Black Business and Economic Stories for the week of Oct. 5th to 11th

We have over 120 stories this week. We have twelve inspirational “people” stories about successful Black entrepreneurs plus 25 Black business stories.

Top Stories

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

Killer Mike and Andrew Young start Black-owned bank called Greenwood Bank. (CNN) — Greenwood Bank website.  Greenwood closes $3 million seed round to build online banking solution for Blacks and Latinx (Cision PR Newswire)

The dark truth behind the million-dollar imported Black hair business (CNN)

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

California to study, consider reparations for Black residents after landmark law passed (USA Today)

A bike company offers Black customers reparations in the form of a discount (Yahoo Finance). Rivendell Bicycle Works created a direct approach in reparations that provides a 45% discount for their Black customers

Philadelphia Examining Whether Public Deposits Can Close Racial Disparities in Small Business (NextCity). Council member Derek Green wants to use the city’s own deposits to help close disparities.

Canadian business leaders launch national initiative to fight anti-Black systemic racism (CBC)

‘I altered my personality to fit in at work’ (BBC)

Covid-19 / Coronavirus / PPP

COVID-19 is increasing multiple kinds of inequality. Here’s what we can do about it (World Economic Forum)

COVID-19 Laid Bare Inequities, Racism, Cleveland Mayor Frank Jackson Says (WOSU Public Radio)

Racism is the most significant underlying condition in the COVID-19 pandemic (Poynter Institute)

Hundreds of Black-owned businesses in San Francisco asked for help amid Covid-19. There’s not enough money to help them all (San Francisco Business Times)

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

Why are we letting America’s smallest businesses die? (Fortune). Orv Kimbrough argues that Black-owned small businesses have been hit especially hard by COVID-19, and need adequate loans and relief.

Black Small Businesses Significantly Impacted by COVID-19; Less Likely to Receive Financial Assistance (PR Newswire) – According to the report, by SCORE, Black small business owners are 90.7% more likely to have a direct relationship with someone with COVID-19 infection than their white counterparts

House Passes $2.2 Trillion Dollar Second Stimulus Bill, Is Racial Equity Lacking For African Americans? (Forbes) – New bill may still fail to address racial disparities daces by Black and Brown individuals.

Workers / Unemployment / Labor

The U.S. is still ‘missing’ more jobs than it did at the worst point of prior postwar recessions (Washington Post)

Black Business General

Economics in Brief: Report Illuminates How Wide the Funding Gap is for Black and Latinx Americans (Next City)

New council wants to bring opportunities to Black businesses in Marion OH (Marion Star)

Urban Black farmers try to diversify Kalamazoo farmers market (Michigan Live)

My Black Receipt report over $7 million in spend from 22,750 consumers (MyBlackReceipt)

Austin natives, Black clean energy entrepreneurs say industry needs people of color (Austin Weekly News)

Want to grow more Black businesses in Philadelphia? Start with advocacy, funding and social capital (Technically)

3 Austin Black-owned startups secure $200,000 in funding from tech giant (CultureMap Austin)

NAACP and Hello Alice partnership create grants and resources for Black-owned businesses (ABC News).

Black Businesses Matter workshops seek to reach minority entrepreneurs in Western NY (Biz Journals) – Virtual workshop gives black and minority businesses exposure to advertising and marketing techniques.

Black entrepreneur get funds from Black Business Investment Fund for construction company expansion (Biz Journals)

Small Business Credit Survey: Report on Minority owned firms (Atlanta Fed) – December 2019.  28% of Black-owned firms need to rely on personal funding compared to 16% of white-owned firms, says Federal Reserve Bank of Atlanta Study.

Black Business Specific / Business Ideas / Entrepreneurs

Killer Mike and Andrew Young start Black-owned bank called Greenwood Bank. (CNN) — Greenwood Bank website

Greenwood closes $3 million seed round to build online banking solution for Blacks and Latinx (Cision PR Newswire)

OneUnited: The Nation’s Largest Black-Owned Bank Is Unapologetically Black And Activist (Forbes)

Photojournalism Project Profiles 9 Black Women Business Owners in Newark (WBGO)

Brown Sugar Bakery buying 84-year-old Cupid Candies on Chicago’s Southwest Side (Chicago Tribune)

Author Latoya Nicole Launches Black-Owned Coloring Pencils Brand (MadameNoire)

Brooklyn teen opens beauty supply store amid pandemic to ‘inspire others’ (The Grio)

New Black business in St. Paul, MN: Taste of Rondo (St. Paul Spokesman-Recorder)

Charlotte graduate donating $1 million in web services to Black businesses (WSOCTV) – Jeremiah Chapman aims to amplify the voices of the Black community with Black Culture Weekly.

From coffee to salad, new Louisville event showcases Black chefs (WLKY) – Black Eats Week added to Louisville’s Black business week that takes place in June.

FishScale, A Black-Owned Seafood Restaurant In Washington, D.C., Rebounds For The Community (Forbes) – Innovative Black-owned seafood restaurant able to bounce back with PPP loan

At Inglewood’s Sip & Sonder, Community And Personal Well-Being Take Focus (Sprudge) – City in the middle of a transformation still holding on to its Black culture.

Big Business

JPMorgan puts $30B toward fixing banking’s ‘systemic racism’ (AP)

JP Morgan Chase to spend $30 billion to close the racial wealth gap (USA Today). JP Morgan Chase says it will dedicate $30 billion to closing the racial wealth gap, from granting loans that help Black and Latino Americans purchase homes to helping the unbanked open checking and savings accounts.

Black LinkedIn Is Thriving. Does LinkedIn Have a Problem With That? (New York Times). Black users are speaking up and are saying the site is limiting their voice.

How Bank of America’s CEO Is Combating Economic Inequality (Barrons)

Wells Fargo faces criticism over diversity, forbearance efforts (Triad Business Journal)

Sustainability Investors Shift Their Focus to Social Issues (Wall Street Journal)

Facebook launches initiative called #BuyBlackFriday to support Black-owned businesses (WRAL TechWire)

Bank of America buy 5% of Black-owned Unity bank of Houston (BlackBusiness.com)

Southern California Edison Strengthens Commitment to Black Employees by Joining AABE Energy Equity Initiative (Black Chronicle)

Citi pledges more than $1B to help close racial wealth gap: Action for Racial Equity commitments planned over next three year (St. Louis American). Citi is hoping to increase economic mobility in the United States by providing homeownership, business suppliers, capital, and other opportunities.

Labor Department Questions Microsoft and Wells Fargo Over Pledges to Hire More Black Employees (Wall Street Journal). The U.S. Department of Labor is concerned that these companies are engaging in discriminatory practices to accomplish those goals.

Google gives black Atlanta tech companies $2.35 million (Atlanta Journal-Constitution

Google for Startups Black Founders Fund gives $100K to Newark’s MindRight Health (NJBiz).

Four Black-owned DFW startups land funding from Google (Biz Journals) – Four Black startups receive $300,000 from Google

Macy’s will commit 15% of its shelf space to Black-owned brands, joining a pledge adopted by Sephora, Vogue, and Rent the Runway (Business Insider). The 15% pledge reflects the fact that Black people make up about 15% of the country’s population but are underrepresented on stores’ shelves

Meet the Black woman advocating for greater disability visibility (NBC News) – Black business owner with muscular dystrophy seeking to change the way brands portray disability

Industry News

The dark truth behind the million-dollar imported Black hair business (CNN)

Thirteen-ton shipment of human hair, likely from Chinese prisoners, seized at import (CNN)

Black cigar smokers find community — and business opportunities — amid the pandemic (NBC News) – Black cigar smokers find solace in supporting Black-owned cigar lines during pandemic

Discrimination

Dillard’s agrees to pay $900,000 to settle claim of denying promotions based on race (Arkansas Online)  — This is the first race based EEOC lawsuit we found, but it was started under Obama.

McDonald’s Partners With Rappers as Black Ex-Employees Sue for Discrimination (Vice News)

Yelp will flag businesses accused of racist conduct (San Jose Mercury News)

Yelp Is Warning For Racist Businesses & People Are Mad (Refinery29)

Reparations / Affirmative Action / Diversity

California to study, consider reparations for Black residents after landmark law passed (USA Today)

California task force will consider paying reparations for slavery (LA Times)

Could African Americans in California receive reparations for slavery, discrimination? (ABC 10). Gov. Gavin Newsom signed a bill to create a task force to study and develop reparation proposals for African Americans.

Ignoring current problems, California comes up with illogical reparations bill (Southeast Missourian) – Conservative

Considering reparations for Black people (Danville / SanRamon Blog)

Hanson: Ignoring current problems, California comes up with illogical reparations bill (Casper Star-Tribune) – Conservative

Trump administration targets diversity hiring by contractors (TheDay.Com)

A bike company offers Black customers reparations in the form of a discount (Yahoo Finance). Rivendell Bicycle Works created a direct approach in reparations that provides a 45% discount for their Black customers

Durham, Washington, D.C., Become Latest Cities to Call for Reparations for Black Residents (The Root). Federal and local governments are calling for reparations.

Diversity Program Consortium: A National Program to get more African Americans and other Minorities to be Doctors in Health Science Careers is Coordinated locally at UCLA. (Los Angeles Sentinel). 

Reparations for African Americans, Alameda County supervisors say (East Bay Times).

Inequality / Wealth Gap / Structural Racism

States can pave the way on closing the racial wealth gap (Brookings)

‘We need to step forward’: Fed leaders call for new focus on race in the economy (politico)

The Federal Reserve Has A Role To Play In Reducing Racism In The American Economy (Forbes)

Racism and the Economy (Federal Reserve Bank of Minneapolis)

Racism is hurting the economic well-being of the US and its workforce — including white workers (Institute for Urban Research)

What racism costs us all (IMF)

The debt US companies owe Black Americans (Quartz) — 9.5% of private or closely held public US businesses are Black-owned, and together they make 1% of the income of white-owned businesses.

Finance / Investing

Roger Ferguson, CEO of TIAA, on Why You Shouldn’t Watch the Wild Stock Market All Day (Time) – Ferguson is one of four Black Fortune 500 CEOs

Stocks are soaring, and most Black people are missing out(TheDay.Com)

Access to capital is biggest hurdle for Philadelphia’s Black-owned businesses, leaders say (Biz Journals) – Black business owners face increased need for affordable access to capital.

Real Estate / RE Finance / Housing

Redlining was outlawed in 1968. Here’s how the practice is still hurting Black Americans. (CBS News)

Prop 21 Denies the American Housing Dream for Black, Latino Families (Fox & Hound) – Conservative

Prop. 21 modernizes rent control while incentivizing new housing construction (CAL Matters)

Black-owned real estate companies create the first public REIT for ‘affordable housing’ (The Business Journals) — Real Estate Investors Inc. intends to invest in, develop, redevelop and manage a portfolio of multifamily properties located in Opportunity Zones.

Here are the Black recipients of the MacArthur genius grants  (Becauseofthemwecan.Com) – Thomas Wilson Mitchell who helped draft Uniform Partition of Heirs Property Act of 2010 which amended laws that forced the court ordered sale of Black property.

Black Americans are paying more to own a home and falling further behind (CNN )

Building that houses iconic Tacoma clothing store, barbershop to be razed for apartments (KIRO TV Seattle)

$6.5 million aid proposal will improve Milwaukee homeownership. But those efforts need to go beyond 2021. (Milwaukee Journal Sentinel). Milwaukee has the second-lowest Black homeownership rate at 27.2%.

Charlotte’s gentrification problem transcends homes. Can businesses be saved? (Charlotte Observer) –Closing of City North Business Center forced many businesses to relocate

Agriculture

Momentum to protect Black-owned land  (LimaOhio.Com) – Blacks lose land to tax and partition sales.

Sports / Media / Entertainment

Effort to bring African American owned NFL team to Oakland takes step forward (KCBS)

African American Sports and Entertainment Group (AASEG) – Official website mention in the article.

Philadelphia Inquirer to sell printing facility and lay off 500 plant employees (Philadelphia Inquirer) – The paper I grew up with.

Byron Allen prepares to host an occasion on economic justice and equality for the Los Angeles Urban League (News US) – Press release site

Philadelphia 76ers, African American Chamber of Commerce partner on boosting Black-owned businesses (The Business Journals). The Chamber will create a program that will donate marketing assets to black businesses and increase the amount of business.

Retail / Fashion

23 Sustainable, Black-owned Businesses to Support Online (EcoEnclose)

People / Motivation / Success

NEA Women in Business Arkansas: Tamika Jenkins (Talk Business and Politics) — first African American woman in Arkansas to obtain a certified economic developer designation.

Elayne Arrington, first female Black graduate of Piit’s Engineering school. (Pitt Magazine)

Melody Hobson, Ariel Investments, donates money for residence hall. (Daily Princetonian) – She will give more than $20 million but the exact figure was not revealed.

Columbus tech CEO, Dwight Smith, of Sophisticated Systems, tries to use position for good as Black businessman (Columbus Dispatch)

Clifton Taulbert, Famed Mississippi Author,  to Deliver Talk on Black Wall Street (Hotty Toddy)

Tim Baylor, a North Minneapolis business owner,  moves forward with apartment/retail development (Minneapolis Star Tribune)

Bernard Kinsey, A pioneer of corporate diversity remains unimpressed (Fast Company)

Future looks good for graphic design business started by Lee Green (Rochester Post Bulletin)

Melissa Bradley wants to help people of color jump start their businesses. Here’s her advice (CNBC)

Chicago’s Museum of Science and Industry names Chevy Humphrey CEO (The Biz Journals)

Chevy Humphrey is the first Black and first woman president and CEO of the Chicago Museum of Science and Industry (Because of Them We Can)

Alniesha Carter,  Founder of TaxPrep Evolution Inc. (TPE), a franchise tax preparation service is expanding.  (BlackBusiness.com) – Tax Prep Evolution

Government / Politics

Alabama has many pressing needs; new prisons are not one of them (AL.Com) – Alabama wants to spend two billion on 3 private prisons.

Madison area education referendum includes “Black Excellence” program (Madison State Journal)

Legislative Black Caucus addresses issues facing Black business owners, entrepreneurs (WSIL TV)

‘This is Real Meat’: Black Businessman Encourages African-Americans to Embrace Trump’s Economic ‘Platinum Plan’ (CBN) – Conservative

Black Leaders: State Can Do More to Include Black Firms in Small Biz Support Plans (Sac Observer) – Only 30 of the 259 I-Bank loans in the fiscal year 2018-19 given to Black-owned businesses in California.

$300,000 grant aims to help Twin Cities businesses hit by pandemic, unrest after George Floyd’s death get back on their feet (Twin Cities) — $200,000 grant awarded to Black and Brown business owners.

Jail / Prison / Re-entry

Tom Gores Has Resigned From LA Art Museum’s Board After Activists complain about Prison Investments (ArtnetNews)

Legislators hear about barriers Black businesses face such as access to capital and in state contracting (Illinois Times)

Philadelphia Examining Whether Public Deposits Can Close Racial Disparities in Small Business (NextCity). Council member, and chair of the council’s finance committee, Derek Green wants to use the power of the city’s own deposits to help close disparities.

Economics

United States hit by $2 Trillion dollar drop in GDP (Visual Capitalist) – Map shows states a sectors hit by the fall in output.

Targeting Black Unemployment Would Keep Fed Rate Near Zero to 2025 (Bloomberg). 

Education

Harvard Business School Launches Action Plan for Racial Equity (Diverse in  Education)

Human Resources / Career Advice

20 ‘guiding principles’ to ensure a diverse and equitable corporate culture (Fast Company)

Technology / Innovation / Apps

Google To Provide Digital Skills Training At HBCUs As Part Of $15 Million Pledge (Forbes)

Justice Dept. Sues Yale, Citing Illegal Race Discrimination (NY Times)

Caribbean / Africa / International

Canadian business leaders launch national initiative to fight anti-Black systemic racism (CBC)

It’s time to talk about black tax in South Africa (Mail & Guardian)

Brazilian Retail Company Sued for All-Black Trainee Program, Accused of Limiting Opportunities to Non-Minorities (Atlanta Black Star)

Black Owned: Marie Farmer, founder of Mini Mealtimes (Metro UK)

Timing is everything with federal supports for Canada’s Black-owned businesses (Yahoo Finance) – Loans from $25,000 to $250,000 available for Black business owners.

New online marketplace for black businesses launches (Voice) –Wakuda is a new online UK marketplace for Black businesses

Black Owned: Marie Farmer, founder of Mini Mealtimes (Metro UK )

Career / Motivation

‘I altered my personality to fit in at work’ (BBC)

‘Let’s Build Instead Of Burn’: Daymond John Launches Black Entrepreneurs Day To Inspire Black Business Owners To Persevere (Forbes) – Daymond John aims to give Black Entrepreneurs support from industry peers with Black Entrepreneurs Day.

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