Black Business and Economic Stories week of September 21th to 27th

This week we have an all time record of 139 stories and 37 Black business stories. We are publishing late because of capacity issues (basically the editor started teaching high school again).

Top Stories

  • High-Growth Black Enterprise Seeks Venture Capital To Scale (Forbes) – The largest black-women-owned beverage manufacturer in the US.
  • ‘Dream Big, Remain Focused, Get Organized’ — Advice From And For Boston’s Black Business Owners (WGBH)
  • Ex-Atlanta cop on quitting over gentrification: It was ‘a Mafia system’ (The Grio) — Overpolicing used to gentrify neighborhood.
  • Segregation has been embraced, mandated, and maintained in the United States by law and policy — here’s how (Business Insider).
  • What America owes: How reparations would look and who would pay (ABC News) — Good long article that discusses many sides of the reparations debate.
  • Well Fargo CEO, Charlie Scharf, say Black talent pipeline is dry.  (Reuters) (ABC News) (Quartz) (Business Insider)
  • Donald Trump releases “Platinum Plan” for Black America (DonaldJTrump.com) – The Trump campaign grouped together several small, weak proposals aimed at African Americans. 

Coronavirus / PPP

  • For richer and poorer, Uncle Sam’s coronavirus response widened the gulf (NBC News)
  • HOW COVID-19 PERSUADED ME THAT AMERICA NEEDS A UNIVERSAL BASIC INCOME (The Wellesley News)
  • COVID-19 widening racial, economic inequity in Dallas-Fort Worth housing (Dallas Business Journal)
  • Kamala Harris’ claim on COVID-19 business loans not whole truth (The Detroit News) – She said only one Black restaurant got a PPP loan, but it was really three.
  • COVID-19 has disproportionately depleted finances of Latino, Black, Native American households: Survey (Journalist’s Resource).
  • $1 million in relief funds to be distributed to Minority and Women-owned businesses (My News 4). 

Unemployment / Workers / Labor

  • Unemployment in Pennsylvania: Identity protection company hired to vet suspect claims (GoErie)
  • Fastest-Growing U.S. Job Failed to Lift Pay for Black Women (MRT / Bloomberg)

Black Business Specific

  • High-Growth Black Enterprise Seeks Venture Capital To Scale (Forbes) – The story behind the largest black-women-owned beverage manufacturer in the US.
  • How One Black-Owned Printing Company Doubled its Footprint Overnight (KQED) – One strategy used by a black-owned business to expand its horizons is to focus on specific clientele.
  • Houston Church Steps Up to Help Black-Owned Food Truck Vendors Stay Afloat During COVID (Atlanta Black Star)
  • E-Learning startup brings the first Microsoft business applications developer career training app to Google Play (Black PR Newswire)
  • New Asheville coffee shop celebrates historic grand opening weekend (WLOS TV)
  • Horace and Dickies opens new restaurant in Prince George’s County (WUSA TV)
  • These Black-Owned Restaurants Opened for Business in the Midst of the Pandemic (The Quintessential Gentleman) – Five new restaurants
  • Man becomes youngest Black business owner in Royal Oak (Click on Detroit)
  • Black-owned coffeehouse opens Saturday in downtown San Jose (San Jose Mercury News)
  • Mompreneur Creates All-Natural and Vegan Skincare Line to Soothe Her Daughter’s Eczema (BlackBusiness.com)
  • New delivery service gives Black farmers a broader customer base (Fox 5 Atlanta)
  • Black Business Spotlight: Nashville Coop (Minnesota Spokesman-Recorder) – Ethopian brothers create spicy chicken restaurant.
  • ‘Dream Big, Remain Focused, Get Organized’ — Advice From And For Boston’s Black Business Owners (WGBH) – Nice showcase of Boston black businesses.
  • Denver’s Black-Owned Businesses Fight To Hang On (The Colorado Trust)
  • West Town’s Semicolon bookstore thought COVID-19 would close it forever until Instagram followers stepped in (ABC 7 Chicago) – Chicago bookstore is kept alive by Instagram , gaining over 60,000 followers during COVID-19 pandemic.
  • Sen. Harris tells Detroiters: Election will determine nation’s future for years (Detroit Free Press) – Harris visits three black businesses during her time in Michigan: MagnifiClips, Comma Bookstore, and Bedrock Apparel

Black Business General

  • Gabrielle Union’s Haircare Company Launches Initiative To Support Black-Owned Businesses (News One)
  • Black-owned gay bars are dwindling. Can they survive Covid-19? (NBC News)
  • Ex-Atlanta cop on quitting over gentrification: It was ‘a Mafia system’ (The Grio)
  • New incubator space to help advance aspiring African American entrepreneurs in Milwaukee (WTMJ TV)
  • S.C. Black women farmers target agricultural disparities (Times Democrat)
  • What’s Happened To Charlotte’s Black-Owned Businesses In The Wake Of COVID-19 And BLM Movement? (WFAE)
  • Black businesses need more than capital (Black Star News)
  • 4 Atlanta business startups in Black Founders Exchange(Atlanta Daily World)
  • Google’s Black founders summit in Durham aims to help startups thrive despite pandemic (News & Observer) – Black businesses take bigger hit than white businesses from pandemic, Google summit aims to help.
  • Campbell’s Corner: Companies and consumers must take on the 15 Percent Pledge (The Athens OH Post) – Hannah Campbell is a freshman journalism student at OU. Nice.
  • Making Black Banks Matter (Fortune). Black financial institutions are providing more private capital into their communities.  These articles are so frustrating because you cannot see the investment portfolio.
  • Incubator launched to give Richmond’s Black entrepreneurs a boost (Richmond Bizsense). A new incubator program has been created to support Black entrepreneurs.
  • Report: Struggling Black-Owned Businesses Need More Government Grants (Forbes) – 40% of Black small businesses expected to close, survey says
  • Illinois Black-owned media coalition seeks bigger slice of $2 billion state advertising pie (Chicago Tribune) – The Coalition for Black Media Equity calls for 8% of the $2 billion marketing budget to be allocated to Black-owned media
  • Black business leaders announce plan to redevelop South Memphis(WMC TV)
  • ‘This is real economic justice’: Parisi proposes funding for south side Black Business Hub (The Cap Times) – Dane County Executive proposes $2 million investment in Black Business Hub
  • Wilmington, E3 join national program to support entrepreneurs (Delaware Business Times) – Black and Brown owned businesses are the target of funding initiative of national program
  • Dallas-Based Boss Women Media Partners with Square on ‘Home Hustler’ Program for Black Female Entrepreneurs (Dallas Innovates) – Four-week virtual program for black female entrepreneurs culminates with the chance to win $5,000
  • Black Women Entrepreneurs Are Big In Detroit, But Much More Needs To Be Done (Daily Detroit) – While rate of Black Women Entrepreneurs is increasing, capital is lacking.

Big Business

  • Square plans to invest $100 million in Black communities (NY Times)
  • Accenture directs capital to Black start-ups (Philadelphia Tribune)
  • PayPal Provides $5M In Grants To Support Minority Businesses (Pymnts.Com)
  • Cream of Wheat to Drop Black Chef From Packaging, Company Says (NY Times)
  • Citi Launches More Than $1 Billion in Strategic Initiatives to Help Close the Racial Wealth Gap (Valdosta Daily Times) – Billion-dollar investment aims to increase investment in black business and expand Black homeownership.
  • STALOC Truist provides $40 million to national nonprofit fund (Winston-Salem Journal) – Corner Square Community Capital receives $40 million investment to aid black-owned small businesses
  • TeaSquares founder explains how to best support Black-owned businesses (New Hope Network) – Buckner’s Black Business Month Box introduces black-owned brands to new customers. Bucker says many Minority businesses are looking for small scale commercial manufacturing capacity.

Discrimination / Diversity

  • Cisco, sued over lack of diversity, commits to hiring 75% more Black executives (San Jose Business Journal)
  • Segregation has been embraced, mandated, and maintained in the United States by law and policy — here’s how (Business Insider). This article addresses how segregation is the result of government policies and the economic implications that are related.
  • Stop telling Black people we could close the wealth gap if we valued education more(Washington Post)
  • PwC chairman: How Corporate America can stop failing black workers and diversify its ranks (CNN)
  • Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination (WBEZ)
  • Here is the Citigroup Study cited in the WBEZ article (Citigroup)
  • Indicators show Milwaukee is worst city in America for Blacks. Panelists discuss solutions (Milwaukee Business Journal)
  • AIG’s Top Black Ranks Get Thinner With Four Executives Leaving (Bloomberg)
  • Trump executive order on diversity training roils corporate America (USA Today)
  • Black advisers allege discrimination, retaliation at Voya Financial (Tampa Bay Business Journal)
  • Black truck drivers sue Giant Eagle distribution center on race discrimination grounds (Pittsburg Post-Gazette)
  • Racial diversity in the workplace boosts business (FinTech). Failing to diversify staff can lead to economic consequences.
  • Mastercard commits $500 million over five years to reduce racial wealth and opportunity gaps (Impact Alpha).
  • Black leaders seek real change, real relationships with white corporate America (Crain’s Detroit Business News). Black leaders are hoping that companies take accountability and seek change at higher levels of their organization.
  • D.C.-area businesses put plans into action on racial equity, justice initiatives (The Business Journals). This article highlights different businesses and their plan of action in racial equity and justice.

Well Fargo CEO say Black talent pipeline is dry

  • Wells Fargo CEO ruffles feathers with comments about diverse talent (Reuters)
  • Wells Fargo CEO apologizes for suggesting it is difficult to find qualified Black executives in the financial industry (ABC News)
  • Was Wells Fargo’s CEO wrong about the pipeline of Black talent? (Quartz)
  • Well Fargo CEO, Charlie Scharf, filled ranks with White, male ex-JP Morgan execs (Business Insider)

Inequality / Equality

  • The Black wealth gap (The Week) – Good short summary of problem. It is as though we have run up a credit-card bill and, having pledged to charge no more, remain befuddled that the balance does not disappear,” Black writer and intellectual Ta-Nehisi Coates said in The Atlantic. “The effects of that balance, interest accruing daily, are all around us.”
  • What Happened to Milwaukee’s Black Middle Class? (The American Prospect). This article reflects on Milwaukee’s history and the economic implications it has on African Americans.
  • Fixing the Racial Wealth Gap Could Add $5 Trillion to the Economy. Here’s Where to Start (Barrons) – It’s not like $5 trillion will just appear out of nowhere. Some body has to give something up.
  • How Can You Be an Ally? Go to a Black-Owned Bank (NY Times). A great way to support Black communities is to invest your money into Black owned banks.

Finance / Investment

  • Black and Latino Angel Investment Fund Receives Grant from US Economic Officials (New Jersey Business). The Center for Urban Entrepreneurship and Economic Development has been given funds from the government to continue to provide access Black and Latino tech businesses.
  • How can financial services improve black representation? (International Advisor). This article talks about the barriers for African Americans and how they can increase representation in financial services.

Reparations / Affirmative Action

  • What America owes: How reparations would look and who would pay (ABC News) == Good long article that discusses many sides of the reparations debate.
  • It’s time for the US to pay reparations to Black Americans, and cash is only a start (Business Insider)
  • With reparations, we can make all lives matter in Erie: Bishop Dwane Brock (GoErie)  — Takes the middle ground on reparations.
  • Three Prophets Of Reparations (The Jamaica Gleaner)  — African-American lawyer Randall Robinson and Barbadian and Nigerian historians Hilary Beckles and Ade Ajayi
  • Council Votes Down Reparations, Looks To Form Race Relations Committee (Goldsboro Daily News). The Goldsboro City Council has decided not to provide reparations to their African American residents.

Black Economics

  • Look What Has Been Taken From Black Americans (Bloomberg). Trevon Logan and William Darity Jr. reflect on the 1919 Arkansas riot that created over $10 million in damages for black farmers.

Farming / Agriculture

  • Racial Justice Push Creates Momentum to Protect Black-Owned Land (PEW).

Straight Up Economics

  • Howard University To Host Five-Year Program to Increase Diversity in Economist Pipeline (Howard University). Amazon has decided to sponsor the program’s first year with a monetary gift of $135,000.
  • Blacks see gains in income, drop in poverty in latest Census figures (Philadelphia Tribune). This article is specific to the Philadelphia region.
  • 150 lower-income pregnant Black and Pacific Islander women in San Francisco to get $1,000 monthly (CNN). The new programs hope to reduce the effects of death rates related to pregnancy and childbirth in minority women.

Health

  • Can striving for success cost Black Americans their health? (University of Georgia). Successful black adults are more likely to have risk factors and other health issues.

Politics / Government

  • Tump’s radio ads contast Trump and Biden (DonaldJTrump.com)
  • Donald Trump releases “Platinum Plan” for Black America (DonaldJTrump.com) – The Trump campaign grouped together several small, weak proposals aimed at African Americans.  They include old proposals like opportunity zones and a $500 billion dollar increase in access to capital.  Opportunity zones generate few jobs, encourage gentrification and give away unnecessary tax breaks.
  • Trump Tells Black Voters ‘What The Hell Do You Have To Lose’ While Detailing ‘Platinum Plan’ For Black Economic Empowerment (BET)
  • California NAACP president aids corporate prop campaigns — collects $1.2 million and counting (Cal Matters) – So it looks like Black leaders were taking money to back some of the California propositions including prop. 22.
  • Business Owners Participate in Biden’s Black Economic Summit, Join Business Advisory Council (Spectrum News) – Black business owners given a voice at the table during Biden’s Black Economic Summit
  • Biden campaigns to Black business owners during Charlotte visit (City Metro) – Biden’s plan for Black Business owners includes providing relief to businesses with 10 or fewer employees.

Entrepreneurship

  • NSU incubator program levels playing field for minority entrepreneurs (WTKR TV)
  • Black Women’s Business Collective Looks to Support Black Women Entrepreneurs (The Network Journal)
  • Free Tech For Black Founders Initiative Saves Startup Aiming To Help Small Businesses (Forbes). Peep Connect, a customer insight and analytics platform for small businesses, is becoming increasingly popular for black owned businesses. 

Industry / Careers / Professions

  • Honest Conversation about Race and Racism in the Accounting Profession (CPA Journal) – Black make up only 2% of CPAs.
  • Novel partnership offers new hope to enter budding cannabis and hemp industries (NY Daily News) – If you want a good career, Marijuana is guaranteed.
  • Cannabis for Black Lives Aims to Increase Industry Diversity (SF Evergreen) – A great job and career

Sports / Media / Entertainment

  • Will Packer is no longer Black Hollywood’s best kept secret (Bloomberg)
  • Navigating the complexities of race in L.A. — and in The Times’ newsroom — as a young, Black reporter (LA Times)
  • Former CNN Analyst Launches Doing Business While Black Podcast in Milwaukee (Spectrum 1 News Milwaukee)
  • Will Spring/Summer 2021 Be A Turning Point For Diversity? (Vogue UK)
  • MLB, MLBPA commit $10M for programs aimed at increasing Black participation (ESPN). This amount will help fund The Players Alliance, which aims to promote black participation at all levels of baseball.
  • Grassroots Effort Underway To Bring African-American Owned NFL Team To Oakland (CBS San Francisco). Individuals are trying to bring the Raiders back to Oakland.
  • Business owners hope to give Richmond’s Black entrepreneurs a boost (Richmond Bizsense) – Local Black business owners team up to address the needs of fellow Black entrepreneurs.
  • Halle Berry Is Headlining A Major Beauty Event — & It’s Free (Refinery 29) – Halle Berry’s Brown Girl Swap initiative encourages customers to replace go-to products with ones from Black women owned businesses.

Beauty / Fashion

  • Black women are having problems get hair for wigs and extensions (NY Times) — Supply-chain problems have interrupted Black women’s efforts to stockpile during the pandemic.

Caribbean / International

  • Geneva Voters Agree to $25 Minimum Hourly Wage (Bloomberg)
  • UK exporter shortlisted for the Black British Business Awards (WiredGov)
  • Banks accused of being ’racially selective’ over distribution of R200 billion Covid-19 relief funds (IOL).
  • Black business owners win against racism in Ontario Superior Court decision (The Star).
  • Black business owners win against racism in Ontario Superior Court decision (The Star) – Racial stereotyping evident in court case between Elias Restaurant and Keele Sheppard Plaza.
  • This UK Entrepreneur Is Bringing His Haircare Line For Black Men To The US Market (Black Chronicle) – Black entrepreneur who created hair products for specific hair types is looking to make crossover from the UK to the US

Economics

Editor’s Note: While documenting problems is worthwhile work, the researchers are also indirectly profiting from other people’s misery. They should be doing more to help fix the problem. Corporate America is at least making a token commitment. Academia and Research should also follow suit. This attitude of “not my problem” or the “market will sort it out” of economist has little to solve the real world problems of race. We find the detachment of the economics profession from peoples real-life problems: disgusting.

Law / Legal

  • Making the US trademark system more accessible to Black business owners (World Trademark Review) – Bridging the gap between Black-owned businesses and the trademark system

Education

  • How can business schools tackle racial inequality? (Financial Times)
  • Indiana University invests in 31 research projects exploring racial justice, announces gender equity task force (Indiana University). Indiana University has decided to fund research projects that look at the pandemic effect on black businesses.
  • Harvard Business School Launches Action Plan for Racial Equity (Harvard Business School) – The Harvard Business School Action Plan includes initiatives for Black-Owned businesses.

Technology / Apps

Travel

  • Berkeley Talks transcript: How plantation museum tours distort the reality of slavery (Berkeley News)
  • Harriet Tubman Museum opens in Cape May, N.J. (The Daily Item)
  • Black business leaders launch hotel investment (Hotel Management) – First hotel investment fund owned by Blacks removes barriers for African Americans to enter the market.
  • DC’s Only Black-Owned Fine Dining Restaurant Was Hit Hard During Pandemic (TravelNoire)

History

  • What was Black Wall Street? (VOA News). This article explains the events that occurred in Tulsa in 1921. 

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