Black Business and Economic Stories for Nov. 30 to Dec. 6th 2020

We have a lot of good quality stories in the Top Ten this week. We like the stories about government economic activities at the local level that will help benefit Black people.

Top Stories

  • Hutchins Roundup: Inflation expectations, Black entrepreneurs’ access to capital, and more (Brookings Institution). Black entrepreneurs raise $35,205 in start-up capital on average while white entrepreneurs average $106,720.
  • North Carolina Man Creates One of First Black-Owned Soda Companies in Industry (Spectrum News 1)
  • City legislator calls for making every Friday ‘Shop Black Business Friday’ (Philadelphia Tribune
  • Pharrell Launches Black Ambition, An Accelerator for Black And Latinx Entrepreneurs (Forbes)
  • Report: More Half Of Black, Hispanic And Native American Workers Have Jobs That Can’t Be Done Remotely (Forbes)
  • Disparity in Jobless Rates Suggests Black Workers Face Slower Recovery (Wall Street Journal) – Black workers have higher unemployment rates at every educational level than Whites.
  • Millions of Full-Time Workers Rely on Federal Health Care and Food Assistance Programs (GAO)   
  • Of the 12 million workers on Medicaid and 9 million workers on SNAP, 70% worked full time weekly and 50% worked full time annually. Ninety percent work for private industry and 70% percent concentrated in five industries including leisure and hospitality and food preparation and food service. Sen. Bernie Sanders asked for this study.
  • Could Nasdaq’s proposed diversity mandates be the key to changing corporate America? (CNBC). This mandate will require listed companies to have at least two diverse board members.
  • Nasdaq unveils new push to mandate diversity in corporate boardrooms (ABC News)
  • Biden’s New Top Economist Has a Longtime Focus on Workers (NY Times)
  • At the local level
  • Survey to assess Black employment in Dane County (Madison 365) – Wisconsin
  • East St. Louis campaign aims to create more employment opportunities for residents (Belleville News-Democrat) – Elevate East St. Louis aims to provide local jobs.

Stories

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

  • N.J. Pandemic Relief Fund giving $4.5M in grants to organizations helping minority- and women-owned businesses (ROI NJ)
  • Business accelerator aims to help Black entrepreneurs succeed during pandemic (San Diego Union Tribune) — Accelerator aims to teach businesses how to put together a growth strategy and gain access to new contracts and loans.
  • The economic push-and-pull of protests and a pandemic on Black-owned bakeries in Northeast Georgia (Red and Black) – Google and Yelp searches help bring in new customers to Black-owned Bakery.
  • PFC Black Chamber Launches the COVID-19 Open Door Fund to Assist Small Businesses in Prince George’s County Impacted by the COVID-19 Pandemic (PFC Black Chamber)

Jobs / Workers / Unemployment / Gig Economy

  • Disparity in Jobless Rates Suggests Black Workers Face Slower Recovery (Wall Street Journal) – Black workers have higher unemployment rates at every educational level than Whites.
  • Report: More Half Of Black, Hispanic And Native American Workers Have Jobs That Can’t Be Done Remotely (Forbes)
  • Black and Latinx female startups see slow funding gains (Vogue Business)
  • Impact development in Black and brown communities (Generocity) – Black and brown communities are more than likely to be communities that lack healthy businesses, causing more illness and preventing the ability to be employed.
  • Survey to assess Black employment in Dane County (Madison 365) – Wisconsin
  • East St. Louis campaign aims to create more employment opportunities for residents (Belleville News-Democrat) – Elevate East St. Louis aims to provide local jobs.

Inequality / Systemic Racism / Economic Justice

  • Mayor Greg Fischer outlines racial equity plan, declares racism public health crisis (Louisville Business First) – Mayor’s plan includes seven key areas for improvement
  • An embedded structure: Touch CLE’s Chardonnay Graham and Kofi Amponsah use docuseries to show why systemic racism affects Black businesses (Cleveland) –Graham creates series to show long-existing gaps between Black and white people.
  • Millions of Full-Time Workers Rely on Federal Health Care and Food Assistance Programs (GAO)   
  • Of the 12 million workers on Medicaid and 9 million workers on SNAP, 70% worked full time weekly and 50% worked full time annually. Ninety percent work for private industry and 70% percent concentrated in five industries including leisure and hospitality and food preparation and food service.

Black Business

Black Business General / Interesting Businesses Stories

  • Hutchins Roundup: Inflation expectations, Black entrepreneurs’ access to capital, and more (Brookings Institution). Black entrepreneurs raise $35,205 in start-up capital on average while white entrepreneurs average $106,720.
  • Investing in the Future of Food: Empower Project Launches Competition to Lift up Black Entrepreneurs (Food Navigator)
  • Philadelphia City Council moves to protect restaurants that rent space, Black-owned businesses (KYW Radio)
  • 11 Black-owned Businesses To Shop This Holiday Season (V Magazine) — From beauty products to home goods to high fashion, Black-owned businesses have everything your holiday-induced shopping spirit could hope for.
  • Black Business Expo coming to Central Market House just in time for holiday shopping (Evening Sun) — The Black Dollar Movement is a movement page created by two Temple University alumni that want to promote the circulation of the black dollar.
  • Black Restaurant Week debuts in South Florida to boost Black restaurateurs (South Florida Business Journal) — South Florida is the 11th market that Black Restaurant Week has expanded into in its five-year history.
  • Matchbox Coworking Studio Offering New Program For Minority Businesses (WLFI) – Spark 2021 program will help minority businesses that already exist grow, and help people with ideas get their business off the ground.
  • 100 Black Business Women Selected for $25 K from American Express (Philanthropy Women) — The Black women entrepreneurs selected for the program have created many types of innovative, early-stage businesses across the country.
  • The road to reclamation (Grand Rapid Mags) – Local collective wants to recreate Black Wall Street in Grand Rapids.
  • Small business gains national traction, opens shop downtown (Charleston Regional Business Journal) – Striplin, a female and Black-owned company, grows 1022% and is opening a flagship shop.
  • Black-Owned Businesses Saw A Swell Of Support In 2020. But Has It Lasted? (HuffPost)
  • The economic push-and-pull of protests and a pandemic on Black-owned bakeries in Northeast Georgia (Red & Black)

Black Business Specific

  • North Carolina Man Creates One of First Black-Owned Soda Companies in Industry (Spectrum News 1)
  • Doughnuts, catfish and barbecue: 3 beloved Black-owned restaurants in Fort Worth (Dallas News) – Black restaurants in Fort Worth seeing growth as support for Black businesses continues through social media efforts such as #blackbusinessspotlight and #buyblack.
  • Louisville Entrepreneur on a Mission to Increase Representation With Custom Dolls (Spectrum 1 News) – Kentucky
  • Black Business Spotlight: Bouquets By Carolyn (Minnesota Spokesman-Recorder)
  • How this vegan restaurant has defied the odds to become a buzzy Black mecca (Fast Company)

Big Business / Corporate

  • Facebook to start policing anti-Black hate speech more aggressively than anti-White comments, documents show (Washington Post)
  • Could Nasdaq’s proposed diversity mandates be the key to changing corporate America? (CNBC). This mandate will require listed companies to have at least two diverse board members.
  • Chicago Receives $7.2 Million from JPMorgan Chase’s AdvancingCities Challenge to Improve Access to Affordable Housing in Black and Latino Communities (JPMorgan Chase).
  • Tesla says Black people hold just 4% of its US leadership roles (Fox Business)
  • The Already Tiny Group of 4 Black Fortune 500 CEOs Loses A Member (EURWeb)
  • Black In (Huffpost) – In partnership with Paypal, three Black women entrepreneurs participate in a roundtable discussion to learn from one another.
  • ‘Grow with Google’ launching SC program to help Black and Latino small businesses (Counton News 2) — The goal of Grow is to create economic opportunity in communities across the United States by providing free digital skills training, tools and expertise.
  • Google launches program to assist Black and Latinx business owners (Chron) — The program Digital Coaches provides free digital skills training and coaching to help Black and Latinx small businesses reach new customers and grow their online presence.
  • Comcast RISE Awards Five Black-Owned, Small Businesses in Utah with Marketing and Technology Resources and Makeovers (Yahoo Finance) — Multi-year Program Opens Eligibility to Small Businesses Owned by Black, Indigenous and People of Color across Utah

Discrimination

  • Is Racism Holding Back African Americans? (Merion West)
  • Racial microaggressions take a major toll on Black Americans (Washington Post) – Michelle Singletary
  • Google Researcher Says She Was Fired Over Paper Highlighting Bias in A.I. (New York Times)
  • Lawsuit alleges years of anti-Black discrimination at San Diego area college (University Business) — USC researchers expose climate of anti-Blackness at Southwestern College” including Black employees being called racial slurs and being overlooked for promotions
  • Robert Hill: White privilege in white collars (Pittsburgh Post Gazette) – Personal tale of discrimination in the corporate world.
  • Will Sutton: GoAuto  CEO calls VP-elect a “hoe” (NOLA.com) – Sad. Wonder how he treats his female employees if he has any.

Reparations / Affirmative Action / Diversity / Inclusion

  • Wilmington could get a task force to study reparations (Delaware Public Media)
  • A Diversity Problem: Minority and Women-Owned Businesses Make No Progress in City Contracting (BK Reader)
  • Guest viewpoint: A call to action for inclusive economic recovery in 2021 (Philadelphia Business Journal) — The CEO of one of Philadelphia’s largest minority-owned companies says it will make efforts to ensure an inclusive economy
  • HEARD Initiative bracelets support Black and Indigenous business owners (Boston Globe) – HEARD initiative aims to lift up Black and Indigenous business owners, not just in light of the pandemic, but for good.
  • Business coalition sets $2 billion goal for racial equity initiative (Wenatchee World) – In Washington, Black-owned businesses account for just 1% of the state’s businesses overall, although 4.4% of the population identify as Black.
  • What an Anti-Racist Business Strategy Looks Like (Harvard Business Review) — People are seeking to better understand the disparities in education, home ownership, health, jobs, economic opportunity, law enforcement, and justice that have shaped Black life in this country.
  • Accenture Promotes 605 New Managing Directors and Appoints 63 New Senior Managing Directors (Accenture) – Seventeen(17)(8%) Black people were appointed to managing directory, bring the total to 3.2% of all MDs. Ten Hispanics (5%) were also promoted raising the total to 3.6%. “Among the 37 new senior managing directors in the US, 3% (1) are African American/Black and 3% (1) are Hispanic American/Latinx.” – from the press release.

Economics

Straight up Econ / The Economy

Industry Stories

Sports / Media / Entertainment

  • Athletes First and EVERFI Unite to Launch Nationwide Interactive African American History Education Program (Business Wire) – PR release
  • EVERFI African American History website is here.

Alcohol / Marijuana / CBD

  • Congress should legalize cannabis now—for the economy and for social justice (Fortune)
  • Tracing Cognac’s Historical Connection to Black Culture in America (Imbibe Magazine)
  • Seagram’s Escapes Holiday Marketplace Features Black-Owned Plus-Size Businesses (Forbes) — Open through the last day of the year, the Seagram’s Escapes Holiday Marketplace features nearly 2,000 Black-owned businesses.

Beauty / Fashion / Retail / Luxury

  • Profile of Black owned exotic car dealership (Black Enterprise) – Posh Luxury Imports
  • Citi Trends Announces Third Quarter 2020 Results (Business Wire) – Citi Trends has 525 stores and targets African American consumers.
  • Ciara and Russell Wilson launch fashion business (Forbes)

Technology / Apps / Innovation

  • Local Black entrepreneurs on how shopping Black-owned businesses on Cyber Monday can make an impact (Turn to 23) — Black-owned businesses encouraging social media support to continue on Cyber Monday and beyond.
  • Silicon Valley payments firm Stripe buys Nigerian startup Paystack (Reuters)
  • Philly Tech Sistas wants to diversify the tech scene in Philadelphia and beyond (Philadelphia Inquirer)
  • Global Companies Partner with Correlation One to Increase Diversity in the Data & AI Jobs of the Future (PR Newswire)

Finance / Investing / Venture Capital

  • African-American Credit Union Coalition adds Fiserv as corporate partner (FinExtra) – The African American Credit Union Coalition is at AACUC.org
  • Leading Minority-Led Fund Manager Launches $1 billion ‘Black Impact Fund’ to Invest in Black and Brown Communities
  • Asset management industry ‘not doing a good job’ on diversity, says SEC chief (Financial Times)
  • Leading Minority-Led Fund Manager Launches $1 billion ‘Black Impact Fund’ to Invest in Black and Brown Communities (PRNewswire). SoLa Impact is leading this investment.
  • University of New Haven Announces New Affiliation Aimed at Increasing Diversity Across the Finance Industry (New Haven EDU) — The Pompea College of Business is collaborating with FactSet to support the company’s Black Business Resource Group.

Real Estate / Finance / Development / Housing / Segregation

  • Redlining, Racism Still Hurt Property Values And, In Turn, School Funding (Idea Stream)
  • NAACP and Experian Launch Home Preservation Grant to Support African American Homeowners at Risk of Losing Their Homes (Business Wire
  • The Most Segregated (and Integrated) Cities in the SF Bay Area (Othering & Belonging Institute) – Also discusses measures of segregation
  • Accelerator brings minorities into commercial real estate fold (Cincinnati Business Courier)
  • Church begins construction on apartments, retail on East Market near A&T (Greensboro News & Record)
  • Doctors / Dentists / Lawyers / Accountants
  • Facing racism and assumptions: Black women lawyers still often the ‘only’ one in the room (Columbus Dispatch) – Nice long article

Construction / Jobs / Discrimination

  • Deryl McKissack Built a Business With $30 Million in Revenue–and a Mission to Root Out Racism in the Construction Industry (Inc.) – Nice story about McKissack and the construction industry

Manufacturing

Politics / Government / State and Local

  • Biden economic team faces challenge in delivering help to Black communities (The Hill)
  • Seven civil rights groups want a meeting with Joe Biden. The agenda: Appointing Black officials in top roles, not lower-ranking ones. (Washington Post). 
  • Biden-Harris administration commits to ensure government spending with Black and minority-owned media businesses (Philadelphia Tribune)
  • City legislator calls for making every Friday ‘Shop Black Business Friday’ (Philadelphia Tribune
  • Georgia lawmaker selected as first African American to chair U.S. House Agriculture Committee (Financial Post)

Education / Healthcare

  • Civil Rights Groups Escalate Fight Against High Prescription Drug Costs (The Seattle Medium). 40% African American respondents state that they will limit necessities such as food, electricity and fuel in the future to afford their prescription medication.
  • Report: Financial Aid Officers Can Use Professional Judgement as a Tool for Racial Equity (Diverse Education)
  • OpEd: The Diversity Think Tank at URI calls for an end to racist hiring practices (Uprise Rhode Island) – Long. URI statement on diversity.

Farming / Agriculture

  • ‘Jim Crow’ Land Ownership Spurs Black Farmers’ Appeals to Biden (Bloomberg)
  • Bill that could help Black farmers reclaim millions of acres ‘a step in the right direction’ (ABC News)

Management / Strategy / Governance / Best-Practices

  • How Madam C.J. Walker Built Racial Equity into Her Business (Harvard Business Review)
  • Emerging Trend Aims to Improve Diversity on Corporate Boards (Society of HR Managers) – Seventy percent of Nasdaq board appointments since 2008 are White women. Unfortunately, it looks like diversity on boards has benefitted White women.

Other

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Pharrell Launches Black Ambition, An Accelerator For Black And Latinx Entrepreneurs (Forbes)
  • Black women don’t get much startup funding. These founders are trying to change that (CNN)
  • Black Girl Ventures, Halcyon launching incubator for Black and brown female founders (The Business Journals)
  • How Some Black Startup Founders Are Thriving in a Pandemic Year (Wall Street Journal) (MSN)

People / Motivation / Leadership / Success Stories / Ideas

  • Cecilia Rouse May Become First Black Woman To Lead CEA (Essence)
  • Black Business Spotlight: Jajja Wellness Tonic (Minnesota Spokesman-Recorder) – A Black-owned beverage company with a thoughtful story behind it.
  • Second-generation wife and husband team to helm 82-year-old Black business in Lafayette (KLFY) – Kinchen Funeral Home, which opened in 1938 , is now run by the grandson of the original owners.
  • Sonoma County’s Only Black Cowboy Barbecue Restaurant Is Still Smoking After 40 Years (San Francisco Eater) — The enduring greatness of Pack Jack Barbecue, which has survived a fire and, now, a world-shattering pandemic

All Other

Caribbean / Africa / International

  • U.S. Chamber Recognizes Three Nigerian-based Startups with Digital Innovation Awards at U.S.-Nigeria Digital Economy Conference (US Chamber of Commerce)

Travel / History

  • Madam C.J. Walker’s Gospel of Giving Black Women’s Philanthropy during Jim Crow by Tyrone Freeman (YouTube) and Virtual Book Launch (YouTube).  He promoting his new book Madam C.J. Walker’s Gospel of Giving: Black Women’s Philanthropy During Jim Crow.
  • Local history: Barberton company’s Black doll changed complexion of toy industry (Akron Beacon Journal) – Amosandra was the first mass-produced rubber doll with black skin.

Opinion

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