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

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

Top Stories

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

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

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

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

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

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

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

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

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

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

Coronavirus / Covid-19 / PPP

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

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

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

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

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

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

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

Jobs / Workers / Unemployment

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

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

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

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

Inequality

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

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

Black Business General

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Black Business Specific

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

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

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

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

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

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

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

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

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

Big Business

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

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

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

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

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

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

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

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

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

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

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

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

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

Industry

20 Food Cooperatives Building Resilient Communities (FoodTank)

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

Discrimination

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

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

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

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

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

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

Affirmative Action / Diversity & Inclusion

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

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

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

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

Finance/ Investing / Venture Capital

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

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

Economic / Economy

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

Real Estate

Healing the racial divide through home ownership (Christian Post)

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

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

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

Brockton

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

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

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

Sports / Media / Entertainment / Fashion

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

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

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

Marijuana / Alcohol

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

Jay Z Launches His Own Cannabis Brand (Vibe)

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

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

People

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

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

Education

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

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

Human Resource / Human Capital

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

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

Politics / Government

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

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

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

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

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

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

Science / Technology / Innovation

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

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

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

Black and Mobile restaurant delivery app mentioned in the story.

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

Career / Professions / Entrepreneurship / Businesses You Can Start

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

People / Motivation / Leadership / Success Stories / Ideas

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

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

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

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

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

Caribbean / International

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

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

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

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

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

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

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

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

Travel / History

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

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

Opinion

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

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

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