business Directory and executive director of the Memphis Business Contracting Consortium died Nov. 15

Good News

  • Colorado Small Business Owner Featured In Oprah’s List Of Favorite Things (CBS Denver) — A Denver Black-owned business was named one of Oprah’s favorite things this holiday season.
  • Black Girls Surf (Hawaii Business Magazine) – What it says.  Inspirational.

In Passing

  • David Dinkins, New York City’s first and only Black mayor, has died at the age of 93 (Business Insider)
  • Remembering Melvin Jones: A tireless advocate for the Memphis Black business community (Memphis Business Journal)

All Other

Caribbean / Africa / International

  • Federal Government Launches Black Entrepreneurship Program (Hedy Fry) – Member of Parliament, Vancouver, Canada
  • Government of Canada empowering Black Canadian communities (Government of Canada) – Crazy the CA government announce a program to support Black business and does not trigger a racial backlash.

Travel / History

  • The Black innovators who elevated the United States: Reassessing the Golden Age of Invention  (Brookings). In the North, Black people’s share of patents equaled their share of population at 1.6%.

Opinion

Black Business and Economics Stories for November 16th to 22nd 2020

Election coverage seems to be limiting the number of Black business and economic stories.

Top Stories

  • Realtors apologize for role in housing racial discrimination (Bloomberg) – Oh, really.  They did all that damage and want to escape with a simple apology.  This is a perfect example of why we need reparations. We also need active enforcement of existing regulations, transparent data gathering and reporting and a proactive testing program.  This whole industry has put profits before morals and looked the other way on racist behavior.
  • White and Black Communities In Maryland Experience A 20% Difference In Loans From CARES Act (CBS Baltimore). Black communities are receiving about 21.5 percent less money in loans.
  • For families of color, the pandemic brings an outsized financial hit (NBC News)
  • African-Americans suffer as public-sector jobs are cut (Financial Times)
  • A family-owned African-American female trucking company is opening in Louisiana (Face2face) –  Durham trying to make it easier for younger people who want to have a career in transportation.
  • Black winemakers are climbing up the vine (Fortune). The U.S. has over 8,700 wineries, but less than 1% are Black-owned or have Black winemakers.
  • BET’s ‘Smoke’ shows how Black Americans deserve a piece of marijuana’s growing fortunes (Washington Post) – Black-owned businesses underrepresented by marijuana industry, despite facing heavy criminalization before its widespread legalization.
  • World Wide Technology Chairman Dave Steward on Founding the Largest Black-Owned Company in America (Time)

Protest / Social Justice

  • Portland’s anarchists say they support racial justice. Black activists want nothing to do with them (Los Angeles Times) – Many Black community leaders who marched in protests over the summer said that it is crucial to dissociate Black Lives Matter from anarchists.

Coronavirus / Covid-19 /  Paycheck Protection Program

  • COVID-19 Pandemic Takes A Financial Toll On Black And Latino Communities (WFAE) – People of color at a greater risk for health complications and finance complications due to COVID.
  • Summit County provides $5 million to more than 1,200 small businesses in final round of coronavirus relief grants (Cleveland) – Funded by the CARES Act, the final round of Emergency relief distributed to all eligible woman, minority, and Black owned businesses.
  • ‘It’s going to be devastating’: Philly’s Black biz owners lash out at Kenney’s new COVID-19 restrictions (Pennsylvania Capital Star) – Restrictions meant to curb COVID cases could lead to the reduction of Philadelphia’s Black-owned small businesses.
  • This Michigan store was a dream come true. Coronavirus still has it on hold. (Bridge Michigan) – If it weren’t for a very loyal following, Dinge’s dream business would have had to throw in the towel due to the Coronavirus.
  • From Tuskegee to a COVID Vaccine: Diversity and Racism Are Hurdles in Drug Trials (US News)
  • White and Black Communities In Maryland Experience A 20% Difference In Loans From CARES Act (CBS Baltimore). Black communities are receiving about 21.5 percent less money in loans.
  • For families of color, the pandemic brings an outsized financial hit (NBC News)

Jobs / Workers / Unemployment / Gig

Inequality / Systemic Racism / Economic Justice / UBI

  • The Empower Project Launched to Benefit Black-owned Businesses in The Consumer Packaged Goods Space (Food Industry Executive) — The goal of The Empower Project is to begin eradicating the wealth gap perpetuated by the underrepresentation of Black voices. (Read more).

Black Business General / Interesting Businesses Stories

  • Louisville non-profit launches initiative to bring Black businesses to Butchertown (WHAS 11) – Pocket Change to serve as a hub for Black businesses in Butchertown.
  • BMO Financial announces five-year, $5 billion investment in Black, Latino communities and businesses (Madison 365) – BMO investment looks to empower Black and Latino communities, specifically in Wisconsin.
  • A family-owned African-American female trucking company is opening in Louisiana (Face2face) –  Durham trying to make it easier for younger people who want to have a career in transportation.
  • How Major Brands Are Changing Their Approach to Black Culture (Complex)
  • Local Black businesses GRABB and go (Rapid Growth) – To uplift black businesses and entrepreneurs, GRABB has created a month of activities for the month of November geared toward the cause.
  • 2020 “Buy Black Buffalo Week” (Buffalo Rising) – References Buffalo Black business website: Brown Bag Certified
  • Chicago Announces “Black Shop Friday” Campaign To Encourage Supporting Black Owned Businesses (CBS Chicago) – Shop Black Friday website
  • Non-profit opens space offering Black businesses space to grow in Butchertown (WLKY) — ‘Change today, Change Tomorrow’ is giving black business owners a leg up in a part of town that’s not seen a lot of black-owned businesses.

Black Business Specific

  • Black-Owned Stock Market Company Launches Program Teaching Beginner Investors How to Make Money (Black News)
  • Black winemakers are climbing up the vine (Fortune). The U.S. has over 8,700 wineries, but less than 1% are Black-owned or have Black winemakers.
  • This car-sharing company wants to help Black entrepreneurs buy a vehicle (CBS News). Turo, the car sharing company, plans to lend $1 million in total for its “seed initiative” with to help historically disenfranchised entrepreneurs access wealth-building opportunities. 

Big Business

  • Coca-Cola commits $500 million in additional spending with Black-owned suppliers (The Atlanta Voice)
  • Advocate Aurora Health grants $675,000 to diversify health care workforce (WTMJ TV) – Milwaukee, Wisconsin

Discrimination

  • Realtors apologize for role in housing racial discrimination (Bloomberg) – Oh, really.  They did all that damage and want to escape with a simple apology.  This is a perfect example of why we need reparations, active enforcement of existing regulations, transparent data gathering and reporting and a proactive testing program.
  • When a white contractor realized his trade excluded minorities, he did something special (Greensboro News Record)- He trains some African Americans in HVAC.
  • Virginia AG’s office finds elite Loudoun STEM school discriminates against Black, Hispanic students (Washington Post) – On any discrimination story, you have to read the comments to understand how people justify discrimination even though it’s morally wrong.

Reparations / Affirmative Action / Diversity / Inclusion

  • UC Berkeley: The Case For Reparations (Berkeley Patch)
  • Black Land Matters. But Is Crowdfunding Enough? (Civil Eats) — multiple efforts are afoot to begin to help Black farmers gain access to land and rebuild stolen wealth and labor.
  • Black Lives Matter – where are we now and what can you do? (World Economic Forum) – Among other initiatives, California governor looking into reparations for slavery.
  • Biden needs to push for reparations to address the racism that long preceded Trump (MSNBC)

Economics

Black Economics

  • So, you’ve pledged your support for Black-owned restaurants in New York City—what’s next? (Time out) – In a capitalist society, investment in Black-owned businesses is necessary.
  • John Malone Partners with Bob Johnson to Help Minorities Increase Retirement Savings (Herald Mail Media) —  Partnership between Malone and Johnson aims to extend inclusive capitalism.

Straight up Econ / The economy

  • TIAA’s Ferguson, Possible Biden Treasury Pick, Faults Wealth Gap (Bloomberg). Ferguson states the U.S economy could be six percent bigger than it is today if policy makers narrowed the country’s wealth gap
  • Unemployment Claims Rise as Economic Worries Grow (New York Times)
  • The Democrats’ Push to ‘Cancel’ $50k in Student Loan Debt Completely Ignores the Real Reason College Is So Expensive (Foundation for Economic Education)
  • Nearly 2/3 of older Black Americans can’t afford to live alone without help (The Business Journal)

Category Stories

Sports / Media / Entertainment

  • Obama says ‘the bling, the women, the money’ in rap music could explain Trump’s increased appeal to some rappers and Black male voters (Business Insider) – Obama says America’s caste system of the rich and the poor has saturated most of today’s rap music, which can explain why Trump secured more Black voters.

Alcohol / Marijuana

  • Basketball star Hughes opens Missouri’s only black-owned cannabis shops (St. Louis American) – Hughes to make history with the opening of the only Black-owned cannabis businesses in Missouri.
  • Al Harrington & ‘Smoke: Marijuana + Black America’ (EUR Exclusive/Watch) (Eurweb) – Al Harrington is aiming to create a voice for people of color in the cannabis industry.
  • BET’s ‘Smoke’ shows how Black Americans deserve a piece of marijuana’s growing fortunes (Washington Post) – Black-owned businesses underrepresented by marijuana industry, despite facing heavy criminalization before its widespread legalization.
  • Discussing cannabis, death, and social justice with a death doula (Weed Maps) – Well aware of the role cannabis plays in the criminalization of Blackness, Casey says we need to support Black businesses and Black and brown people first.

Technology / Apps / Innovation

  • Can We Make Our Robots Less Biased Than We Are? (NY Times)
  • World Wide Technology Chairman Dave Steward on Founding the Largest Black-Owned Company in America (Time)
  • African-American astronaut pilots SpaceX capsule to International Space Station (Richmond Free Press)
  • $2.1 million investment to drive Black tech (The Miami Times). The Knight Foundation, Surdna Foundation, and Comcast NBCUniversal have made contributions to this investment.

Finance / Investing

  • A Black-founder used this unusual pitch deck to raise $17 million from Ashton Kutcher, Sean ‘Diddy’ Combs, and the CEO of Qualtrics (Business Insider) – Black entrepreneur secures major investors with creative pitch.
  • Black Billionaire (Robert Smith) Has to Pay Back $140M After Admitting to Tax Evasion (EURweb.Com)
  • Modernizing the Social Contract With Investment Fiduciaries (Center for American Progress) – ESG –Long, boring but important

Real Estate / Finance / Housing / Development / Segregation

  • Hill District residents, firms tapped to guide $1B redevelopment of former Civic Arena in Pittsburgh (Pittsburgh Tribune)
  • Black leaders call on Panama City to ‘scrap’ Glenwood plans over gentrification worries (Panama City News Herald)
  • Is Your City Planning for Black-Owned Businesses? (Next City) – BLCK SPCES focusing on helping Black and Hispanic communities get their ideas and designs through the planning and zoning process.

Politics / Government / State and Local

Education / Healthcare

  • Guest column: Social and economic mobility are the higher calling for higher education (The Business Journals)
  • DSU, Bank of America announce $1 million employment initiative (Delaware Business Now). This initiative will help students of color successfully complete their education and provide training necessary to enter the workforce.
  • Walmart and North Carolina A&T State University Team up to Launch ‘Equity in Education Initiative’ (Business Wire)
  • Many US business schools are enrolling record numbers of ethnic minority students (Find MBA) – Since 2009, the percentage of GMAT exams taken by Black citizens was 8%. Business schools looking to curb this trend by enrolling more Black students and offering support.

Farming / Agriculture

  • Black Farmers Have Been Robbed of Land. A New Bill Would Give Them a “Quantum Leap” Toward Justice. (Mother Jones)

Science / Math / Statistics / STEM

  • P&G’s Royal Oils and Gold Series Announce Ongoing Commitment to Support Black Women in STEM (Valdosta Daily Times) – P&G brands working to grant $200,000 in scholarships to Black women in STEM

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • To jump-start America’s economy, invest in women entrepreneurs of color (Fortune)

People / Motivation / Leadership / Success Stories / Ideas

  • World Wide Technology Chairman Dave Steward on Founding the Largest Black-Owned Company in America (Time)
  • An astonishing number of Black women are running their own small businesses (NJ.Com)
  • Black Restaurant Week Features NYC Eateries to Boost Business Amid COVID (NBC New York) – Tilly’s one of the Black restaurants highlighted during Black Restaurant week in New York.
  • Former slave followed his life’s path to politics and wealth (Arkansas Democrat Gazette) –Havis’s rise from a plantation to riches shows his resilience and spirit despite difficult circumstances
  • Little Haiti’s COOL Creative Gets a Boost From Beyoncé and the NAACP (Miami New Times) – Wilson receives $10,000 funding from BeyGood, says her business stood out because she is actually contributing to the community.
  • Only One Eatery East Of The River Is Participating In DMV Black Restaurant Week (WAMU) – Weeklong event supporting visibility of Black-owned restaurants features only one business from city’s area with largest population of Black residents.
  • ‘One-in-a-million chance.’ How Beyoncé helped this Black-owned hotel during COVID (Miami Herald) – Beyoncé and NAACP team up to provide $10,000 grant for Ross and West’s Bed & Breakfast
  • Barbara Turner to become next president and CEO of Ohio National Financial Services (Yahoo News)

All Other

Caribbean / Africa / International

Travel / History

  • Life after the ‘Green Book’: What is the future for Black travelers in America? (National Geographic)

Opinion

Black Business and Economic Stories for the Week of November 9th to 15th 2020

This was a light week for stories, probably due to the election. A couple of real estate and mortgage stories and that’s it.

Top Stories

  • Post-protest boom for Black-owned businesses loses steam (Colorado Springs Independent)
  • The Impact Of Covid-19 On Black And Latino Small Businesses (Forbes). Areas with higher concentrations of Black-owned businesses were not well served by PPP in comparison to others.
  • Chan Zuckerberg Initiative faces racial discrimination allegations from former employee (Tech Crunch)
  • Record Low Mortgage Rates Widen Historic U.S. Economic Divides (Bloomberg). The homeownership rate among Black Americans was 46% as of Sept. 30, compared with 67.4% for all U.S. households and 75.8% for White people.
  • The racial wealth gap in real estate is growing. Here are 3 ways housing has been harder for Black Americans in 2020 (Business Insider)
  • Elayne Arrington, the first Black female engineer to graduate from University of Pittsburgh (Pitt Magazine)
  • Former San Francisco Mayor Willie L. Brown, Jr. will head new California African American Chamber of Commerce (Black Voices News)
  • Ten leading Black spirits industry executives (The Spirits Business) — Drinks firms have unveiled new programs and roles to support its Black employees, including the creation of diversity and inclusion officers.

Protest / Social Justice

Coronavirus / Covid-19 / Paycheck Protection Program

  • The Impact Of Covid-19 On Black And Latino Small Businesses (Forbes). Areas with higher concentrations of Black-owned businesses were not well served by PPP in comparison to others.
  • Researchers work to diversify clinical trials of COVID-19 vaccine (Marketplace). Nearly half of Black adults and 37% of Latinx adults said they wouldn’t take a coronavirus vaccine.
  • Flagstar Bank grants $150,000 for minority-owned small businesses in West Michigan (MiBiz) — $75,000 allocated to support Black businesses who have been hardest hit by the pandemic.
  • Chicago Businesses Struggle as COVID-19 Shutdown Appears Imminent (WTTW)

Jobs / Workers / Unemployment / Gig

  • The Federation of Black & Minority Businesses aims to bring economic change to urban community (6ABC) – The Federation of Black & Minority Businesses aims to raise awareness in the African-American community and create jobs and resources.
  • Cybersecurity industry in Detroit is growing and mentors are starting with young people (Detroit Free Press) – Detroit nonprofit helps create a pipeline to bring in more Black professionals.

Black Business General / Interesting Businesses Stories

  • Businesses Trying to Rebound After Unrest Face a Challenge: Not Enough Insurance (New York Times). Small businesses are struggling to recover from the damages caused by lootings in racial justice protests.
  • Michigan small businesses receive nearly $100M in CARES Act grants, state says (Detroit Free Press). Of the 14,000 grants, 4,617 went to businesses that reported they were minority-owned and 6,314 reported as woman-owned.
  • Shop local: Here are 5 holiday gift ideas from Black-owned businesses in Louisville (Courier Journal) – A list of Black businesses that could use support during the Holiday season
  • Post-protest boom for Black-owned businesses loses steam (CS Indy) – Communications director for the Colorado Black Chamber of Commerce says as time passed, phone calls in support of Black businesses have died down.
  • Change Today, Change Tomorrow opening store on Story Avenue (Biz Journal) – Pocket Change is a new multi-business retail space that is offering exposure to Black Businesses
  • Black Owned Maine partners with Portland Buy Local, asks shoppers to allocate 10% of spending to Black-owned businesses (New Center Maine) – The Maine Black Business Pledge asks consumers and retailers to shift focus to Black businesses
  • Why We Funded Over 50 Black-Owned Bars & Restaurants (Chicago Crusader) – Funding given in wake of systemic neglect of minority business owners.

Black Business Specific

  • 10 Black-Owned Vegan Food Ventures in Greater Phoenix (Phoenix New Times)
  • Henrico County to welcome Black-owned supermarket in east end (WRIC.Com)

Big Business / Corporate

  • BMO Commits $5 Billion to Advance Inclusive Economic Recovery in the U.S. (BMO). BMO Financial pledges $5 billion to tackle U.S. racial wealth gap (American Banker) — BMO Financial Group in Toronto is committing $5.1 billion over the next five years to advance a more inclusive economic recovery.
  • Citi has since launched Action for Racial Equality, a $1 billion initiative aimed at closing the wealth gap through investments in Black businesses (Cheddar) – Another story and link to Citibank racial equity report.
  • New Voices Foundation & JPMorgan Chase Launch Banking Bootcamp For Black Women Entrepreneurs (Essence). This partnership will help Black women entrepreneurs establish strong business banking relationships and expand their access to capital.
  • Dick’s Sporting Goods to invest $12.5 million in Black Economic Development Fund (Biz Journals) — Dick’s Sporting Goods Inc. is partnering with a long-established national nonprofit in an effort to help revolve America’s racial wealth gap.
  • Knight Foundation, Comcast NBCUniversal, Surdna Foundation invest $2M in Miami’s Center for Black Innovation (Biz Journal) — The John S. James L. Knight Foundation is investing $1.5 million in the newly formed Center for Black Innovation in Miami.
  • Target rebuilt riot-hit store with Black input (Arkansas Democrat Gazette) – Target aims to improve its image with Black customers.

Discrimination

  • Chan Zuckerberg Initiative faces racial discrimination allegations from former employee (Tech Crunch)

Reparations / Affirmative Action / Diversity / Inclusion

  • Why California Rejected Racial Preferences, Again (The Atlantic). A majority voted against repealing the state’s ban on affirmative action.
  • YBNB Magazine releases ‘Black Faces in High Places’ nomination process and poster (Kusi) — “Young Black And In Business” that has been helping entrepreneurs build their professional network for the last five years.
  • NJ business leaders: Diversity isn’t just right, it’s good for business (NJ 1015) — The New Jersey Chamber of Commerce is joining forces with the African American Chamber of Commerce of New Jersey to address economic inequities that exist for Black citizens and business owners.
  • Black Bank Fund to Invest $250 Million in Black-Owned Banks (Black Bank Fund) – Black Bank Fund looks to fund Black Banks to help close the racial wealth gap.
  • UPS to Allow Natural Black Hairstyles and Facial Hair (NY Times)
  • Vivek Ramaswamy: Affirmative action should focus on economics, not race (Fox Wilmington) — Conservative

Economics

Black Economics

  • The US is closer than ever to a $15 federal minimum wage after Biden win (CNBC)

Straight up Econ / The economy

  • Is another Progressive Era coming? (Brookings Institute). The book The Upswing by Robert Putnam and Shaylyn Romney Garrett talk about the economic and political polarization within our current economy. Biden said he’d forgive $10,000 in student debt for all borrowers. Will it actually happen? (CNBC)

Category Stories

Sports / Media / Entertainment

  • Streaming TV Service, Philo, Donates $1 Million Dollars in Ad Impressions to 20+ Black-owned Businesses and Social Justice Organizations (Philo)  — Philo’s Ad campaign to help Black businesses is featured on several TV networks.
  • “Built to Last” American Express Podcast Features Detroit Lip Bar CEO Melissa Butler (Detroit Is It) – Video podcast “Built To Last” hopes to inspire listeners to make the conscious choice to shop at Black-owned small businesses.

Alcohol / Marijuana / CBD

  • Arizona’s only Black-owned brewery launches this week. Say hello to Kitsune Brewing (AZ Central)
  • Ten leading Black spirits industry executives (The Spirits Business) — Drinks firms have unveiled new programs and roles to support its Black employees, including the creation of diversity and inclusion officers.

Beauty / Fashion / Retail

  • Black women entrepreneurs sell the medical wigs other companies won’t (Boston Globe) – Black women entrepreneurs look to address lack of curly and kinky wigs
  • The Business of Blackfishing (BOF) – Appearing Black or racially ambiguous has become brand-building exercise for white influencers.

Technology / Apps / Innovation

  • Black Entrepreneur Creates App to Help Film Police Brutality and Alert Family Members (Urban Trendsetters)

Finance / Investing

  • Flagstar Bank Commits $1 Million in Grants to Local Communities for Black, Indigenous and People of Color-Owned Businesses (Flagstar).
  • Black-owned banks under the Biden adminstration (American Banker).
  • Black NC funeral home owner Scarborough, Hayti historian, ‘son of Durham,’ dies at 83
  • JPMorgan and the New Voices Foundation launch business bootcamp for WOC (The Grio) – JP Morgan to launch business banking education program for 15 business-savvy female entrepreneurs of color.

Real Estate / Housing / Segregation

  • Record Low Mortgage Rates Widen Historic U.S. Economic Divides (Bloomberg). The homeownership rate among Black Americans was 46% as of Sept. 30, compared with 67.4% for all U.S. households and 75.8% for White people.
  • The racial wealth gap in real estate is growing. Here are 3 ways housing has been harder for Black Americans in 2020 (Business Insider)

Cities / Urban Planning / Local Government

  • 1921 Commission Receives $1 Million Grant from Bank of America for Greenwood Rising (The Black Wall Street). This art history will tell the story of the original “Black Wall Street”.
  • Disinvested: How Government And Private Industry Let The Main Street Of A Black Neighborhood Crumble (Block Club Chicago)

Politics / Government / State and Local

  • Black Americans Largely Rebuked Trump’s Overtures, Helped Lift Biden (Wall Street Journal)
  • Biden Video Uses Artist’s Vision to Project a Unified Country (New York Times). Lorraine O’Grady’s concept of placing people inside frames to promote images of an inclusive, diverse America.
  • US Black Lives Matter leader believes Joe Biden will do the bare minimum for African Americans (News Hub). Can’t really find original source RNZ article
  • A Key Voting Issue – The Black American Economy Needs a Real Agenda Now (Affluent Blacks of Dallas)

Education / Healthcare

  • Historically Black colleges and universities are remaking American politics (Washington Post). HBCUs are important producers of Black female leaders.

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Building wealth as a Black woman is an uphill battle, but 3 tricks have helped me save money even when my income is low (Business Insider)
  • Knight Foundation donates $2 Million for Black entrepreneurship center in Miami  (Knight Foundation)
  • Why we need to bring the entrepreneurship narrative back to small-business owners (Fast Company)

People / Motivation / Leadership / Success Stories / Ideas

  • Meet Stacey Abrams, the architect of Georgia’s political shift from ‘red’ to ‘purple’ (Business Insider)
  • The Harris Effect: Research Suggests Five Ways That The VP Could Shape Future Generations (Forbes). The “Harris effect” will lead to powerful outcomes for women of color.
  • Kamala Harris shows Black women they have the power to change the world (CNN)
  • ‘GMA’ Deals and Steals on 9 small businesses from Oprah’s favorite things list (GMA) – Oprah’s ‘favorite things’ list includes products from Black-owned businesses.
  • CobblerWorld brings back memories with childhood desserts (The Duquesne Duke) – CobblerWorld’s niche is nostalgic baked goods.
  • Shopping, anyone? Pop-up marketplace to showcase 15 businesses owned by Black women (Click2Houston) – Showcase aims to keep Black dollars within the community.
  • Do you own a Virginia small business? This certification could benefit your bottom line (Progress-Index) – November 20 webinar looks to spotlight woman and minority businesses
  • All the gifts under $50 from Oprah’s Favorite Things list (Business Insider) – Oprah’s yearly list highlights Black-owned businesses.
  • Elayne Arrington, the first Black female engineer to graduate from University of Pittsburgh (Pitt Magazine)
  • Former San Francisco Mayor Willie L. Brown, Jr. will head new California African American Chamber of Commerce (Black Voices News)

Good News

  • Black-owned business vandalized, now ready to reopen after overwhelming support (Fox 26 News) – Strong support system allows vandalized Black business to rebuild.

All Other

Conservative / Alternative

  • 4 Policies Joe Biden Must Rethink if He Actually Wants to Address Racial Disparities (FEE)

Opinion

  • Commentary: Democrats need Black voters in Georgia to seize real power — and Stacey Abrams could deliver (Chicago Tribune)