Black Business Stories for Feb 1st to 7th 2021

Top Stories

  • Why Are There So Few Black Economists at the Fed? (New York Times)
  • ‘Better Business Bureau meets Consumer Reports’: Black Dollar Index ranks companies by support of Black America (USA Today).
  • Two Biden Priorities, Climate and Inequality, Meet on Black-Owned Farms (New York Times). Black run farms account for 2% of the nation’s farms, down 12% from 1920. 
  • Columbus moving company, America’s oldest running Black-owned business, celebrates 140 years (10 TV)
  • ‘Better Business Bureau meets Consumer Reports’: Black Dollar Index ranks companies by support of Black America (USA Today).
  • Black Philadelphia renters face eviction at more than twice the rate of white renters (The Philadelphia Inquirer)
  • Two Biden Priorities, Climate and Inequality, Meet on Black-Owned Farms (New York Times). Black run farms account for 2% of the nation’s farms, down 12% from 1920. 

Stories

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

  • What it means to return to a “pre-pandemic” economy (Marketplace)
  • Minority-owned small businesses hit harder during pandemic (KSHB-TV)

Jobs / Workers / Unemployment / Gig Economy

  • New Department of Labor statistics show racial disparities within unemployment and job loss (WWLP)
  • About 275,000 women left workforce in January in ‘critical’ pandemic trend, experts say (NBC News). The unemployment rate for Black women in January was 8.5%.
  • Raise the minimum wage—and stop subsidizing corporations that underpay their workers (Fortune)
  • Google CEO and HBCU leaders discuss talent pipeline for Black tech workers (News Channel)

Inequality / Systemic Racism / Economic Justice

  • Zuckerberg Part of $100M ‘California Black Freedom Fund’ (US News) — Five-year initiative will provide resources to Black-led organizations in the state that are seeking to eradicate systemic racism.
  • How urban revitalization was used to break up a Black business district in North Carolina (Times News)
  • Why the Richmond Fed has zero Black Ph.D. economists (Virginia Business) — Bank working to improve talent pipeline, mentorship opportunities

Black Business

Black Business General / Interesting Businesses Stories

  • Tale of survival: Documentary tells story of extraordinary Black community in Tulsa (Albuquerque Journal)
  • ‘Better Business Bureau meets Consumer Reports’: Black Dollar Index ranks companies by support of Black America (USA Today).
  • Why Minority-Owned Businesses Struggle to Survive Amid Pandemic (Investopedia)
  • 6 Effective Ways To Team Up With Local Businesses (Forbes)
  • The cities with the most minority-owned startups (SCNOW)
  • St. Louis program seeks Black and Latinx entrepreneurs to invest in and elevate their business (KSDK)
  • ‘It’s not just a fad’: Black-owned businesses lack support months after George Floyd movement (Global News)
  • Orlando attraction features ‘bright futures’ for Black History Month (Click Orlando) — Wall Crawl hopes to highlight amazing women who are struggling to stay afloat
  • Why Black-owned businesses are struggling to stay afloat (CNBC)
  • Will Support for Black-Owned Businesses Continue in 2021? (5280)

Black Business Specific

  • Columbus moving company, America’s oldest running Black-owned business, celebrates 140 years (10 TV)
  • Local historian relaunches Detroit tour company after battling COVID-19, losing mom in 2020 (WXYZ)
  • Ellicott City woman provides local, global jobs while creating beauty products for Black women (Capital Gazette)

Big Business / Corporate

  • Honoring the legacy of Black-owned businesses in the U.S. (Google). Google announces a new shopping feature that will make it easier to find Black owned businesses. 
  • Black CEO Ranks Dwindle With Ken Frasier’s Exit (Bloomberg)
  • Gap Join 15% pledge (Bloomberg)
  • Google adds Black-owned business label to product results (Search Engine Land)
  • Honoring the legacy of Black-owned businesses in the U.S. (Google Blog)
  • Target expands Black History Month collection (Star Tribune)

Discrimination

  • Boston spent $2 billion dollars over 5 year but only 1.2% went to Black and Latino businesses (Boston Globe)
  • Racism in real estate? Major Realtors’ association confronts the issue (Miami Herald)
  • Black restaurant servers were tipped less than others in retaliation for enforcing social distancing, report says (Washington Post)
  • The Navy’s Racial Bias Report (KPBS)
  • Crain’s survey of businesses in northeast Ohio: Black-owned businesses say they’re at a disadvantage (Crain’s Cleveland business)

Reparations / Affirmative Action / Diversity / Inclusion

  • Reparations, Six Months Later: So Far, Empty Promises (Blue Ridge Public Radio)
  • There are no Black execs at the top of Britain’s biggest companies (Philadelphia Tribune)
  • ‘We need to see ourselves’: Md. woman uses business to uplift Black women entrepreneurs (WJLA)

Economics

Black Economics

  • Why Are There So Few Black Economists at the Fed? (New York Times)
  • Why the Richmond Fed has zero Black Ph.D. economists (Virginia Business) — Bank working to improve talent pipeline, mentorship opportunities
  • There’s a ‘credit gap’ between Black and white Americans, and it’s holding Black Americans back from building wealth (Business Insider)
  • Black households were concentrated in distressed areas of Northern cities years before the federal government created color-coded maps to indicate investment risk. (NBER)
  • The Economist Placing Value on Black Women’s Overlooked Work (NY Times) — Community activism by Black and other marginalized women goes under looked.
  • MLK Lecture connects King’s legacy with economic responsibilities today (Emory)
  • ‘The second way’ to close the wealth gap (American Banker) — Here’s what banks and government can do to stimulate small-business growth.
  • The Importance Of Social Capital, According To One Black Female Founder (Forbes)

Industry Stories

Sports / Media / Entertainment

  • A 50th anniversary conversation with Earl “Butch” Graves Jr. of Black Enterprise (The Business Journals) – Sponsored conversation by JPMorgan Chase
  • Orlando Magic’s Esu Ma’at shares how NBA team recruits Black executives (Orlando Business Journal)
  • From James Brown to Joe Armstrong, Black-owned WJBE promotes the ‘unity’ in community (Knoxville News)

Alcohol / Marijuana / CBD / Gambling

  • Portland distillery gets a boost from Beyoncé (KGW)
  • Get to know Nayana Ferguson, the first Black woman to operate a tequila brand (Face 2 Face Africa)
  • Pot Push to Put Social Justice in the Spotlight: Cannabis Weekly (Bloomberg)

Beauty / Fashion / Retail

  • How Black-owned haircare brands scale up (Vogue)

Technology / Apps / Innovation

  • Chicago Tech Incubator called “1871” help black Entrepreneurs deliver on ideas (Chicago Sun Time)
  • Google Highlights Black-Owned Businesses On Shopping Tab (PYMNTS)

Finance / Investing / Venture Capital

  • Black-Owned Banks and the Communities They Serve (Federal Reserve Bank of St. Louis)
  • Largest Black Owned Bank Focuses on Closing the Racial Wealth Gap (Chicago Defender)
  • Top-Ranked Minority-Owned Finance Firm Invests in Future of Historically Black Colleges and Universities (Intrado Global News Wire)
  • What Biden needs to get right about closing the venture capital racial gap (Quartz)
  • Female-Founded Fintech Makes It Easy To Invest In Minority And Women Entrepreneurs (Forbes)
  • Bitcoin And Black America With Isaiah Jackson (Bitcoin Magazine). Link to a podcast episode.
  • 19 Black owned banks and how to support them (Black Star News)

Real Estate / Finance / Development / Housing / Segregation

  • Black Philadelphia renters face eviction at more than twice the rate of white renters (The Philadelphia Inquirer)
  • Racism in real estate? Major Realtors’ association confronts the issue (Miami Herald)

Politics / Government / State and Local

HR / Personnel / Human Capital

  • Google CEO and HBCU leaders discuss talent pipeline for Black tech workers(CNN) – Not as easy as everyone thinks. If only people would do just like I did, they would be successful.

Farming / Agriculture / Food / Restaurants

  • Two Biden Priorities, Climate and Inequality, Meet on Black-Owned Farms (New York Times). Black run farms account for 2% of the nation’s farms, down 12% from 1920. 
  • What is the future of Boston’s Black-owned restaurants? (Boston Globe) –
  • Restaurants are a major sector of Black-owned businesses lost to the pandemic.
  • This TikToker is on a mission to make Black food history more accessible (Today)

Transportation / Logistics / Trade

  • A Black woman will be the world’s top trade official for the first time (CNN)

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Black-Owned Plant Shop Sees Business Bloom During Pandemic (WTTW) – Chicago
  • Black Women Entrepreneurs, Not Banks, Helped Me Keep My Company Going During the Pandemic (Entrepreneur)
  • Marcus Samuelsson Speaks out on Being a Black Cook in America (5280)
  • Black Entrepreneurship: The Opportunity Gap Explained (Forbes)

People / Motivation / Leadership / Success Stories / Ideas

  • Black leaders offer several key steps to help close the racial wealth gap (CNBC)
  • Good Morning America asked influential Black Americans to nominate Black people making history in 2021. (ABC News)
  • Meet Marques Brownlee – YouTuber & Tech Geek. (BlackEconomics.co.uk) – Another profile of Brownlee.  You have to watch him in action on You Tube.
  • Black Celebrities Who Uplift Communities and Give Back in a Big Way (People)
  • Calendar Honors Black Leaders (Greenville)
  • Black History Month: African Heritage Entrepreneurs in Gilded Age Newport – Andrew J. Tabb (WUN) — Tabb’s accomplishments represent the essence of African heritage “Creative Survival” during a time of enslavement
  • Legendary hotel magnate Herman Roberts provided first class entertainment, housing (Chicago Crusader)

Good News

All Other

Caribbean / Africa / International

  • There are no Black execs at the top of Britain’s biggest companies (CNN)
  • The Unfortunate Truths Of Fundraising While Black in Britain (Forbes)
  • Coca-Cola’s South African bottler to increase black ownership stake to 20% (Reuters) – Employees will increase ownership under Black Empowerment scheme to reverse decades of exclusion under apartheid.

Travel / History

  • Black Women Who Have Run for President (History). Eleven Black women have run for president since 1968.
  • 100 years after the Tulsa Massacre, entrepreneurs revive spirit of ‘Black Wall Street’ (USA Today)
  • The Plan to Build a Capital for Black Capitalism (New Yorker)
  • The National Guardian Life Insurance Company Black History Project, Part 1: The Founders (Madison365) – Madison, Wisconsin
  • William Grose, pioneer, worked the Underground Railroad and founded Seattle’s Black Central District (KUOW)
  • Black-owned businesses boosted by tourism authority (Royal Gazette)
  • Lawmakers hear plan to reconnect historic Black neighborhood (AP News)
  • Great Migration transformed Toledo as blacks from South sought better life (Toledo Blade)

Classic / Old stories but good stories

  • Who’s Donald Sterling? (Vox) — Or how to get rich by descriminating in Real Estate

Conservative / Alternative

Opinion

  • The Country Needs To Do Much More About Unemployment (Forbes)
  • As a Black woman, Tubman on the $20 does nothing for me (Milford Daily News)
  • My history is Black history (Allied News) — too often is the poverty that has plagued Black people for centuries in America and Africa depicted, says Carolina.

Other / Interesting

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