Black Business and Economic Stories for August 31st to September 6th

We have over 80 stories this week. The best story is how HBCUs prepare students for careers in science and technology.

Top Stories

  • Tyler Perry: From Poor as Hell to Billionaire, How Tyler Perry changed show business forever. (Forbes) – The 51-year-old entertainer owns the entirety of his creative output and a 330-acre studio lot at the edge of Atlanta’s southern limits.
  • 52 Black Former Franchisees Sue McDonald’s Alleging Discrimination (NPR) – Lawsuit alleges discrimination inside McDonald’s. Black owners were steered to low-profit locations.
  • Three young entrepreneurs talk about their small business journey (National Retail Federation)
  • Master P introduces a new Black-owned food brand to replace Aunt Jemima and Uncle Ben’s (CNN)
  • Who has the most success preparing Black students for careers in science? Historically Black Colleges and Universities (Chemical and Engineering News)
  • How Government Rules Prevent Poor Americans From Saving (Politico) — The Covid-19 pandemic has illustrated the folly of capping the assets of Americans on public assistance.
  • To Understand How Gentrification in Durham Works, Just Read the Signs (Indy Week Durham) – Good story on gentrification
  • Michael Bloomberg to Give $100 Million to Historically Black Medical Schools (NYTimes)
  • The Black unemployment rate dropped to 13% in august according to the Bureau of Labor Statistics September unemployment report (BLS). Black men, 20 an over, had an unemployment rate of 13.2% and Black women, 20 and over, had a rate of 12%.

Covid-19 / Coronavirus / Pandemic / PPP

  • African Americans Hit By Job Losses During The Pandemic Find It Hard To Recover (St. Louis Public Radio). The financial burden of the pandemic is making it difficult for African Americans to recover.
  • Big Banks Profit from White Supremacy. They Should Return PPP Fees to Black and Latino Communities (Next City) – Racist banking policies put Black and Latino communities at a disadvantage.
  • URBAN AGENDA: Economic Inequities Grow As COVID-19 Recession Takes Hold (NY Amsterdam News)
  • 1921 Tulsa Race Massacre Descendants File Lawsuit (The Black Wall Street Times)
  • Oklahoma Lawsuit Seeks Reparations In Connection To 1921 Tulsa Massacre (NPR) – 105-year-old lives to see reparations from massacre on Black Wall Street.

Jobs / Unemployment / Workers / The Economy

  • Michigan used to lead the U.S. with the smallest pay gap between Black and white workers. Not anymore (MLive.com)
  • U.S. unemployment rate falls to 8.4% even as hiring slows (Philadelphia Tribune) – AP
  • The Black unemployment rate dropped to 13% in august according to the Bureau of Labor Statistics September unemployment report (BLS). Black men 20 an over had an unemployment rate of 13.2% and Black women 20 and over had a rate of 12%.

Black Business General

  • Oakland Black Business Fund Launches Investment Platform for Black-Owned Businesses Across the U.S. (Oakland Black Business Fund) – Press release. The OBBF aims to raise $1 Billion dollars to invest in Black business and real-estate across the US.
  • Meet the Two Entrepreneurs Who Launched a $1B Investment Fund For Black Businesses (AfroTech) – Another nice write up.
  • City’s BE NYC initiative aims to increase amount of Black-owned businesses with resources and investment (QNS) — New York City created the BE NYC Program to increase the number of Black-owned business in all 5 boroughs.
  • Beyoncé gives $1 million to Black-owned businesses impacted by the pandemic (Business Insider)
  • National Business League, Nation’s First Black Business Organization Turns 120 Years Old (Cision PR Newswire)
  • How Bank Black USA Is Helping Empower Black-Owned Banks And Credit Unions (Forbes)
  • Meet the Women Advancing Black Business for Themselves and Their Communities (Swaay) – Discusses the Black Innovation Alliance
  • Sephora, Netflix help Black businesses — but that’s not enough. Entrepreneurs need more (USA Today) – The article mentions Tuloko.com, the authors website.
  • YoCo Strong Restart Grants prioritizing Black, minority-owned small businesses in York County (York Daily Record)
  • Global Data’s Bill Spruill says effort to support minority bank is paying off (WRAL Techwire)

Black Business Specific

  • Three young entrepreneurs talk about their small business journey (National Retail Federation)
  • 60+ Black-Owned Breweries to Support Across the Country (Porch Drinking)
  • Black-Owned Breweries Are Few and Far Between. These Founders Are Helping Change That (Inc Magazine)
  • How The First Black-Owned Bank With $1 Billion In Assets Can Close The Racial Wealth Gap (Forbes) — City First Bank of D.C. and Broadway Federal Bank are merging.  Not a lot will change.
  • Black Girl Sunscreen CEO Shontay Lundy creates solution for women of color (Rolling Out) – Shontay Lundy creates Black Girl Sunscreen for melanin-infused skin.
  • Master P introduces a new Black-owned food brand to replace Aunt Jemima and Uncle Ben’s (CNN)
  • Master P Launches ‘Uncle P’s’ Brand as an Aunt Jemima Alternative (Eater)
  • How a new contract for Black-owned business benefits Fresno (Fresno Bee)

Big Business

  • Facebook group is working to empower Black-owned businesses across Triangle (Wral Tech Wire).
  • KFC, Yum! Brands to Invest $6 Million in Louisville to Combat Social Injustice (QSR)
  • Costco commits $25M to Black Economic Development Fund (Grocery Dive)
  • IBM sued by former employee over alleged age discrimination (West Fair – Online) – Plus an old link to a article discussing age discrimination at IBM. Cutting ‘Old Heads’ at IBM (ProPublica) – March, 2018.  It’s a tough call because all of IBMs rivals employ only young men and discriminate worse.  In fact, they simply don’t hire older employees, so they don’t have an issue laying them off.

Discrimination

  • 52 Black Former Franchisees Sue McDonald’s Alleging Discrimination (NPR) – Lawsuit alleges discrimination inside McDonald’s. Black owners were steered to low-profit locations.
  • The McDonald’s mess continues: 52 Black ex-franchisees are suing the company for $1 billion, alleging racial discrimination. (Business Insider)

Inequality / Structural Racism

  • Black Lives Matter is just tip of iceberg. Economic gain, worker protections, voting also key (USA Today) – by Alicia Garza
  • How Government Rules Prevent Poor Americans From Saving (Politico) — The Covid-19 pandemic has illustrated the folly of capping the assets of Americans on public assistance.
  • Families Can’t Get by on Cash Assistance (Center for Law and Social Policy)
  • Billionaire Bill Ackman says mandatory investing accounts for every US child could combat wealth inequality (Business Insider) – Darrick Hamiliton’s baby bonds receives an endorsement.
  • For many of color, a very different life in Tampa Bay | Editorial (Tampa Bay Times) – Life’s tough for Black people in Tampa.

Reparations

  • California assembly pushes reparations bill forward (The Hill)
  • Experts: America’s elite colleges can lead reparations talks by partnering with Black colleges (The Atlanta Voice)

Black Economics

  • Black women lead initiative of 19 Black family investors in purchase of 96.71 acres of undeveloped land (The Atlantic Voice). The Scott and Walters’ Freedom Georgia Initiative purchased the land in hopes to creating a safe haven for Black families.  
  • What hurts minorities’ progress in economics? (American Economic Association). Professor Gary Hoover interviews minorities to gage their experience in the economic profession.
  • The Tax Code And Economic Justice In America(Forbes) – long interview with Darrick Hamilton
  • What Black America Can Do To Close The Racial Wealth Gap (Forbes)
  • The World Bank perpetuates racism and help ex-colonialists (The Elephant)
  • PowerNomics | 1995 Detroit Black Journal Full Episode (You Tube) – Dr. Claude Anderson. Always interesting.

Straight up Econ

  • Capitalist forces make it tough to run a restaurant that treats workers fairly (Eater)
  • The Trump vs. Obama economy — in 16 charts (Washington Post)

People

  • Black Female Entrepreneur Who Took a Leap of Faith Despite the Odds Finds Success in Jacksonville (Jacksonville Free Press)
  • Tyler Perry: From Poor as Hell to Billionaire, How Tyler Perry changed show business forever. (Forbes) – The 51-year-old entertainer owns the entirety of his creative output, including more than 1,200 episodes of television, 22 feature films and at least two dozen stage plays, as well as a 330-acre studio lot at the edge of Atlanta’s southern limits. Basically this story should be in Black Enterprise.
  • Taking the initiative to push for Black executives in Pittsburgh’s businesses (Pittsburgh Post-Gazette)
  • ReMix Dissolving Barriers for Black Entrepreneurs(Arkansas Business) — Benito Lubazibwa runs a non-profit that teaches entrepreneurship.
  • City’s technology chief Louis Stewart hired away by Nvidia Corp (Sacremento Business Journal)
  • “As a Black Female Founder, I Know Times Are Hard. Here’s How I Push Forward.” (Entrepreneur Magazine)

Industry / Careers

  • There Really Is No Ethical Restaurant Under Capitalism (Eater)
  • Who has the most success preparing Black students for careers in science? Historically Black Colleges and Universities (Chemical and Engineering News)

Sports / Media / Entertainment

  • African American newspapers are a vital source of public health information (The Washington Post). The disproportionate impact of the pandemic emphasizes the importance of African American new outlets.
  • NCAA quarterbacks ‘would make over $2million annually’ and starting men’s basketball players ‘could earn $800K’ if college athletes were paid equitably, according to a new economic study (Daily Mail UK)
  • Ice Cube’s contract with Black America (Icecube.com) – Ice Cube has a surprising number of financial and economic proposals

Cities / Urban Planning / Local Government

  • Tourism officials: It will take years for Baltimore to recoup from coronavirus (WBAL TV)
  • For 40 Years, Philly Mayors Have Promised to End Poverty. For 40 Years, I’ve Watched Them Fail. (Philadelphia Magazine). From a series called Broke in Philly (BrokeinPhilly.org)

Careers

Finance / Investing

Real Estate / Finance / Development / Segregation

  • Oak Ridge TN celebrating 65th anniversary of school desegregation (Oak Ridge Today)
  • Groups urge City and DRWC to support project’s plan to create tens of thousands of jobs and unprecedented economic opportunity for Black and Brown Communities (Yahoo Finance) – Developers want public money and land to build a new arena for 76ers in Philadelphia.
  • Proposal For New 76ers Arena At Penn’s Landing Earning Support From Local African-American Organizations (CBS Philadelphia)
  • To Understand How Gentrification in Durham Works, Just Read the Signs (Indy Week Durham) – Good story on gentrification
  • Build Something Big! One Million New Affordable Housing Units, 2020-2030 (Archinect) – So I always wonder if people write editorials to promote their own books ?
  • Progress for whom? Blacks have not benefits from development in St. Petersburg FL. (The Weekly Challanger)

Education

  • Charter Schools Find Gold in Federal Government Aid to Small Businesses While Black-Owned Firms Get the Shaft (Our Schools / Naked Capitalism) – Charter schools received PPP money while public schools did not.
  • In NYC, Education Remains Paramount in Reducing Economic-Racial Gap, Experts Say (Brooklyn Reader)
  • Decline in school enrollment in the Black Belt threatens economic stability, new report says (WBRC Alabama)

Politics / Government

  • Only 3% of all US financial regulators over the past 90 years have been Black Americans, study finds (Business Insider)
  • What do the data reveal about (the absence of Black) financial regulators? (Brookings). The absence of black financial regulators could limit economic inclusion. Interesting Tidbit: Most regulators start as congressional staff attorneys.
  • Sheila Clark, Program Director for the Fed’s Office of Diversity and Inclusion testifies before congress (Mondovisione)
  • Report to the Congress on the Office of Minority and Women Inclusion – March 2020 (Board of Governors — Federal Reserve)

Philanthropy

  • Cleveland Foundation creates Cleveland Black Futures Fund, announces second phase of Greater Cleveland COVID-19 Rapid Response Fund (Crain’s Cleveland)
  • Michael Bloomberg to Give $100 Million to Historically Black Medical Schools (NY Times)
  • Bloomberg Philanthropies Commits $26.3 Million Gift to Morehouse School of Medicine (MKE Community Journal) – Donation made with the hope that more Black doctors equals more black lives saved.

Old but good

  • African-Americans’ economic setbacks from the Great Recession are ongoing – and could be repeated (The Conversation) – A good summary of the problem
  • Here’s The Only Way To Close The Racial Wealth Gap (Newsone) — If these problems aren’t addressed, African-Americans may not have another chance to ever becoming equal economic players in this country.
  • PowerNomics | 1995 Detroit Black Journal Full Episode (You Tube) – Dr. Claude Anderson. Always interesting.

Leave a Comment