Black Economic and Business Stories for September 13th to 20th, 2020

Top Stories

  • Black women who own businesses fight against wave of closures (NBC News). The number of black owned women businesses have decreased since the pandemic.
  • Limited funding, little access: Women of color have steeper climb when opening a business (Greenville News) – The systemic remains of Jim Crow-era practices still permeate funding of Black businesses by banks.
  • Without another round of financial assistance, Black business owners are facing tough choices (The Business Journal). Recovery seems to take longer for black owned businesses.
  • White Workers Are Getting Hired Back Twice As Fast As Black Workers (Huffington Post)
  • RAND study uncovers massive income shift to the top 1% (Fast Company)
  • Racism has cost Black Americans $70 trillion since the start of slavery — here’s how that cost breaks down (Business Insider)
  • Organizer helps Black entrepreneurs find a doorway into marijuana industry (The Business Journal). The Canna Education Collective will create 8 separate businesses designed to help service people interested in entering the legal marijuana market. Marijuana Business offer a great opportunity.
  • Master P on the importance of minorities disrupting the food industry: ‘We need more people who look like us doing this’ (Yahoo Sports) – Master P calls for the more Black ownership in the packaged food goods and restaurant businesses.

Coronavirus / PPP

  • Some Urban Hospitals Face Closure Or Cutbacks As The Pandemic Adds To Fiscal Woes (NPR). The economic damage inflicted by the COVID-19 creates a greater pressure for urban hospitals.
  • Without another round of financial assistance, Black business owners are facing tough choices (The Business Journal). Recovery seems to take longer for black owned businesses.
  • Black workers bear brunt of Covid-19’s job shock in Minnesota (Biz Journals) – In the midst of COVID-19 layoffs, a quick way to help black workers is to invest in black business.
  • D.C. Businesses In Majority Black Neighborhoods Waited Longer For Federal Pandemic Aid (WAMU) – Analysis by Brookings Institution reveals businesses in Black neighborhoods given additional waiting time for PPP funding

 Protest

  • On Anniversary of Church Bombing that Killed Four Black Girls, Group of Prominent Black Women Leaders and Advocates Call for $1 Billion Investment to Help Black Girls Thrive (Yahoo Finance). Black women leaders and advocates invest $1 billion in Black girls and young women.

Workers / Labor / Unemployment

  • White Workers Are Getting Hired Back Twice As Fast As Black Workers (Huffington Post)
  • An economist explains how the U.S. labor market and mass incarceration are interwoven (Yahoo Finance)

Black Business General

  • Virtual African American Day Parade set for Sept. 20 (Amsterdam News) – The theme of the 51st Annual African American Day Parade is “A Tribute to Black Business”
  • Black women who own businesses fight against wave of closures (NBC News). The number of black owned women businesses have decreased since the pandemic.
  • Why Johnson & Johnson and others are investing in this burgeoning Black-owned haircare company (CNN). The demand for natural hair products is increasing. This partnership is a seven-figure deal.
  • This Shark Tank star is partnering with Lowe’s to help minority-owned businesses (CNN).Lowe’s is partnering with Daymond John to help support minority-owned businesses.
  • Free webinar to support city’s black businesses (Express & Star). A free webinar will be held to help black businesses deal with the impact of the pandemic.
  • American Express Launches the “Coalition to Back Black Businesses” Grant Program with a $10 Million Commitment (Business Wire). $10 Million will be allocated in the form of grants to help with the recovery of small black-owned businesses.
  • Limited funding, little access: Women of color have steeper climb when opening a business (Greenville News) – The systemic remains of Jim Crow-era practices still permeate funding of Black businesses by banks.
  • Encinitas4Equality Strive To Empower Black Community In North County (KPBS) — In addition to helping Black businesses, E4E aims to aid the community building, policing, housing, ally ship, and educational needs of Blacks.
  • ABC 7 Eyewitness News Spotlights Third Installment of Black-Owned Business with Week-Long Series (Chicago Defender) –Black Owned is a series of interviews highlighting the Black Business community in Chicago.
  • Indiana Black Expo offering Hoosiers webinar about digital business survival (WTHR) – Webinar aims to help minority-owned businesses with web presence.
  • New nonprofit Black San Diego hopes to bolster Black-owned businesses (10 News) – It all started as a Facebook group. Black San Diego looks to improve the entrepreneurship skills of the Black community.
  • Bud Light Partners with EatOkra App to Spotlight Black-Owned Restaurants This Football Season (People) – Bud Light to give nod to Black Businesses during NFL Thursday Night Football.

Black Business Stories

  • Organizer helps Black entrepreneurs find a doorway into marijuana industry (The Business Journal). The Canna Education Collective will create 8 separate businesses designed to help service people interested in entering the legal marijuana market.
  • New Black-owned business opens in Grand Rapids MI amid pandemic (WoodTV). A new black-owned business opens in Grand Rapids  MI during the pandemic.
  • Black-owned businesses thrive in the Lehigh Valley (Brown and White). A list of black owned businesses that thrive in the Lehigh Valley.
  • Dynamic new online directory helps global shoppers discover, support black-owned businesses (Digital Journal). “Black Good” is a site directing shoppers to support black-owned businesses.
  • For the Culture: Tampa Bay directory service promotes Black-owned businesses (News Channel 8) – Search engine makes finding Black businesses in Tampa Bay easier.
  • 19 Minority-Owned Businesses That Sell Incredible Spices, Sauces, and Condiments (Self) – A comprehensive list of minority-owned condiment businesses and why it is important to support them as they overcome the obstacles of systemic racism. 
  • The Best Holiday Gifts to Shop from Black-Owned Businesses (GH) – A list of products that can make you in complete support of black-owned businesses during the holiday season.
  • Richmond woman creates app to find Black-owned businesses (WTVR) – New app Blocal Search is a nationwide directory of Black-owned businesses.   (BLocalSearch.Com)
  • Black-owned businesses face unique challenges during COVID-19 recession (News & Observer) – In the face of COVID-19 and gentrification, legacy and loyalty are the keeping some afloat.
  • Businesses that are Black-owned and eco-friendly (The Famuan) – Three businesses give showcase a winning combination: Black-owned and sustainable.

Big Business

  • Focus on Black Directors Has Latinos Asking: What About Us? (Bloomberg)

Inequality

  • RAND study uncovers massive income shift to the top 1% (Fast Company)
  • Racism has cost Black Americans $70 trillion since the start of slavery — here’s how that cost breaks down (Business Insider)
  • Virginia’s racial income gap closed more before the Civil Rights era than it has since (The Virginian-Pilot).

Politics / Government

  • Comparing Biden’s and Trump’s economic policies (MarketPlace) – Great, detailed summary of the economic polices of Biden and Trump.  Doesn’t really matter though.
  • The Congressional Black Caucus: Necessary but Not Sufficient (The American Prospect). New progressives elected in office can have an effect on the Congressional Black Caucus.
  • CBC Introduces Jobs And Justice Act Of 2020 To Help Black Families Economically And Socially (News One). The Congressional Black Caucus (CBC) proposes a new bill to improve employment and criminal justice within the black community.
  • Kamala Harris makes her Pa. campaign debut with a message to Black and Latino voters in Philly (Philadelphia Inquirer) – The Biden-Harris campaign includes a promise to invest in Black business and Black education.

Sports / Media / Entertainment

  • Golf’s latest diversity efforts may finally move the needle and bring minorities into the game (Golf Inc)
  • Philadelphia 76ers owners name first chief diversity officer to oversee $20M racial equity plan (Philadelphia Business Journal) – Racial equity plan includes support for black communities and black businesses.  Head’s up: the 76ers want a new stadium.

Entrepreneurship

  • Women who inspire: Black and Latina entrepreneurs who are excelling amid COVID-19 (NBC News). This article highlights women who have been successful during the pandemic.

 International / Caribbean

  • Black Wall Street to create 100,000 job opportunities for African Business Administration Graduates (The Street Journal). The Black Wall Street is creating 100,000 (Hundred thousand) jobs for African Business Administration graduates.

Real Estate

  • Chicago Must Build More Affordable Housing That Black, Latino Chicagoans Can Actually Afford: Task Force (WTTW). An ordinance should be proposed that developers must provide a subsidy to low income families for their units.
  • LaSalle Launches $500,000 Program to Award Real Estate Scholarships for Black and Latino/a Minorities (Yahoo Finance).
  • How discriminatory Real Estate practices continue to hurt black communities in the U.S (Vanguard). Residential segregation still exists today.
  • Atlanta’s Majesty and Elize Launch $100M Affordable Housing Initiative Amidst COVID-19 Pandemic (MarketWatch/Press Release)
  • State Representative working to save Lowcountry’s black-owned businesses (Count On 2) – Property ownership, says Grant, is the answer to the gentrification of Black business.

Reparations

  • Reparations: Blueprint for a Shakedown (Chronicles Magazine). African Americans breakdown the topic of reparations.

Discrimination

  • D.C. legalized marijuana, but one thing didn’t change: Almost everyone arrested on pot charges is Black (Washington Post). Disparities within the marijuana market exists.
  • New Study Finds Formerly Redlined Neighborhoods Are More At Risk For COVID-19 (WBUR). People living in formerly redlined neighborhoods are more susceptible to having COVID-19 complications. 

Philanthropy

  • 15 Black led organizations to receive donation through Cohort Fund (Wane). The Cohort Fund includes a $105,000 cash donation and in-kind support to 15 Black led organizations.
  • Southern Black Girls And Women’s Consortium Launches Black Girls Dream Fund (PR Newswire). The $100 million fundraising initiative will support making Black girls’ dreams a reality. 
  • Nextep Donates $10,000 to Grand Gentlemen to Support the Oklahoma City Black Community (Yahoo Finance). Nextep founder and CEO, Brian Fayak, give $10,000 grants to five black-owned businesses in the Oklahoma community.
  • Maryland Episcopal Church vows to create $1M reparation fund (NBC News). A Maryland religious institution has pledged to create a $1 million fund for programs benefiting the Black community in an effort to make reparations for its role in slavery and racial injustice.
  • American Express is committing $10 million to help Black business owners recover from the pandemic (The Hill) –The Coalition to Back Black Business partners with American Express to help Black businesses in economically vulnerable communities.
  • Shaquille O’Neal and AMEX launch $10 million grant for Black-owned businesses (Revolt TV) – Women business owners are a specific target of Shaquille O’Neal and Amex’s pledge.
  • Mastercard investing $500 million in Black communities, including Birmingham (AL) – Mastercard targets seven cities with its $500 million investment over five years.
  • Netflix, $100 Million and Black-Owned Banks (NewsWise) – Netflix latest to pledge to black owned financial institutions, promising 2 percent of its cash holdings. Read more here (NY Times)

People / Success Stories

  • Black-owned WeatherCheck helps property owners file insurance claims for weather damage. (Fortune)
  • This guy used his experience and cash from a pharmacy job to create a photography business (Orlando Business Journal) – How Landen Conner turned his side hustle to his main job
  • Pre-teen with lots of drive starts successful business (Chestnut Hill Local) – 12 year-old business owner already has his eyes on setting up an LLC.
  • Master P on the importance of minorities disrupting the food industry: ‘We need more people who look like us doing this’ (Yahoo Sports) – Master P calls for the more Black ownership in the packaged food goods and restaurant businesses.

Technology / Innovation / Apps

  • Black Nation App Fosters Human Connection Through Technology (Grit Daily) – New app allows for marketing, giveaways and networking amongst Black businesses.

HR/ Personnel

  • Why Black Talent Is Opting Out of Corporate America (Hunt Scanlon) – Many Black executives are exiting the corporate world in favor of solo opportunities.
  • African Americans and Burnout: What You Need to Know (Thrive Global) – African Americans are more likely to experience burnout. Contributors from the financial world break down common symptoms

History

  • Reopening of historic Madam C.J. Walker building delayed (The Chicago Crusader) – Last surviving building of Indianapolis’s Black business community remains closed due to coronavirus.

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