Black Economic and Business Stories for November 2nd to 8th 2020

Top Stories

  • Black group wants to redevelop Baldwin Hills Crenshaw Plaza (NY Times)
  • Systemic racism, not $200 Air Jordans, suppresses Black wealth (Washington Post) – Michelle Singletary is writing a primer on Black Economics.
  • Inside Charlotte’s Most Popular Black-Owned Seafood Spot, Lulu’s (Travel Noire). Slutty Vegan team may be opening Ponce City Market restaurant (Atlanta Business Chronicle) – Looks like they are finally expanding after the large crowds.
  • Prince George’s County’s belt of high-income majority Black Census tracts really is unique (Greater Greater Washington)
  • Black executives talk about racial equity in America: Read the stories of seven Black industry leaders and how racism has affected their lives. (Restaurant Business)
  • Politically liberal California rejects affirmative action (The Washington Post).
  • Morgan State president: No Black institutions are among the top research universities; here’s why that must change (The Baltimore Sun). 
  • Amazon to double company’s Black leadership over next two years (Fox 6 Milwaukee). Law-Firm Clients Demand More Black Attorneys (Wall Street Journal)
  • Two Black and Veteran-Led Tech Startups Integrated Their Platforms to Benefit Black-Owned Restaurants (AfroTech) – Finally, someone trying to scale up. Thank goodness.
  • Black entrepreneurs are turning to crowdfunding for financing (LA Standard)
  • Albert D. (Al) Fuller is President and Chief Executive Officer of Integrated Packaging Corporation (IPC); one of the United States’ largest African-American owned and operated manufacturing companies. (IPC Boxes)

Protest / Social Justice

Coronavirus / Covid-19 /  Paycheck Protection Program

  • Legacy Foundation awards $50,000 in COVID-19 relief grants to small businesses in Gary and East Chicago (NWI) – 17 small businesses awarded grants between $2500 and $5000.
  • Fed Chair Powell says full economic recovery depends on managing COVID-19 (Marketplace.Org)

Jobs / Workers / Unemployment / Gig

  • US Postal Service provides a path forward for Black employees (The Washington Post).
  • Genesis Block Targets Jobs, Investment For Minority Businesses (Wilmington Biz) – Genesis Block hopes to graduate 120 minority and women owned businesses over the next three years and create 400 jobs in the process.

Inequality / Systemic Racism / Economic Justice / UBI

  • ASU Professor Explains ‘Interracial Racism’ And the History Between Asian And Black Americans (History News Network).
  • Black authors on Black Lives Matter, anti-racism and staying true to your writing (Los Angeles Times).
  • Time For Corporate America To Translate Good Intentions On Racial Equity Into Real Progress (Forbes). 
  • Why Many Black-Owned Businesses Are on The Brink (Milwaukee Mag) – Big banks make it hard for Black businesses to survive.
  • Law firm to provide free legal services to black-owned businesses, other minorities (Face 2 Face) – Survey says 54% of businesses that experienced legal events did not seek the services of an attorney to help them deal with those issues.
  • Corporations pledge to fight racial inequality. Will it work? (CS Monitor) — Black- and Latino-owned firms got only 2.4% of venture funding even though they make up 32% of the population, corporations look to help.

Black Business General / Interesting Businesses Stories

  • Black-owned bookstores have seen a huge sales spike this year. It may not last (CNN)
  • How to make braised oxtail bucatini being served during Black Restaurant Week (GMA) — To celebrate Black restaurant Week, a few chefs are sharing some of their specialty dishes that you can cook at home.
  • A Haitian Halloween, in the East Village (Grub Street) – Event organized by Adá Supper Club looks to amplify the work of chefs of color.
  • Visit Baltimore’s $800,000 campaign is betting on local Black artists to help attract more tourists to the city (Baltimore Sun) – Multiyear campaign hopes to bring tourists in by highlighting the talent of Black artists and influencers.
  • State fund has committed more than $27 million to Black Oregonians (Oregon Live) – Organizers for Black Oregonians urge people seeking grants to act fast.
  • Beyoncé Gives $10,000 Grant to Black-Owned Vegan Tennessee Bakery (The Beet) – Beyoncé’s BeyGood Black –Owned Small Business Impact Fund disperses second round of funding.
  • Reconnecting with Bright Black Candles amid pandemic adjustments and major collaborations (The Chronicle) – Black Bright Candles, co-owned by Tiffany Griffin and Daniel Heron, aim to tell stories of Black greatness through scent.
  • Black Enterprise Hosts The Entrepreneurs Summit As A Unique Virtual Experience For Black Founders And Business Owners, Nov. 12-13 (Nyenta.com) – PR release
  • As “Shop Black Week” 2020 is Primed to Make History, TikTok, Shopify, Amazon and Walmart Are Now Jumping on the Bandwagon (Cision PR Newswire) – Press Release
  • Black-Owned Businesses Growing in Niagara Falls (Spectrum 1 News)

Black Business Specific

  • Greenwood Banks is donating $10,000 a month to Black and Latinx small businesses (Discover Grey Magazine)
  • Inside Charlotte’s Most Popular Black-Owned Seafood Spot, LuLu’s (Travel Noire)
  • ‘Diverse perspectives lead to better decision making’: Ariel Investments’ John Rogers Jr. pushes corporate boards to have their own ‘Jackie Robinson moment’ (MarketWatch) – Long interview with John Rogers Jr of Ariel Investments
  • How one Black-owned restaurant in Brooklyn was saved by the Black Lives Matter protests (Restaurant & Hospitality)
  • Slutty Vegan team may be opening Ponce City Market restaurant (Atlanta Business Chronicle) – Looks like they are finally expanding after the large crowds.

Big Business / Corporate

  • Delta Air Lines is Looking for Black-Owned Businesses to Support COVID-19 Cleaning Program (Paddle Your Own Kanoo)
  • SAP’s Spotlight Black Businesses Program Moves Forward (SAP) – Interesting list of Black businesses
  • TikTok launches several initiatives for the SMBs and Black-owned businesses to help them recover from the economical crunch due to the pandemic (Digital Information World).  Amplifying Black-owned businesses on TikTok (TikTok) – Here is TicTok’s Black Business website.
  • PayPal Promises 8 Black and Latinx VC Funds $50 Million (Colorlines) – Paypal aims to uplift women of color in business
  • Cummins launches racial equity effort (The Indianapolis Tribune)
  • Google invests in two local Black-owned tech companies (Philadelphia Tribune) – Two tech companies awarded $50,000 each in funds.
  • Wells Fargo hires new executive to lead diversity initiatives (Biz Journals) – Wells Fargo looks to double number of black leaders at the bank over the course of the next five years
  • Kohl’s has a T-shirt line that promotes racial equality, but it’s not affiliated with BLM (Politifact) – Kohl’s shirts in support of racial equality not associated with the BLM movement, says spokesperson.
  •  Applications for Comcast Funding of Black Businesses Now Open (Skanner) – Comcast launches RISE to boost struggling Black businesses.
  • McDonald’s names new chief diversity officer as it faces charges of racism and harassment (USA Today)
  • Courvoisier & National Urban League Pledge $1M to Address Needs of Black-Owned Businesses (Afro Tech)
  • Amazon to double company’s Black leadership over next two years (Fox 6 Milwaukee)

Discrimination

  • Study Confirms Racism in the U.S. Auto Insurance Industry (Investopedia).
  • Black businesses significantly burdened by financing discrimination – analysis (Mortgage Broker News). – Commercial banks much scarcer in low-income, racially diverse populations.
  • Black executives talk about racial equity in America: Read the stories of seven Black industry leaders and how racism has affected their lives. (Restaurant Business)

Reparations / Affirmative Action / Diversity / Inclusion

  • Politically liberal California rejects affirmative action (The Washington Post).
  • Sponsor to revise Will County reparations bill, focus on amends impact of drug policies in minority communities (Chicago Tribune).
  • Why I joined the board of a company under fire for its culture (Quartz)
  • CALIFORNIA VOTERS REJECT AFFIRMATIVE ACTION BALLOT MEASURE (The Business Journal)
  • EU businesses and investors raise concerns over South Africa’s BEE laws (Business Tech) – South Africa has a large affirmative action program call BEE (Black Economic Empowerment).  Many conservatives (Whites) have attacked the program as corrupt. Few understand how difficult running a country wide program to integrate Blacks into the systems of economic power.  Can’t find original source.

Black Economics

  • Systemic racism, not $200 Air Jordans, suppresses Black wealth (Washington Post) – And Michelle Singletary
  • 10 Reasons Why Black People Should Invest And Create Their Own Stimulus Package (Jacksonville Free Press). 
  • Black Pound Day: Celebrating the stars of Plymouth’s black business community (Plymouth Live) – Hashtag #IAMBOB highlights the importance of black-owned companies to the UK’s economic recovery.

Straight up Econ / Economics / The economy

  • Mehrsa Baradaran, author of ‘The Color of Money,’ on why giving people civil and political rights isn’t enough (MarketWatch)

Industry Watch / Spotlight

  • Albert D. (Al) Fuller is President and Chief Executive Officer of Integrated Packaging Corporation (IPC); one of the United States’ largest African-American owned and operated manufacturing companies. (IPC Boxes)

Sports / Media / Entertainment

  • Sports Biz Notebook: Hawks aim to take next step, Atlanta Hustle looking to expand (Biz Journals) – Hawks owner commits $5 million to black business owners
  • Tyler Perry Studios Finally Agrees to Hire More Directors and Writers (BlackBusiness.com) – We had no idea that Tyler Perry writes all of his Movies and TV show by himself.
  • Paying College Football Players Is Only Fair (Bloomberg) – Think of the extra income.

Alcohol / Marijuana / CBD

  • Uproar over ex-NBA star Kemp’s marijuana shop ownership highlights industry’s diversity woes (Marijuana Business Daily) – Turns out Kemp did not have any ownership at all, certainly not majority ownership.
  • Tuesday Was a Green Wave for Marijuana Legalization (Foundation for Economic Education). Arizona, Mississippi, Montana, New Jersey, and South Dakota voted to legalize use of the recreational use of marijuana. 
  • Why Social Equity Matters For Cannabis, And What States Are Doing About It (Benzinga) — Recent figures put white cannabis ownership at a staggering 99% industry-wide as minorities face lack of access.
  • Many Black voters want medical marijuana in MS. But will the new industry support them? (Sun Herald) – Bonner, a black entrepreneur, aims to stick up for Blacks in the marijuana business.
  • Black-owned wine company produces first product (The Chronicle) – Winston-Salem
  • Black Female CEO Launches CBD Beverage Brand With Unique Patent to Combat Mother’s Cancer Treatments (Urban Trendsetters)

Beauty / Fashion / Retail

  • Lagging in diversity, haircare targets Black customers (Vogue Business)

Technology / Apps / Innovation

  • TikTok Unveils Support Black Businesses Online Hub (Adweek) – Major social media platform TikTok launches campaign to aid Black Businesses.
  • This Baltimore startup got a grant from Beyoncé — and is plotting more growth (Baltimore Business Journal)
  • Black Entrepreneur Creates App to Help Film Police Brutality and Alert Family Members (BlackNews.com) – a link to Anjel Tech is here.
  • Two Black and Veteran-Led Tech Startups Integrated Their Platforms to Benefit Black-Owned Restaurants (AfroTech) – Finally, someone trying to scale up. Thank goodness.

Finance / Investing / Banking

  • The Battle to Keep America’s Black Banks Alive(Wall Street Journal)
  • The Battle to Keep America’s Black Banks Alive (Morningstar)
  • Family financial talks impact students’ money views (University of Georgia).
  • Why VCs Prioritizing Diversity Must Recognize The Distance Traveled By Black Founders (Forbes)
  • Black entrepreneurs are turning to crowdfunding for financing (LA Standard)

Real Estate / Finance / Development / Housing / Segregation

  • Corporate landlords sought to profit during last economic crisis, study finds (Phys.org) – One of the biggest trends over the past 20 years is corporate investment in residential housing.
  • Black group wants to redevelop Baldwin Hills Crenshaw Plaza (NY Times)

Cities / Urban Planning / Local Government

  • Prince George’s County’s belt of high-income majority Black Census tracts really is unique (Greater Greater Washington)
  • Governor Cuomo Announces Completion of the Buffalo Black Achievers Museum (NY.gov).

Politics / Government / State and Local

  • Asheville goes from ‘race-neutral’ to ‘race-conscious’ business policy; Black businesses had 0.5% of contracts: study (Ashville Citizen-Times)
  • Black voters could save Biden’s campaign once again (The Washington Post). 
  • What 2020 Election Results Tells Us About America’s Growing Urban-Rural Divide (University of Virginia).
  • What to do about America’s great racial divide (The Washington Post). 
  • What Small Business Owners Need Most From The 2020 Election (Forbes) – Pandemic management among the issues most important to small business owners heading into election.
  • Black Business Call On Customers, Colleagues, To Hit Polls (Black Star News) – Hampton calls for voters to prioritize candidates who value racial equity. (Read more here)
  • Baker Launches Plan To Expand State Contract Opportunities For Minority-Owned Businesses (WGBH) – Governor plans sweeping changes for contracting with minority-owned businesses
  • David Scott, Georgia Democrat (GA-13) wants to become house agricultural chairman. (Successful Farming)
  • How the White House Rolled Back Financial Regulations (NY Times) – Many cancelled rules affect the Black community

Law / Legal / Non-profits / Philanthropy / Non-Profit / Black Institutions

  • Law-Firm Clients Demand More Black Attorneys (Wall Street Journal)
  • Executive Profile: Black Cultural Zone’s Carolyn Johnson is trying to carve a space out for Black life in Oakland (San Francisco Business Journal) – Profile of Carolyn Johnson
  • Black-Owned CPA and Financial Services Firms Announce New Name and Brand (Cision PR Newswire)

Education / Healthcare

  • Morgan president: No Black institutions are among the top research universities; here’s why that must change (The Baltimore Sun). 
  • Harvard Business School Partners With Black-Owned Businesses (Poets & Quants)
  • Tuskegee University establishes the Center for Rural Health and Economic Equity (Tuskegee University)

Science / Math / Statistics / STEM

  • Optiv Announces $40,000 Scholarship for Black, African American Identifying STEM Students (Valdosta Daily Times) – The Black Employee Network is offering a $40,000 scholarship to Black students in STEM

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Old School, New Hub for Philly’s Young Black Entrepreneurs, Artists and Creators (Next City).

People / Motivation / Leadership / Success Stories / Ideas

  • Impacting America With A $55 Million Black Female-Led Venture Capital Fund (Forbes). 
  • Layla Wallace, the 15-year-old whose cupcake shop is making a big difference in Michigan (Face 2 Face) – 15 year-old Layla Wallace turns 5th grade business idea into a reality.
  • The Beauty Lounge comes to 36th & Bryant (Southwest Journal) – Networking page for Black business owners helped Cage and Shelton form bond.
  • Lisa Guscott carries on her father’s dream to touch the sky in Roxbury (Boston Business Journal) – May 17th, 2019. Best Boston business story of 2019.
  • Hasbro Appoints Laurel J. Richie to Board of Directors (Business Wire) – PR Release
  • Vada Manager, A former Nike exec strives to build a new, and better, kind of entrepreneur (Portland Business Journal)
  • First Black CEO of Birmingham Business Alliance steps down after 4 months (Al.Com)
  • Talia Boone: Floral arrangement business started as a hobby (Black Enterprise) – an important tale of taking a hobby niche business and expanding it into a working business
  • How a homeless single mom founded a multimillion-dollar hair care company with less than $5000 (Business Insider)
  • Dr. Paul Judge is Building a Bridge From Tech to Hip-Hop to Banking (Wall Street Journal) – Mentions Greewood Bank

Caribbean / Canada / Africa / Europe / International

  • Facebook Canada Gives Half A Million In Grants To Canadian Black Entrepreneurs (ByBlacks)
  • Black British Business Awards reveals the best of 2020 (Diversity Q)
  • UK Report shows huge investment gap between minority and non-minority businesses(TechCrunch) – Only 1.7% of VC funding went to minority businesses.
  • Are Montrealer’s doing enough to support Black-owned restaurants? (Montreal Gazette)
  • Birmingham, UK business leaders come together to celebrate black entrepreneurs (BusinessLive.Com)
  • Nullification of BEE requirement in state procurement takes empowerment efforts three decades backwards (IOL)

Travel / History

  • Visit Baltimore’s $800000 campaign is betting on local Black artists to help attract more tourists to Baltimore (Baltimore Sun)
  • My Midwest Road Trip Was Black-Owned and Green Book-Inspired (Daily Beast)

Classic / Old stories but good stories

  • 2 ways Black Americans can start building generational wealth today, according to father-son financial advisors (Business Insider) – The typical Black family has 8.6% of the wealth of the typical white family, according to 2016 study.

Opinion

  • Do minority-owned businesses have the same opportunities? | Opinion (NJ) – There is an aggressive need to address the social and economic disparities that continue to put minorities and low-income communities at a disadvantage.

Other

  • Gun ownership among black Americans surged by 58% during the first half of 2020 as racial tensions boiled over nationwide, report finds (Daily Mail).

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