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.

Black Economic and Business Stories for Sept. 27th to Oct. 4th

Top Stories

Cleveland Clinic Thrives While Its Black Neighbors Fall Behind (Bloomberg)

Moms, Black Americans and educators are in trouble as economic recovery slows (Washington Post) – Good unemployment charts by race and industry sector

Moms and Women of Color Most Affected by the Economic Downturn in Coronavirus (One Green Planet)– The economic consequences of COVID disproportionately affect moms and women of color.

Racial Wealth Gap Put Americans On Uneven Financial Footing Heading Into Pandemic, Fed Survey Finds (WBUR).

Illinois and Newark seem to be on top of things

Newark Launches Investment Fund To Support Black- And Latino-Owned Businesses (CBS New York)– The City of Newark has partnered with several groups to launch a $100 million investment fund.

Newark Mayor Ras Baraka launches “40 Acres And A Mule Fund” to help minority-owned businesses (Revolt)– Because of the unequal access to capital and small number of PPP loans to minority  businesses, Mayor Baraka will launch the FAM Fund, to provide capital.

Illinois Legislative Black Caucus highlights agenda to close state’s racial wealth gap (WGEM) – Black Caucus members highlight the challenge for Blacks in attaining economic mobility.

Illinois Senate committees looks at land use, gentrification, effects of redlining (Belleville News Democrat)

Illinois needs the Fair Tax for racial equity (Chicago Sun Times) – Taxpayers with incomes less than $250,000 dollars payed an extra $4 Billion that if Illinois had graduated income tax on the rich.

Coronavirus / PPP / Recession

The covid-19 recession is the most unequal in modern U.S. history (Washington Post) – Long, but a good description of where we are: September 2020.

The First Female Recession Threatens to Wipe Out Decades of Progress for U.S. Women (Bloomberg)

Moms, Black Americans and educators are in trouble as economic recovery slows (Washington Post) – Good unemployment charts by race and industry sector

$2 million more in small business aid coming from Baltimore Development Corp. (Biz Journals) – The BDC allocated 74% of loans to minority-owned businesses.

As small-business owners try to survive the pandemic, experts share this advice (CNBC) – Racial divide and pre-existing social and economic practices result in the greater suffering of Black, Latino, and Asian businesses due to COVID-19

NC launches program to help small businesses harmed by COVID-19 (WWAY) – Minority and women-owned businesses given access to $12 million in grants

Black businesses tap “resiliency funds” amid COVID (Yahoo News)– “Resiliency funds” are helping Black-owned businesses stay afloat during the coronavirus pandemic.

Moms and Women of Color Most Affected by the Economic Downturn in Coronavirus (One Green Planet)– The economic consequences of COVID disproportionately affect moms and women of color.

Racial Wealth Gap Put Americans On Uneven Financial Footing Heading Into Pandemic, Fed Survey Finds (WBUR).

Protest / BLM

No protest or BLM stories related to business or the economy

Black Business General

Study Aims To Measure Economic Impact Of Tri-State’s Black-Owned Businesses (WVXU Public Radio)

$1.2 million earmarked for minority owned businesses in Forsyth County (Winston-Salem Journal) –Black and Hispanic business fund surpasses $1 million goal, already bringing in $1.2 million in commitments

Grants for small firms available through Black Business Association of Memphis (Commercial Appeal) — $300 grants for black businesses provided through federal CARES Act

Stacy’s Rise Project Partners with Hello Alice to Fund Grants to Black Women Business Owners (Vending Market Watch) – 15 Black women entrepreneurs to receive a total of $150,000 in business grants and services.

U.S. Black Chambers President: Philadelphia’s Black-owned businesses need help (Pennsylvania Capital Star) – Call for aid to be applied specifically to Black businesses. The minority label is too vague and unintentional at this current juncture.

Tabor 100 Launches Black Business Equity Fund To Support Seattle-Area Businesses (Seattle Medium) – BBEF launches with $1,299,000 fund, with the goal of reaching $4.5M over next three years

Up to $10,000 Grants for Small, Black-Owned Broward Businesses Launched (Tamarac Talk) – Grant looks to serve minority-owned businesses, who were underserved by the Paycheck Protection Program.

Black Women Entrepreneurs Have Been Hit Hard In The Pandemic. The Black Women’s Business Collective Is Providing Relief. (Madame Noire) – Since 2007, the number of minority women owned businesses surged by 163 percent. The pandemic put a halt on this growth.

502 Black Eats Week to spotlight Black-owned restaurants in Louisville (Courier Journal) – 502 Black Eats Week spotlights black-owned food and drink places, capitalizing on the current momentum to support black business.

Study Aims To Measure Economic Impact Of Tri-State’s Black-Owned Businesses (WVXU)— The UC Economics Center plans to use this data to attract new businesses to the Greater Cincinnati area.

Newark Launches Investment Fund To Support Black- And Latino-Owned Businesses (CBS New York)– The City of Newark has partnered with several groups to launch a $100 million investment fund.

The new generation of black bankers fighting for a place at the top table (The Telegraph)– Three of the rising star finalists for this year’s Black Business Awards talk about their experiences in the City.

Black Business Specific

Co-founder Falayn Ferrell talks about Black Restaurant Week in New Orleans (nola.com)

Black owned bakery in Utah doing well (Marketplace) – Utah Black-business owner sees business soar in the wake of racial protesting

Bank offers deal on checking accounts to help build Black wealth (Detroit Free Press)

Black entrepreneurs stir up the industry (The Miami Times) – Pernell Cezar and Jarrhod Johnson launch coffee brand, allow consumers to invest in Black communities

‘The message is clear’: Shoreline coffee shop owners believe Molotov cocktail attack was racially motivated (King 5) – Coffee shop faces burn threat, thinks it was connected to their promotion of Black business and culture

Jobs / Workers / Unemployment

AP Explains: 5 key takeaways from the September jobs report (Chattanooga Times Free Press) – Temporary help hiring is falling a know leading indicator of unemployment and recessions.

September Jobs Report Shows Slowdown in Recovery (NY Times)

Childcare and economic stability go hand in hand (San Francisco Bay View)

U.S. Black-white joblessness gap narrows, but not for right reasons (Reuters)

The Persistent Black-White Unemployment Gap Is Built Into the Labor Market (Center for American Progress)— The Black unemployment rate has been consistently twice of the White unemployment rate.

Big Business / Corporate

A Black activist will offer creative leadership and antiracism guidance at Reebok (Boston Globe) – Black activist hired as top executive at Reebok, will report directly to the president. Will handle design and antiracism efforts.

Merchants develop BLM products (Miami Times) – White-owned business commits to making BLM products, wants other White sellers to uplift Black businesses

Constellation Brands draws interest after committing $100 million to Black-owned businesses (CNBC) – The import Corona Beer.

California law mandates diversity in corporate boardrooms (ABC News) – California bill requires publicly traded companies to have one board member from an underrepresented community

AT&T Supports Groups that Create Economic Opportunity, Help Small Businesses in Newark (Insider NJ) – AT&T contributes $175,000 to support local businesses in Newark and ensure equality in minority communities.

Investment firm pledges $5 million to minority-owned businesses in Chicago (Chicago Business).

Cream of Wheat to remove Black chef from the box as it updates imagery in wake of calls for racial equality (USA Today)– The brand has long been criticized for the use of a smiling Black chef on its packaging and will remove it.

Four Black executives are reportedly leaving insurer AIG, including two responsible for improving diversity at the firm (Business Insider)– AIG promised to improve the diversity of its leadership teams.

Citi Impact Fund secures $50 million to invest in Black entrepreneurs (Impact Alpha).

Inequality

Cleveland Clinic Thrives While Its Black Neighbors Fall Behind (Bloomberg)

Should Florida Raise Its Minimum Wage to $15 an Hour? (Sarasota Magazine) – Florida has Amendment 2 on the ballot that would raise the minimum wage.

Wealth gap over last two decades costs $2.7 trillion in Black income (Atlanta Daily World) – Details from Citigroup report.

Bloomberg Equality: Being Black Is a Pre-Existing Condition (Bloomberg)

Discrimination / Racism

Why Are There Still So Few Black CEOs? (Washington Post)— Black professionals face greater obstacles early in their career, such as establishing relationships, causing them to comprise 1% of the executives running America’s top 500 companies.

Target plans to boost Black employee count by 20% (Digital Commerce) Original Source: Bloomberg— Target responds to years of under-representation by announcing to increase black employee count by 20%.

Reparations

California To Study Reparations For Black Americans (KPBS Public Radio)

Economist, Black History Scholar and Professor James Stewart on Reparations and Economic Equality (Sarasota Magazine)– Professor James Stewart talks about his experiences and how it related to the events we are experiencing today.

Banking / Finance / Investing

Hedge funds lack Black money managers (Reuters)– Only 8.9% of hedge fund firms were owned by ethnic minorities, including Hispanic, Black, Asian and Native Americans.

Sports / Media / Entertainment / Fashion

ESPN and The Undefeated to #ChampionBlackBusinesses during NBA Finals With “Shark Tank” Mentors (Laughing Place) – Mark Cuban and Daymond John to mentor two black businesses during NBA Finals

After the Black Squares: How Black-Led Fashion Organizations are Holding the Industry Accountable (Harpers Bazaar)

VON.tv is a new Black oriented streaming service (WFMJ)

Black voices are still largely absent from mainstream media. It’s time for the industry to take a hard look at itself (The Hamilton Spectator).

Real Estate / Finance / Segregation / Redlining

Illinois Senate committees looks at land use, gentrification, effects of redlining (Belleville News Democrat)

The Effects of the 1930s HOLC “Redlining” Maps (Chicago Fed) – 2017 / August 2020 Update

Black, Female and Head of a Public Real-Estate Company. Meet the Only Person to Fit That Description. (Wall Street Journal)– Leslie D. Hale, the first African-American woman to lead a public real-estate investment trust, is highlighted in this article.

Economics

Why Did Hundreds of Thousands of Women Drop Out of the Workforce? (NY Times) – Lower relative pay to men cause some secondary breadwinners to stay home.

Pre-Pandemic Economy Was Reaching Unprecedented Heights for Black and Hispanic Americans, New Data Show (Foundation for Economic Education) – Conservative

Fixing the Racial Wealth Gap Could Add $5 Trillion to the Economy. Here’s Where to Start. (Barron’s) – Farfetched but interesting

Government / Politics / Election

Oxford, Moody’s: Biden’s Economic Plan Would Create More Jobs, Growth Versus Trump’s (Nasdaq)

Vote yes on Prop R for early childhood education and Prop D (St. Louis American) – Proposition D is a non-partisan primary and a run-off general election.

President Trump visits Atlanta to promote Black Economic Empowerment (WRCB TV)

Republican leaders have long history of initiatives for Black Americans (Boston Herald)

What small-business owners need from the 2020 election (Fortune) – PPP neglects Black business owners’ need for startup and start-over money, says CEO of US Black Chambers

Illinois Legislative Black Caucus highlights agenda to close state’s racial wealth gap (WGEM) – Black Caucus members highlight the challenge for Blacks in attaining economic mobility.

Newark Mayor Ras Baraka launches “40 Acres And A Mule Fund” to help minority-owned businesses (Revolt)– Because of the unequal access to capital and small number of PPP loans to minority  businesses, Mayor Baraka will launch the FAM Fund, to provide capital.

Education

Small Business Development Center at Howard University Helps Small Businesses during Covid-19 pandemic (Howard University)– Small businesses can take advantage of the center’s services to gain access to free support from more than 15 consultants with extensive business experience.

Taxes / Government Policy

Illinois needs the Fair Tax for racial equity (Chicago Sun Times) – Taxpayers with incomes less than $250,000 dollars payed an extra $4 Billion that if Illinois had graduated income tax on the rich.

Education

4 HBCU leaders chart a course for a vibrant future (University Business)

Science / Technology / Apps / Innovation

This new app aims to create a one stop shop for Black consumers (WUSA9)– Black weekly culture is an app that acts as a central location for people to access information about Black businesses and news.

Black-owned businesses should adapt to ecommerce, says Katika’s founder (Technical.ly)– Jason Coles shared ways Black-owned businesses can establish themselves online and better participate in ecommerce.

Black scientists call out racism in the field and counter it (Washington Post).

Caribbean / International

Black Pound Day: Take part in our black-owned business campaign #IAMBOB (Business Live)

Black Economic Empowerment 2020 survey finds: 51 black-owned asset managers manage close to 700 Billion Rand (Financial Mail).

History

Forty acres and a mule: The path to reparations in America (AJC)– This provides a greater explanation of the history behind 40 acres and a mule.

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. 

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.

Black Business and Economic Stories for September 7th to September 13th

Top Stories

  • Thyk Skynn, Black-Owned Line of Bulletproof Vests For Adults and Children Sees 400% Increase in Sales (Chicago Crusader) – This is dope.
  • Black business group pressures Massachusetts Governor Baker to diversify state contract awards (Boston Globe)
  • The Color Of Public Money: Black Businesses’ Share Of Public Contracts Has Declined Over 20 Years (WGBH) – Must read.
  • Walmart details its report on diversity (Arkansas Democrat Gazette). You can read the report here. (Walmart). Blacks are 21% of workers and 12% of managers.
  • Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC (Bitcoin.com) – TI was charged with a fraudulent initial coin offering.
  • Many Black WW2 veterans were denied their GI benefits. (War on the Rocks)
  • Opportunity Zones Get Big Push as Critics Question Who They Help (Bloomberg) – Trumps only proposal for the Black community.
  • Covid-19 has exposed the consequences of decades of bad public housing policy (Washington Post) – Great discussion of public housing

Covid-19 / Coronavirus

  • Column: ‘It’s like we’ve been living in a pandemic all along.’ COVID-19 and recent looting add to setbacks for long-neglected North Lawndale (Chicago Tribune) – by Dahleen Glanton. Very good writer to follow.
  • Covid-19 deaths among Black essential workers linked to racial health care disparities (Health Care Finance)
  • Racial Disparities in COVID‐19 Mortality Among Essential Workers in the United States (World Medical & Health Policy)
  • How economic factors are putting people of color at greater risk for coronavirus (PBS)
  • Small businesses are losing confidence in their survival (Axios) – 43% of black-owned businesses say cash reserves will be depleted by year end.
  • COVID-19 deaths among black essential workers linked to racial disparities (EurekAlert). African Americans are more likely to be essential workers, thus having a greater chance of contracting COVID.
  • A Second Stimulus Check Could Be Coming. Can Low-Income Households Wait? (Forbes). Even though blacks have been disproportionately affected by the pandemic, the second proposed stimulus check (HEALS and HEROES) may be delayed.

Protest

  • New Reporting Shows Kenosha Riots Hit Minority Communities Hardest (Foundation for Economic Education) – Conservative
  • American Airlines shows support for Black staff, passengers with Black Lives Matter pins (USA Today). American Airlines provides their support to African Americans, and believes in equity and inclusion for all.

Jobs / Workers / Unemployment / Gig Economy / Labor

  • African Americans and the Labor Movement (Chicago Crusader)
  • Jobs to Move America’s coalition announced the renewal of their community benefits agreement with Chinese electric bus manufacturer BYD (Antelope Valley Press) – “As a result of the targeted hiring program, workers of color comprise 90% of BYD’s workforce, with African-American workers representing 30% of the total workforce. “
  • US layoffs remain elevated as job market’s gains weaken (Philadelphia Tribune)
  • Gov. Newsom of California Signs Bill Allowing Producers, Writers, Musicians and More to Remain Freelancers (LA Watts Times)
  • UI claims rising as jobs remain scarce (Economic Policy Institute)
  • Keeping it Real: Hard Work (Black Voice News) – Talks about Black unemployment then pivots to support for California Propostion 22.  It’s so weird seeing editorials in the Black press on a topic they never paid any attention to.  Hmmm.

Inequaltiy / Systemic Racism

Black Business Specific

  • Clint Gray of Slim & Husky’s discusses West Coast expansion (Rolling Out)
  • Santa Monica Black-Owned Businesses and Entrepreneurs (Part 10 in a Series) (City of Santa Monica) – Unique stories from Black-owned business owners.
  • Thyk Skynn, Black-Owned Line of Bulletproof Vests For Adults and Children Sees 400% Increase in Sales (Chicago Crusader) – This is dope.
  • Former NFL linebacker Darryl Sharpton is now thriving with an online furniture business (CNBC)

Black Business General

  • Black Farming Conference to show the way for next generation of farmers (Dayton.com)
  • Pittsburgh’s Black farmers work to grow a new future (Environmental Health News)
  • WKYT TV) – Lexington, KY
  • Black business group pressures Massachusetts Governor Baker to diversify state contract awards (Boston Globe)
  • The Color Of Public Money: Black Businesses’ Share Of Public Contracts Has Declined Over 20 Years (WGBH) – Must read.
  • ‘Lift As We Climb’ To Support Black-Owned Business (Happi) – Gabrielle Union’s “Lift as We Climb” initiative to highlight black-owned brands on its social channels and webpages.
  • Supporting Black-Owned Businesses Should Be More Than Just A Trend (Forbes). An increase in searches for Black-owned businesses prove that support for them should be continuous.
  • Black-owned businesses still face uphill financial battle during the pandemic (Marketplace). This is a podcast from the Marketplace Morning Report, addressing the concerns for black businesses.

Black Institutions

  • The National Business League Aims to Empower 1 Million Black Businesses By 2025 (The Black Chronicle)

Big Business

  • Walmart details its report on diversity (Arkansas Democrat Gazette). You can read the report here. (Walmart). Blacks are 21% of workers and 12% of managers.
  • Target also release it’s diversity report (Target) – Blacks are 15% of workers and 12% of managers.
  • Zillow, Nextdoor and Other Companies Pledge to Add Black Directors (Wall Street Journal)
  • Fifth Third Foundation Powers $1.2 Million Innovation Meets Main Street Program for Black, Women-Owned Entrepreneurs (Business Wire) — $1.2 Million of $8.75 million pledge dedicated specifically to Black Women-Owned Business.
  • CareerBuilder Offers Free Services to Black-Owned Small Businesses Impacted by COVID-19 (PR Newswire)
  • Bank of America backs Black-owned banks, including one in Detroit, in $300 million equality drive (Detroit Business) – Bank of America’s pledge of $1 Billion over four years includes direct equity investments in black-owned businesses. Black-owned SC lender lands investment from Bank of America (The Post and Courier)
  • Biotech company partners with Black-owned bank (Miami Times) – Partnership aims to help close the racial wealth gap and serves as support for the #BankBlack movement.

Discrimination

Affirmative Action

  • Vote NO on California Proposition 16 restoring ‘affirmative action’ (Bakersfield.com) – Just a collection of frequent complaints supporting inaction. It costs too much. Pretty lame.

Industry

  • Cannabis industry in Colorado takes on social justice (Daily Camera)
  • Amazon to hire 100,000 to keep up with online shopping surge (Philadelphia Tribune)
  • Retail strategies to support Black-owned businesses, tap into $1.5 trillion buying power of Black shoppers (Food Navigator USA)

Real Estate / Housing

  • How Philly’s affordable housing problem was 100 years in the making (BillyPenn)
  • Work begins on National Pullman Monument (Chicago Crusader)
  • 19 families buy nearly 97 acres of land in Georgia to create a city safe for Black people (KMOV TV)
  • R&B singer Akon moves ahead with ‘Akon City’ in Senegal (Associated Press)
  • Attica Locke: why did my black ancestors never leave Texas? They knew land is power (Guardian)
  • Board OKs variances for Milford, DE African American funeral home project (Delaware State News) – Wow, if you want to see how complicated local development is, read this.  You need to lawyer up. 
  • Community land trusts could help heal segregated cities (The Conversation)
  • Donating Materials, Time and Talent to Boost Black Homeownership (Next City)
  • Covid-19 has exposed the consequences of decades of bad public housing policy (Washington Post) – Great discussion of public housing

Finance / investing

  • African Nations Say They’re Being Ripped Off by Wall Street (Yahoo Finance)
  • Memphis City Council urges state to ban all payday lenders (WMC TV)
  • Investors Want to Align Their Dollars with Racial Justice Demands (Next City). Activists demand investors to include fiscal justice investments into their strategies.

Tech / Apps / Venture Capital

  • SunUp App Launches to Discover Black-Owned Businesses in NYC (PR Newswire) – Is it Black Owned? With the SunUp app, you no longer need to ask. Good find.
  • Venture investors need to invest in Black-owned businesses (Big Think). Abner Mason recommends that all venture capital firms agree to invest 13% of their funds to African American Businesses.

Straight Up Econ

  • Progressive economists have left rural America behind (Business Insider) – A social safety net would help, but people vote with their cars by moving.
  • Opportunity Zones Get Big Push as Critics Question Who They Help (Bloomberg)
  • How US consumers use their stimulus payments (VOXEU)             

People

  • Wesley Gillespie reflects on his journey to leadership (Crain’s Cleveland Business)
  • Jasmine Lawrence, CEO, started beauty company at 13 years old (Fox) – She used her allowance at age 13 and now has products in CVS, Target, Walmart and Sally’s.
  • Wilma Mae Basta’s Childhood Was Steeped in Black Activism. Now as an Entrepreneur, She Seeks to Support other Women(Inc)

In Passing

  • Theodore R. Laster Jr., a veteran real estate agent in Baltimore city’s comptroller’s office, dies (Baltimore Sun) – Interesting bio

Government / Politics

  • Trump’s second-term agenda for African American voters: expand opportunity zones (McClatchy DC)
  • BLACK ECONOMIC ALLIANCE PAC ENDORSES NY CANDIDATES JACKIE GORDON, MONDAIRE JONES
  • Black Economic Alliance endorses NY Candidates: Jackie Gordon and Mondaire Jones (Black Star News)
  • Covid-19 has exposed the consequences of decades of bad public housing policy (Washington Post) – Great discussion of public housing
  • Race Training for Federal Employees is a “Sickness” (FedSmith) – Conservative
  • Environment
  • Citizens for a Sustainable Future bridging the green gap in Black communities (Tallahassee Democrat)

Africa / Caribbean / International / Diaspora

  • Trudeau announces $221M loan program for Black entrepreneurs (BNN Bloomberg) – COVID-19 brings systemic gaps that Black Canadians face to light

Immigration

  • How immigrants expand the U.S. economy(Phys.org) – Not sure we agree with this in a tribal, zero-growth economy.  The real world tells us otherwise.
  • Africa, stop ruining your future by exporting needed human capital! (The Africa Report)
  • Sports / Media / Entertainment / Travel
  • A high school basketball player has a 0.01% chance of making the pros. (NCAA)
  • National Coalition of Black Meeting Professionals Presents Its 7th Annual “State of Black Tourism” Event Hosted By The National Press Club (Yahoo Finance).

Law / Crime / Scams

  • Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC (Bitcoin.com) – TI was charged with a fraudulent initial coin offering.

Education

  • At USF, 23 research projects will focus on racism and disparities (Tampa Bay Times) – “The work will involve 90 faculty across eight colleges and the university’s three campuses.”
  • USF ranks among top in the nation for reducing inequality, outlining a potential rise on a national stage (Tampa Bay Business Journal)

Military

History

  • Matewan, WV. Reopening Of Mine Wars Museum Includes Uncovered History (West Virginia Public Broadcasting) – Part of famous story where Black, White and Immigrant workers joined forces.

Black Business and Economic Stories for August 31st to September 6th

We have over 80 stories this week. The best story is how HBCUs prepare students for careers in science and technology.

Top Stories

  • Tyler Perry: From Poor as Hell to Billionaire, How Tyler Perry changed show business forever. (Forbes) – The 51-year-old entertainer owns the entirety of his creative output and a 330-acre studio lot at the edge of Atlanta’s southern limits.
  • 52 Black Former Franchisees Sue McDonald’s Alleging Discrimination (NPR) – Lawsuit alleges discrimination inside McDonald’s. Black owners were steered to low-profit locations.
  • Three young entrepreneurs talk about their small business journey (National Retail Federation)
  • Master P introduces a new Black-owned food brand to replace Aunt Jemima and Uncle Ben’s (CNN)
  • Who has the most success preparing Black students for careers in science? Historically Black Colleges and Universities (Chemical and Engineering News)
  • How Government Rules Prevent Poor Americans From Saving (Politico) — The Covid-19 pandemic has illustrated the folly of capping the assets of Americans on public assistance.
  • To Understand How Gentrification in Durham Works, Just Read the Signs (Indy Week Durham) – Good story on gentrification
  • Michael Bloomberg to Give $100 Million to Historically Black Medical Schools (NYTimes)
  • The Black unemployment rate dropped to 13% in august according to the Bureau of Labor Statistics September unemployment report (BLS). Black men, 20 an over, had an unemployment rate of 13.2% and Black women, 20 and over, had a rate of 12%.

Covid-19 / Coronavirus / Pandemic / PPP

  • African Americans Hit By Job Losses During The Pandemic Find It Hard To Recover (St. Louis Public Radio). The financial burden of the pandemic is making it difficult for African Americans to recover.
  • Big Banks Profit from White Supremacy. They Should Return PPP Fees to Black and Latino Communities (Next City) – Racist banking policies put Black and Latino communities at a disadvantage.
  • URBAN AGENDA: Economic Inequities Grow As COVID-19 Recession Takes Hold (NY Amsterdam News)
  • 1921 Tulsa Race Massacre Descendants File Lawsuit (The Black Wall Street Times)
  • Oklahoma Lawsuit Seeks Reparations In Connection To 1921 Tulsa Massacre (NPR) – 105-year-old lives to see reparations from massacre on Black Wall Street.

Jobs / Unemployment / Workers / The Economy

  • Michigan used to lead the U.S. with the smallest pay gap between Black and white workers. Not anymore (MLive.com)
  • U.S. unemployment rate falls to 8.4% even as hiring slows (Philadelphia Tribune) – AP
  • The Black unemployment rate dropped to 13% in august according to the Bureau of Labor Statistics September unemployment report (BLS). Black men 20 an over had an unemployment rate of 13.2% and Black women 20 and over had a rate of 12%.

Black Business General

  • Oakland Black Business Fund Launches Investment Platform for Black-Owned Businesses Across the U.S. (Oakland Black Business Fund) – Press release. The OBBF aims to raise $1 Billion dollars to invest in Black business and real-estate across the US.
  • Meet the Two Entrepreneurs Who Launched a $1B Investment Fund For Black Businesses (AfroTech) – Another nice write up.
  • City’s BE NYC initiative aims to increase amount of Black-owned businesses with resources and investment (QNS) — New York City created the BE NYC Program to increase the number of Black-owned business in all 5 boroughs.
  • Beyoncé gives $1 million to Black-owned businesses impacted by the pandemic (Business Insider)
  • National Business League, Nation’s First Black Business Organization Turns 120 Years Old (Cision PR Newswire)
  • How Bank Black USA Is Helping Empower Black-Owned Banks And Credit Unions (Forbes)
  • Meet the Women Advancing Black Business for Themselves and Their Communities (Swaay) – Discusses the Black Innovation Alliance
  • Sephora, Netflix help Black businesses — but that’s not enough. Entrepreneurs need more (USA Today) – The article mentions Tuloko.com, the authors website.
  • YoCo Strong Restart Grants prioritizing Black, minority-owned small businesses in York County (York Daily Record)
  • Global Data’s Bill Spruill says effort to support minority bank is paying off (WRAL Techwire)

Black Business Specific

  • Three young entrepreneurs talk about their small business journey (National Retail Federation)
  • 60+ Black-Owned Breweries to Support Across the Country (Porch Drinking)
  • Black-Owned Breweries Are Few and Far Between. These Founders Are Helping Change That (Inc Magazine)
  • How The First Black-Owned Bank With $1 Billion In Assets Can Close The Racial Wealth Gap (Forbes) — City First Bank of D.C. and Broadway Federal Bank are merging.  Not a lot will change.
  • Black Girl Sunscreen CEO Shontay Lundy creates solution for women of color (Rolling Out) – Shontay Lundy creates Black Girl Sunscreen for melanin-infused skin.
  • Master P introduces a new Black-owned food brand to replace Aunt Jemima and Uncle Ben’s (CNN)
  • Master P Launches ‘Uncle P’s’ Brand as an Aunt Jemima Alternative (Eater)
  • How a new contract for Black-owned business benefits Fresno (Fresno Bee)

Big Business

  • Facebook group is working to empower Black-owned businesses across Triangle (Wral Tech Wire).
  • KFC, Yum! Brands to Invest $6 Million in Louisville to Combat Social Injustice (QSR)
  • Costco commits $25M to Black Economic Development Fund (Grocery Dive)
  • IBM sued by former employee over alleged age discrimination (West Fair – Online) – Plus an old link to a article discussing age discrimination at IBM. Cutting ‘Old Heads’ at IBM (ProPublica) – March, 2018.  It’s a tough call because all of IBMs rivals employ only young men and discriminate worse.  In fact, they simply don’t hire older employees, so they don’t have an issue laying them off.

Discrimination

  • 52 Black Former Franchisees Sue McDonald’s Alleging Discrimination (NPR) – Lawsuit alleges discrimination inside McDonald’s. Black owners were steered to low-profit locations.
  • The McDonald’s mess continues: 52 Black ex-franchisees are suing the company for $1 billion, alleging racial discrimination. (Business Insider)

Inequality / Structural Racism

  • Black Lives Matter is just tip of iceberg. Economic gain, worker protections, voting also key (USA Today) – by Alicia Garza
  • How Government Rules Prevent Poor Americans From Saving (Politico) — The Covid-19 pandemic has illustrated the folly of capping the assets of Americans on public assistance.
  • Families Can’t Get by on Cash Assistance (Center for Law and Social Policy)
  • Billionaire Bill Ackman says mandatory investing accounts for every US child could combat wealth inequality (Business Insider) – Darrick Hamiliton’s baby bonds receives an endorsement.
  • For many of color, a very different life in Tampa Bay | Editorial (Tampa Bay Times) – Life’s tough for Black people in Tampa.

Reparations

  • California assembly pushes reparations bill forward (The Hill)
  • Experts: America’s elite colleges can lead reparations talks by partnering with Black colleges (The Atlanta Voice)

Black Economics

  • Black women lead initiative of 19 Black family investors in purchase of 96.71 acres of undeveloped land (The Atlantic Voice). The Scott and Walters’ Freedom Georgia Initiative purchased the land in hopes to creating a safe haven for Black families.  
  • What hurts minorities’ progress in economics? (American Economic Association). Professor Gary Hoover interviews minorities to gage their experience in the economic profession.
  • The Tax Code And Economic Justice In America(Forbes) – long interview with Darrick Hamilton
  • What Black America Can Do To Close The Racial Wealth Gap (Forbes)
  • The World Bank perpetuates racism and help ex-colonialists (The Elephant)
  • PowerNomics | 1995 Detroit Black Journal Full Episode (You Tube) – Dr. Claude Anderson. Always interesting.

Straight up Econ

  • Capitalist forces make it tough to run a restaurant that treats workers fairly (Eater)
  • The Trump vs. Obama economy — in 16 charts (Washington Post)

People

  • Black Female Entrepreneur Who Took a Leap of Faith Despite the Odds Finds Success in Jacksonville (Jacksonville Free Press)
  • Tyler Perry: From Poor as Hell to Billionaire, How Tyler Perry changed show business forever. (Forbes) – The 51-year-old entertainer owns the entirety of his creative output, including more than 1,200 episodes of television, 22 feature films and at least two dozen stage plays, as well as a 330-acre studio lot at the edge of Atlanta’s southern limits. Basically this story should be in Black Enterprise.
  • Taking the initiative to push for Black executives in Pittsburgh’s businesses (Pittsburgh Post-Gazette)
  • ReMix Dissolving Barriers for Black Entrepreneurs(Arkansas Business) — Benito Lubazibwa runs a non-profit that teaches entrepreneurship.
  • City’s technology chief Louis Stewart hired away by Nvidia Corp (Sacremento Business Journal)
  • “As a Black Female Founder, I Know Times Are Hard. Here’s How I Push Forward.” (Entrepreneur Magazine)

Industry / Careers

  • There Really Is No Ethical Restaurant Under Capitalism (Eater)
  • Who has the most success preparing Black students for careers in science? Historically Black Colleges and Universities (Chemical and Engineering News)

Sports / Media / Entertainment

  • African American newspapers are a vital source of public health information (The Washington Post). The disproportionate impact of the pandemic emphasizes the importance of African American new outlets.
  • NCAA quarterbacks ‘would make over $2million annually’ and starting men’s basketball players ‘could earn $800K’ if college athletes were paid equitably, according to a new economic study (Daily Mail UK)
  • Ice Cube’s contract with Black America (Icecube.com) – Ice Cube has a surprising number of financial and economic proposals

Cities / Urban Planning / Local Government

  • Tourism officials: It will take years for Baltimore to recoup from coronavirus (WBAL TV)
  • For 40 Years, Philly Mayors Have Promised to End Poverty. For 40 Years, I’ve Watched Them Fail. (Philadelphia Magazine). From a series called Broke in Philly (BrokeinPhilly.org)

Careers

Finance / Investing

Real Estate / Finance / Development / Segregation

  • Oak Ridge TN celebrating 65th anniversary of school desegregation (Oak Ridge Today)
  • Groups urge City and DRWC to support project’s plan to create tens of thousands of jobs and unprecedented economic opportunity for Black and Brown Communities (Yahoo Finance) – Developers want public money and land to build a new arena for 76ers in Philadelphia.
  • Proposal For New 76ers Arena At Penn’s Landing Earning Support From Local African-American Organizations (CBS Philadelphia)
  • To Understand How Gentrification in Durham Works, Just Read the Signs (Indy Week Durham) – Good story on gentrification
  • Build Something Big! One Million New Affordable Housing Units, 2020-2030 (Archinect) – So I always wonder if people write editorials to promote their own books ?
  • Progress for whom? Blacks have not benefits from development in St. Petersburg FL. (The Weekly Challanger)

Education

  • Charter Schools Find Gold in Federal Government Aid to Small Businesses While Black-Owned Firms Get the Shaft (Our Schools / Naked Capitalism) – Charter schools received PPP money while public schools did not.
  • In NYC, Education Remains Paramount in Reducing Economic-Racial Gap, Experts Say (Brooklyn Reader)
  • Decline in school enrollment in the Black Belt threatens economic stability, new report says (WBRC Alabama)

Politics / Government

  • Only 3% of all US financial regulators over the past 90 years have been Black Americans, study finds (Business Insider)
  • What do the data reveal about (the absence of Black) financial regulators? (Brookings). The absence of black financial regulators could limit economic inclusion. Interesting Tidbit: Most regulators start as congressional staff attorneys.
  • Sheila Clark, Program Director for the Fed’s Office of Diversity and Inclusion testifies before congress (Mondovisione)
  • Report to the Congress on the Office of Minority and Women Inclusion – March 2020 (Board of Governors — Federal Reserve)

Philanthropy

  • Cleveland Foundation creates Cleveland Black Futures Fund, announces second phase of Greater Cleveland COVID-19 Rapid Response Fund (Crain’s Cleveland)
  • Michael Bloomberg to Give $100 Million to Historically Black Medical Schools (NY Times)
  • Bloomberg Philanthropies Commits $26.3 Million Gift to Morehouse School of Medicine (MKE Community Journal) – Donation made with the hope that more Black doctors equals more black lives saved.

Old but good

  • African-Americans’ economic setbacks from the Great Recession are ongoing – and could be repeated (The Conversation) – A good summary of the problem
  • Here’s The Only Way To Close The Racial Wealth Gap (Newsone) — If these problems aren’t addressed, African-Americans may not have another chance to ever becoming equal economic players in this country.
  • PowerNomics | 1995 Detroit Black Journal Full Episode (You Tube) – Dr. Claude Anderson. Always interesting.

Black Business and Economic Stories for August 24th to August 30th

We have 62 stories this week. We have seven stories in our Black economics section and several stories in our people section.

Top Stories

  • Is this the end for America’s mom-and-pop stores? (Financial Times)
  • Erika James, Wharton’s first female dean (Philadelphia Inquirer)
  • The Owners of Fulton-Mecklenburg, a Digital Marketing Agency, Says Black Owned Businesses Need to Collaborate During Pandemic (EURWeb) – Here a good and detailed looking inside a Black marketing agency.
  • Light-Skin / Dark-Skin: How skin-tone bias affects racial equality at work (European Sting) – Very dry but something we all know is true. Society prefers people with lighter skin.
  • The Unequal Future of Consumption: Covid is changing earning and spending (The New Republic) – Good long article if you are trying to figure things out.
  • Rising Black Voices in Wine (Wine and Spirits Magazine)

Covid-19 / Coronavirus / PPP

  • The Unequal Future of Consumption: Covid is changing earning and spending (The New Republic) – Good long article if you are trying to figure things out.
  • Is this the end for America’s mom-and-pop stores? (Financial Times)
  • Report: Poorest Congressional Districts Shortchanged by PPP Program (Accountable.us)
  • Nations poor areas got billions less in PPP aid than rich areas, Report Finds(Tri-City Herald)
  • Chairwoman Maxine Waters Sounds Alarm on Coming Wave of Evictions (Jacksonville Free Press)
  • Report: COVID-19 Now is The Third Leading Cause of Death Among Black People (Jacksonville Free Press)
  • Coronavirus Is Hitting Black Business Owners Hardest (NY Times) – From June 18th.  Uses Fairlie data.

Protest

  • “Jobs, not ‘abstract notion of freedom’ were focus of first March on Washington” (WJLA TV)

Jobs / Workers / Unemployment

Black Business

  • New Black-owned financial center aims to build wealth, promote homeownership in North Omaha (Omaha World-Herald)
  • A New Moment for Black Bookstores (Publishers Weekly)
  • Not just a haircut: Barbershops, salons offer freedom and community (Youngstown Vindicator)
  • Shanel Fields is proving that now can actually be a good time to start a business (NBC News)
  • The Owners of Fulton-Mecklenburg, a Digital Marketing Agency, Says Black Owned Businesses Need to Collaborate During Pandemic (EURWeb) – Here a good and detailed looking inside a Black marketing agency.

Black Business General

  • Minority entrepreneurs at a tipping point as Black-owned banks dwindle in the U.S. (CNBC)
  • Black-owned firms in Boulder County seek inclusion (Daily Camera)
  • Temoura Jefferies, of High Point, creates Buy Black Guide as resource for Black-owned businesses (WFMY TV)
  • Fairfax County EDA forum spotlights access to capital for minority-owned businesses (Fairfax Times VA)

Big Business

  • Black Owned Celldration Premium Water Signs Historic Distribution Deal For 1100 Kroger Stores (Michigan Chronicle) – Interesting idea. Story reads like a press release.
  • Brooklyn Nets owners pledge $50 million to create ‘economic mobility’ in the Black community (CNBC)

Industry Spotlight

  • History of trucking in America (KAKE TV Wichita KS) – Kinda of interesting
  • Black Entrepreneur Creates Platform To Promote Diversity In The Cannabis Industry (NY Beacon)

Finance / Investing

  • How University of Chicago, Howard, & Other Endowments Are Tackling Asset Management’s Big Problem (Institutional Investor)

Discrimination

  • Light-Skin / Dark-Skin: How skin-tone bias affects racial equality at work (European Sting) – Article that confirms what we already know in a dry and boring manner.  Can’t they make this more salacious somehow with a glamourous light-skin woman next to a drab dark-skinned woman?  Oops, I guess that’s the point, huh.
  • Systematic Inequality and Economic Opportunity (Center for American Progress) – August 2019.  One of the defining papers on discrimination.

Inequality

  • Monroeville man saw ’To Kill a Mockingbird’ in segregated theater. Now he’s city’s 1st Black mayor(AL.Com) – Long time Black law enforcement official now mayor, says the key is jobs and economic development.

Reparations

  • California moves to consider reparations for slavery (AP News)
  • Education Subcommittee for Reparations Seeks New STEM School in Fifth Ward (Evanston Roundtable) — Interesting, they are going to use some of the reparations money to build a STEM school.

Gig Economy / California AB5 / Prop 22

  • Why Uber’s business model is doomed (Guardian)

Sports / Entertainment

  • Let’s call athletes ‘workers,’ and let’s call these NBA protests what they were – strikes (The Conversation)
  • NBA issues statement on social justice and racial equality (NBA)
  • Sixers’ $4B arena bid vows 35k jobs; Black and brown inclusion — goals similar projects failed to meet (WHYY Philadelphia)

Black Economics

  • Truth and  Redistribution: How to fix the racial wealth gap, end plutocracy, and build Black power (Yes Magazine) – Darrick Hamilton. Reparations, Baby Bonds, and a Wealth Tax.
  • Is Atlanta really Wakanda? Atlanta is Number one for income inequality. (11 Alive)
  • Democrats Have Failed Urban Black Americans (The New Republic)
  • The State of Black Milwaukee in National Perspective: Racial Inequality in the Nation’s 50 Largest Metropolitan Areas. (University of Wisconsin – Milwaukee Center for Economic Development) – Wow. Milwaukee is not a good place to be if you are Black.
  • Signifyin’: Final Levine Report (Milwaukee Community Journal) – Mikel Kwaku Oshi Holt gives a good summary of the report.
  • Executive Director David Clunie Calls for economic justice for Black Americans during march on Washington. (Black Economic Alliance)
  • Changing the Federal Reserve mandate could provide a down payment to ending racial inequality (The Conservation)
  • Systematic Inequality and Economic Opportunity (Center for American Progress) – August 2019.  One of the defining papers on discrimination.

Co-Ops / Employee Owned / Cooperative Economics(UJamaa)

  • Newark Paper Co., employee-owned cooperative, has ribbon-cutting in city meant to signify new era (ROI-NJ)

Straight Up Econ

Politics / Government

  • Kimberly Klacik Republican ad from RNC convention(Kim Klacik for Congress)
  • Rep. Welch on state opportunities for minority- and women-owned businesses: “The data is abysmal” (Illinois Capital Fax)
  • Racial resentment predicted white Americans’ economic evaluations in the 2012 and 2016 presidential elections (PsyPost)

People

  • Stephanie Chung Joins Wheels Up as Chief Growth Officer (Airline Industry News) (StephanieChung.com) – You aren’t big until you have your own website and can do speeches.
  • Fred Perpall, CEO of The Beck Group, says Blacks and Whites need to be more inclusive (Dallas Morning News)
  • Erika James: Bringing crisis management ideas to the oldest US business school (Financial Times)
  • Erika James, Wharton’s first female dean (Philadelphia Inquirer)
  • Erika James, First Black Woman to Lead a Top Business School, on the Corporate Diversity Problem (Bloomberg) – This profile is from 2014 when she became dean of Emory’s Business school.
  • IU education empowers couple to advocate for equality, give back to community (Indiana University Kokomo)
  • Six Black Female Entrepreneurs Who Are Changing Their Industries For Good  (Harpers Bazaar)
  • Rising Black Voices in Wine (Wine and Spirits Magazine)

Education

  • Black Families Don’t Need ‘Fixing.’ They Need Better School Funding (Education Week) – Andre Perry
  • How much is your N.C. A&T degree worth? (Black Engineer)

Leadership

  • Here’s what it takes for Black girls to become leaders, according to Michelle Obama (CNBC)
  • Six Black Female Entrepreneurs Who Are Changing Their Industries For Good  (Harpers Bazaar)

Real Estate / Real Estate Finance

  • Why Are Billionaires Schwarzman and Palmer Using A Shell Committee to Funnel Big Bucks to ‘No on Prop 21’ Campaign? (City Watch LA) – California Proposition 21 gives local governments rent control power.
  • How federal housing programs failed Black America (Nation) – Discussion of Keeanga-Yamahtta Taylor’s new book “Race for Profit.”

Re-entry / Corrections / Police

Travel

  • Meet The Black Woman Revisioning The Historic Green Book Travel Guide (NY Beacon)
  • The Long Fight for Restitution (Conde Nast Traveler) – African countries try to regain artifacts.
  • Inside Audacity Fest, Where Black Travelers Have an Open Conversation about Travel (Conde Nast Traveler)
  • Conde Nast has struggled with racism
  • Former Condé Nast employees expose racial issues at publishing giant (Page Six)
  • A Reckoning at Condé Nast (NY Times) – June 2020

Conservative / Alternative

  • Belinda Keiser: School Choice is the Secret to Trump’s Strong Economy (Daily Florida)

Law / Legal

  • Black Firm Leaders Drive Big Law Social Justice Efforts (Bloomberg Law)

Non-profits / Philanthropy

  • Local Black-Led Nonprofits Join National ‘Give 8/28’ Day (Sarasota Magazine)
  • Advancing Economic Justice: How the Ford Foundation Is Investing in Diversity (Wharton Magazine)

Classic / Old but Good

  • The Road to Zero Wealth: How the Racial Wealth Divide is Hollowing Out America’s Middle Class (Prosperity Now)

Black Business and Economic Stories for August 17th to August 23rd

We have over 80 stories and links including three conservative stories. The big story is the Robert F. Smith tax avoidance story. Last year, Smith agreed to pay off the debts for one class at Morehouse College.

Top Stories

  • Billionaire Robert Smith Fighting U.S. Criminal Tax Inquiry (Bloomberg)
  • Jay-Z and Pharrell Highlight Importance of Black Ownership In Song ‘Entrepreneur’: ‘For Every One Gucci, Support Two FUBU’s’ (Atlanta Black Star)
  • Pharrell Williams – Entrepreneur (Official Video) ft. JAY-Z (You Tube)
  • Black millennials less likely to own a home than their grandparents were at same age (MarketWatch)
  • Race and Money: The wage gap between Black families and white families in Tampa Bay (WTSP TV) – Pretty good analysis of income from American Community Survey around Tampa.
  • ‘A history of broken promises’: Miami remains separate and unequal for Black residents (Miami Herald) – Another good long piece. Quote: “Cubans jumped the line.”
  • What it would take to end child poverty in America (Vox) – Ezra Klein interviews Rep. Barbara Lee
  • NFL’s first Black team president, Jason Wright, of the Washington Football Team (CBS News)
  • How Burrell Advertising got started (NPR) – The story of the famous advertising agency in Chicago
  • How Do We Save African American Businesses in our country? Part 3 (Post News Group) – By Albert White
  • Meet the Two Sisters Making Wine More Accessible for Black Wine Drinkers (Thrillist)

Coronavirus / PPP / Pandemic

  • Rise in jobless claims reflects still-struggling US economy (Philadelphia Tribune)
  • ‘A pandemic in a pandemic’: Coronavirus deepens racial gaps in America (Reuters)
  • Here are four policies that can help small business as their PPP money runs out (MarketWatch) – We may have an issue with small business owners who are looking to retire and their businesses are worthless.
  • ‘Black businesses are hurting now.’ Racism, inequality, COVID-19 shatter Fresno business dreams (Fresno Bee)

Jobs / Workers / Unemployment

Black Business General

  • How Do We Save African American Businesses in our country? Part 3 (Post News Group) – By Albert White

Black Business Stories

Big Business

Inequality / Systemic Racism / Economic Justice

  • Race and Money: The wage gap between Black families and white families in Tampa Bay (WTSP TV) – Pretty good analysis of income from American Community Survey around Tampa.
  • ‘A history of broken promises’: Miami remains separate and unequal for Black residents (Miami Herald) – Another good long piece. Quote: “Cubans jumped the line.”
  • What it would take to end child poverty in America (Vox) – Ezra Klein interviews Rep. Barbara Lee
  • Here is the report referenced in the interview: Roadmap to Reducing Child Poverty.
  • Here is a summary of the recommendations: How to reduce child poverty. – Really good concrete proposals.
  • How does systemic racism affect Black Americans’ access to capital? (Michigan Public Radio)
  • To narrow racial and economic disparities, Atlanta Fed chief Raphael Bostic is rethinking what the Fed’s mandate means (Washington Post) – No answers yet, he’s just thinking.
  • Op-ed: The Fed has a ‘responsibility’ to help reduce high unemployment in the Black community (CNBC) – We might just have to accept a little inflation in exchange for full employment
  • What the story of Soul City, N.C., can teach us about fixing systemic economic racism (MarketPlace.org)
  • Cory Booker: Racial wealth gap is the “American wealth gap” (Axios) – Super short
  • Black millennials less likely to own a home than their grandparents were at same age (MarketWatch)

Discrimination

  • Why are there still so few Black executives in America? (USA Today) – Long read

Affirmative Action

  • California Proposition 16 will overturn the ban on Affirmative Action
  • Prop. 16 on November Ballot Would Reinstate Affirmative Action in CA (Spectrum Local News) – Best quote: “Because of Prop. 209, Assembly Woman Shirley Weber said California can’t develop special programs for girls in STEM. “
  • The Bay Area’s pro teams are all endorsing Prop 16. What is it? (San Jose Mercury News)
  • Ending California’s ban on affirmative action could show how far it’s come (Washington Post)

Reparations

  • Black pastors announce support for Asheville racial justice efforts (Ashville Mountain Express)
  • County Commissioners approve resolution to create Economic Reparations Committee (WKZO Kalamazoo)
  • Column: Reparations are about economic stability, not a looted pair of $120 Nikes (Chicago Tribune) – Is looting a form of reparations.
  • Repaying the debt owed to Black people requires a democratic and reparative economy (Institute of the Black World)

Universal Basic Income

  • Here’s one way to fight poverty. Give poor people $500 a month, says NC councilman (Charlotte Observer)

Diversity / Inclusion (if you can’t get Affirmative Action or Reparations)

  • Square Diversity and Inclusion Report (Square)
  • Arizona Central Diversity Scorecard (AZ Central)

Rehab / Re-entry

  • American Rehab (Reveal) – Detailed account of work practices in rehabilitation industry. Interesting, but a little bit sensationalized.
  • City Startup Labs gives returning citizens tools for entrepreneurship (QCity Metro – Charlotte) – Teaching ex-prisoners about computers.

Black Economics

The impact of an uneven economic playing field (Milwaukee Independent)

Straight up Econ

  • Monopoly Power Lies Behind Worst Trends in U.S., Fed Study Says (Bloomberg)
  • Larry Summers: Who’s Afraid of Budget Deficits? (Larry Summers) – Old but you have to keep an eye on Larry even with his past, anti-woman behavior.
  • It’s time to be up front about the 3 neoliberal arguments that help keep racist economic systems in place in the US (Business Insider)
  • To narrow racial and economic disparities, Atlanta Fed chief Raphael Bostic is rethinking what the Fed’s mandate means (Washington Post)

Education

  • California ballot proposition 16  could boost racial equity among university faculty (CAL Matters)

Other / Interesting

  • The Harlem Week panel: Hon. Charles B. Rangel Systemic Racism & Economic Justice Summit (Harlem Week) had no expert nor discussion on Economic Justice.  What’s up with that? Looks like we don’t even have the capacity to discuss economic justice in any detail. Yikes.

Sport / Media / Entertainment

  • NFL’s first Black team president, Jason Wright, of the Washington Football Team (CBS News)
  • Allen Media Group Buys Hawaii TV Station for $30M (Multi-Channel News)
  • Thunder Underscores Its Commitment to Tulsa’s Historic Greenwood District (NBA)
  • Jay-Z and Pharrell Highlight Importance of Black Ownership In Song ‘Entrepreneur’: ‘For Every One Gucci, Support Two FUBU’s’ (Atlanta Black Star)
  • Pharrell Williams – Entrepreneur (Official Video) ft. JAY-Z (You Tube)
  • NBA strikes sponsorship deal with DoorDash, will help black businesses (SportsNaut) – Gotta watch this one.  Doordash is notorious for paying low wages and stealing tips. Probably not someone I would partner with.
  • Sixers parent company commits $20 million to fighting systemic racism and championing equality (Philadelphia Inquirer) – Quick peek into how team owners got their money.

Industry Watch: Beer / Wine / Liquor / Alcohol

  • Meet the Two Sisters Making Wine More Accessible for Black Wine Drinkers (Thrillist)
  • South Africa opens as virus cases fall, allows liquor sales (Philadelphia Tribune)
  • Six ways the drinks industry can support racial diversity (The Spirits Business) – Short, click bait.

Real Estate / Housing / Segregation

  • Rent control is a disincentive to build affordable housing (CAL Matters)
  • How systemic racism flares up in housing and neighborhoods (Michigan Public Radio)
  • ‘You Know God Didn’t Forget about You.’ What Tiny Homes Offer the Homeless (The Tyee Canada)
  • Housing will test white support for Black lives (Boston Globe)
  • Cincinnati passes taxes to support transit (Cincinnati Enquirer)
  • How the U.S. Government Promoted Housing Segregation in America’s Cities (US News & World Report)
  • New York City may take a decade to recover from coronavirus pandemic, says developer Don Peebles (CNBC)

Finance / Investing

  • Bloomberg Gender-Equality Index. Invest in a more equal future. (Bloomberg)
  • Commentary: Diversity and inclusion – the role of business in what happens next (Pensions & Investments)
  • Fintechs Were Supposed Improve Equality – What Happened? (Forbes)

People / Motivation

  • Billionaire Robert Smith Fighting U.S. Criminal Tax Inquiry (Bloomberg)
  • GROUPM NAMES KIRK MCDONALD NORTH AMERICA CEO (GroupM PR). WPP Taps AT&T’s Kirk McDonald to Run GroupM in North America (WSJ) – Paywall. Kirk McDonald Will Become North American CEO of GroupM (Variety) – GroupM buys $17.6 billion in ads.  He will lead the North America division which has 6500 employees.  Advertising is probably the single “Whitest” industry in the US.
  • How Burrell Advertising got started (NPR) – The story of the famous advertising agency in Chicago
  • Ivey names Port Authority picks, including 1st African-American woman (AL.com)
  • Black Voices Matter: Tiffany Spencer, President of Black Orlando Tech (Orlando Magazine) – Black Orlando Tech
  • Johnny Bailey Explains Why The Key To Black Liberation Is Economic Power (Forbes)

Politics / Government

  • Racial Diversity Among Top Staff in Senate Personal Offices (Joint Center for Political and Economic Studies)
  • New report finds top Senate staffers are more diverse than in 2015 but still predominantly white (The Hill)
  • Democratic convention: $4 trillion infrastructure bank would create 25 million jobs (Peoples World)
  • Financial Regulators Address Financial Inclusion, Expansion of Credit, and Protection from Discrimination (JD Supra) – Good, long description of steps financial regulators are taking to address financial discrimination.
  • To close the racial wealth gap, we need more Black regulators (MarketWatch) – Important but boring

Career / Industry News / Businesses You Can Start

  • Energy Secretary Brouillette’s Remarks to the American Association of Blacks in Energy National Conference (Energy.gov)
  • Buffalo Black Achievers CEO talks access and opportunity (Buffalo Business First)
  • Profile of Capital Good Fund (a CDFI) (CNBC)
  • Pittsburgh development chief Marty LaMar on fostering change for a more inclusive city (Pittsburgh Business Times)
  • Black babies are more likely to survive when cared for by Black doctors, study finds (USA Today)

Taxes / Tax Policy

  • Column: Task force adviser says consolidation would create property tax relief. Will anyone listen? (Chicago Tribune) – Black suburb is over taxed and consolidation would reduce the burden.  Neighboring towns could care less.
  • St. Louis set to vote on raising taxes to expand child care (St. Louis American)

Technology / Apps / Innovation

Travel

  • Black Historian Jefferson Talks Bruce’s Beach, Manhattan Beach (Patch)

Conservative / Alternative

International

Old, but good

  • The Resegregation of Jefferson County (NY Times)

Black Business and Economic Stories for August 10 to August 16th

Top  Stories

  • K-Shaped “Recovery” Widens Gulf between Haves and Have-Nots (Non Profit Quaterly)
  • Us against them’: Workers cite racial divide on front line of long-term-care fight against COVID-19 (Richmond Times-Dispatch) – Nice, long article of what it’s like to work in the nursing home industry
  • There Is No Equality Without Affordable Childcare, but Little Is Being Done About It (Good Housekeeping)
  • More than 1 in 3 Black women are on the front lines of the pandemic, but they aren’t even close to equal pay (CNBC)
  • Black women with natural hairstyles are less likely to get job interviews (CNN)
  • Veteran Reporter DC Livers Launches First Black Woman Owned/Led Sports Network (EUR Web) (Black Sportz Magazines)
  • How decades of US welfare policies lifted up the white middle class and largely excluded Black Americans (Business Insider)

Special Topic: Crown and Hops Craft Beer Brewery

  • The Crown and Hops website is here.
  • The Crowns & Hops Founders Saw No Black People In Taprooms. Here’s What They Are Doing About It (Forbes)
  • Marketplace extended interview with the founders of Crown and Hops:  Beny Ashburn and Teo Hunter (Marketplace.org)

Covid-19 / Coronavirus

  • The recession is over for the rich, but the working class is far from recovered (Washington Post)
  • How housing patterns may partly explain coronavirus’s outsized impact on Black Louisianans (New Orleans Times-Picayune) – Daily life with Covid-10. Cramped quarters and working conditions explain high covid-19 rates.
  • Chicago Urban League to provide emergency grants to Black small businesses (Chicago Crusader)
  • Local Sacramento Arts organizations crushed by Coronavirus (Sacramento Bee) – Art’s and Entertainment experienced a 35% drop in activity.
  • Tenino, Washington is printing wooden money to help residents through the pandemic (CNN).
  • Here are the rules from the Tenino, WA. Web-site. – The script is given in $25.00 amounts and only 99 cents in change can be returned. No alcohol, tobacco or cannabis 
  • President Trump suspends the payroll tax despite lack of bipartisan support (National Academy of Social Insurance)
  • More Signs Coronavirus Exacerbates Economic Inequality. Here’s How. (Barrons) – Another recap.  Jobs, wealth and health cause higher outbreaks in the Black community.

PPP / Coronavirus

  • Only 130 Black-Owned Restaurants Received PPP Loans Over $150,000, According To A Report (Delish)
  • 785 Michigan restaurants got $150K or more in federal loans. Only 1 listed as Black-owned (Detroit Free Press)
  • Only 130 Black owned restaurants received large PPP loans. (Restaurant Business)
  • Small business loan program data has little information about race (Center for Public Integrity)
  • K-Shaped “Recovery” Widens Gulf between Haves and Have-Nots (Non Profit Quaterly)
  • Business leaders work to include minority-owned businesses in economic recovery (Philadelphia Tribune)

Protest

  • Minnesota and private partners need to support rebuilding inner-city commercial corridors (Minneapolis Star-Tribune) – Some good reporting coming out from Minneapolis.
  • ‘Decolonizing your bookshelf’: students, alumni, and local businesses turn to books — and buying practices — to combat racism (Daily Princetonian) – Buying Black and anti-racist books helps Black bookstores.
  • Turn the Page helps readers by from Black bookstores (Turn the Page)
  • City of Arlington’s New Unity Council Will Examine Racial and Economic Inequality (Spectrum-San Antonio)
  • SoCalGas Launches Restaurant Recovery Program Donating $75,000 to Black-Owned Restaurants in Los Angeles County & Inland Empire (PR Newswire)
  • 27 CEOs Launch program to hire 100,000 workers from NYC (CUNY) (NY Jobs Council)
  • C.E.O.s Pledge to Hire 100,000 Low-Income and Minority New Yorkers (NY Times)

Jobs / Workers / Unemployment / Economy

  • Us against them’: Workers cite racial divide on front line of long-term-care fight against COVID-19 (Richmond Times-Dispatch) – Nice, long article of what it’s like to work in the nursing home industry.
  • Opinion: Time to raise the minimum wage (Philadelphia Tribune) – Pennsylvania minimum wage is $7.25, the lowest in the country.  Alabama of the North.
  • There Is No Equality Without Affordable Childcare, but Little Is Being Done About It (Good Housekeeping)
  • How to Rescue the Economy and Help Black Workers at the Same Time (Politico) – Darrick Hamilton want a paycheck guarantee

Inequality / Racial Inequality

  • A Most Dangerous Intersection: Revisiting Race and Class in 2020 (Non Profit Quarterly) – How structural is racial economic inequality?
  • American Cities Brace for a Future With Even Greater Inequality (Bloomberg)
  • Cities no longer provide opportunity (Bloomberg) – Black males fared the worst – david autor
  • NUL’s Annual Report Shows Blacks in Pandemic’s Grip (Washington Informer)
  • The National Urban League released it’s “State of Black America” report August 14th, 2020.  The report data was pre-Covid-19 and showed a small increase toward equality most likely due to the low Black unemployment rate. All of the report commentators discussed the damage Coronavirus is doing to Black communities.
  • Some “Essential” Jobs Are Still In The Queue to be Automated (Medium) – We know there is a coming job shortage.
  • How racism leaves a lingering economic ‘glass ceiling’ for Fresno’s Black residents (Fresno Bee) – Fresno is about 7% Black, 45% Hispanic, 60% White and 10% Asian. 
  • How powerful is financial inclusion? The Freedman’s Bank story suggests bank access is not enough to close the racial wealth gap (Chicago Booth)
  • How decades of US welfare policies lifted up the white middle class and largely excluded Black Americans (Business Insider)
  • Making billions versus making ends meet: how the pandemic has split the US economy in two (Guardian)

Special Topic: Black Women’s Equal Pay Day

  • August 13th is Black Women’s Equal Pay day. (American Association of University Women) Black women make 62 Cents for every 1.00 dollar White men earn in a year,  so Black women would have to work until August 13th of the following year to make the same money.  The gap is expected to widen because of Coronavirus uneven impact on the workforce.
  • Equal Pay Day for Black women is today, August 13th. There’s a reason for that (CNN)
  • Today is Black Women’s Equal Pay Day. Here’s why it matters more than ever (Fast Company)
  • How the pandemic will affect Black Women’s Equal Pay Day for years to come (NBC News)
  • More than 1 in 3 Black women are on the front lines of the pandemic, but they aren’t even close to equal pay (CNBC)

Black Business Stories

General Black Business

  • Supporting Black Business is Supporting Black People (Bloomberg BusinessWeek)
  • How to Find and Support Black-Owned Businesses (Yes Magazine)
  • Founder Keenan Beasley On Why Black Business Month Matters (Essence)
  • The Fight for the McDonald’s Franchise (Business Insider) – Interesting podcast transcript of Black ownership of McDonalds franchise.
  • Sixers’ Ben Simmons and singer John Legend are part of a group backing Philly credit card startup with $18M (Philadelphia Inquirer) – by Joseph N. Distefano.  So this is a great peak into the consumer credit card business.  No one seems to be able to break the Visa / MasterCard high fee, high interest duopoly.  So this is another card with an app and extra features.  We see, if there is some actual  value add by the Black athletes and entertainers or are they just paid endorsers and passive investors.
  • Viewpoint: CDFIs look for help to close lending gap (Washington DC Business Journal)
  • Black leadership group continuing financial literacy series Saturday (Courier)
  • UNLV professor Tiffany Howard, identifies Black entrepreneurship as a way to bridge racial wealth gap (The Nevada Independent)
  • UNLV Black Entrepreneurship Study is here.

Big Business

  • What Does Real Action Toward Achieving an Equitable Profession Look Like? (Architect)
  • Diversity pledges alone won’t change corporate workplaces – here’s what will (The Conversation) – The problem is unconscious bias
  • Why Do Boards Have So Few Black Directors? (HBR)
  • US Bank to provide USD 1 mln grants to black-led CDFIs (The Paypers)
  • Bank Initiatives Promise to Address Inequalities
  • Wells Fargo Names Kristy Fercho to Lead Home Lending (NNPA Newswire)
  • U.S. companies vow to fight racism but face critics on diversity (Reuters) – old but good summary of actions after George Floyd killing.
  • Bristol-Myers Squibb Invests $300 Million to Diversify Trials (The Street)

Special Topic: Crown and Hops Craft Beer Brewery

  • The Crown and Hops website is here.
  • The Crowns & Hops Founders Saw No Black People In Taprooms. Here’s What They Are Doing About It (Forbes)
  • Marketplace extended interview with the founders of Crown and Hops:  Beny Ashburn and Teo Hunter (Marketplace.org)

Discrimination

Black women with natural hairstyles are less likely to get job interviews (CNN)

  • SFFD ‘Whites Only’ Policy on Fire Boat (Post News Group NNPA Black Press) – I don’t think I have ever seen a municipal fire department where Whites were not over represented.  We must be paying too much.
  • Do You See Me Now? – Founders Reels After Leaked Deposition in Discrimination Case Causes Closures, Resignations (Good Beer Hunting) – Nice long article about discrimination at Founders Brewing Company in Detriot.
  • The Time Is Now, Part One — Understanding the Origins of Beer’s Inequity (Good Beer Hunting)

Reparations / Affirmative Action / Diversity and Inclusion

  • Six questions about slavery reparations, answered (CNN)
  • DOJ: Yale Discriminates Against Asian American and White Applicants In Admissions (NPR) – Looks like an election ploy. The Supreme Court has already ruled that race can be used as a factor in admissions.
  • U.S. companies should consider slavery reparations, Vista Equity CEO says (Reuters)
  • Nation’s wealthiest Black man says corporate America should consider slavery reparations (ABC News)
  • Should Charleston be talking about reparations? (Charleston City Paper)
  • Diversity and Inclusion is a growth industry. These experts explained why. (NBC News)

Careers / Business Startups / Motivation / Success / Ideas

  • Two Nashville Entrepreneurs want to uplift and encourage Black residents to enter tech industry (WSMV Nashville). Pivot Technology School (PTS)
  • Changing the face of architecture (KCRW) – Second article
  • Black psychiatrists are few. They’ve never been more needed (Washington Post)
  • The Coronavirus Pandemic, Police Brutality Have Black Therapists In High Demand (St. Louis Public Radio)
  • Racial equity in clean energy should be a key differentiator for the industry (PV Magazine)

Tech / Innovation / apps

  • Equal access to tech can reduce poverty and increase diversity (The Hill)

Sports / Entertainment / Media

  • Veteran Reporter DC Livers Launches First Black Woman Owned/Led Sports Network (EUR Web) (Black Sportz Magazines)
  • Oprah Winfrey ending print edition of ‘O’ magazine after 20 years (NY Post) – Magazine has more than 2 million subscribers but single copy print sales were just over 200,000.
  • Integration came at a cost for Negro Leagues (MLB)
  • After NFL Career Ends, Black Players Suffer More Health Woes Than Whites (US News)
  • Golf Digest Partners With the African American Golf EXPO and Forum to Continue Efforts to Grow the Game (PR Newswire)

Charity / Philanthropy

Education

  • The Black-White Wealth Gap Will Widen Educational Disparities During the Coronavirus Pandemic (Center for American Progress) – It looks like about 10% of kids do not have access to internet or a smartphone.
  • Black college grads end up with $25,000 more in loans than whites. Cancel that debt. (Hechinger Report) – Andre Perry

Conservative / Alternative

  • Black salaries matter: Efforts to close the wage gap are working (Washington Times)

Books

  • Caste by Isabel Wilkerson. Disparity in Jobs Goes Deeper Than Racism, According to New Book (Bloomberg)
  • Advice from Successful Black Lawyers (BlackNews.com)

Travel

Straight Up Econ

  • Coronavirus spending is test whether deficits really matter (The Conversation)
  • Monetary Myth-Busting: An Interview With Stephanie Kelton (Dissent) – Heard her a couple of times. Deficits don’t matter as much as we think. 
  • Changing the Federal Reserve mandate could provide a down payment to ending racial inequality (The Conversation) – By William Rodgers, former chief economists at the Labor Department
  • Fed monetary policy didn’t cause racial inequality and can’t do much to cure it (Washington Post)
  • Economist’s research cited in bill to strengthen federal minority business agency (UC Santa Cruz)
  • John Jay’s economics department earns a high score on NY FED’s education inclusion index.  (John Jay College)
  • Who is Being Trained in Economics? The Race, Ethnicity, and Gender of Economics Majors at U.S. Colleges and Universities (NY Fed) – They have a nice analysis plus interactive charts that show women and minorities in economics.
  • Did You See It? Check Out NewsOne’s Panel On ‘Dismantling the Effects of Economic Racism (NewsOne)

Politics / Government

  • Wilson Passes the Commission on the Social Status of Black Men and Boys Act (Congresswoman Frederica Wilson) – Create a 19 member commission under the US Commission on Civil Rights.
  • Failed KingSoutel Crossing CRA Benefits Salaries of Office of Economic Development (Florida Star)
  • Consumer Financial Protection Bureau Gives a Green Light to Predatory Payday Lenders (Oakland Post)

Real Estate / Segregation / Redlining

  • The Black Lives Next Door (NY Times) – Richard Rothstein writes about solutions to residential segregation. Rothstein wrote “The Color of Law” about how the government helped redline US cities.
  • Quicken Loans IPO Could Help Fight California’s Homeownership Crisis (Post News Group) – So this is kind of interesting, is Quicken / Rocket Mortgage make more loans to minorities or less ?  Did not have time to research.
  • Callaloo pivot at Manhattan Casino draws debate over protecting interests of Black residents in South St. Petersburg (St. Petersburg Catalyst)
  • How Blockbusting and Real Estate Profiteers Cash In on Racial Tension (Dwell)

Taxes / Sausage Making

  • Commentary: Black Chamber to Gov. Pritzker: Listen to our tax concerns (Chicago Tribune) – Conservative
  • Finance / Investing / Fintech
  • Ariel Investments’ John Rogers Shares Insight About Stocks, Racial Relations (Investors Business Daily)

Law / Legal / Justice

  • We Need to Throw More Criminal Businesspeople in Jail (Jacobin Magazine) – White collar prosecutions are down 30%.

People

  • First Black Student to Receive a Doctorate in Computer Science at the University of Florida (Florida Star)
  • Dr. George Brooks, Aquaponics Researcher — ‘Grow it if we can’: Aquaponics pioneer reimagines food in victory gardens, ‘edible landscapes (Arizona Republic)

Opinion

  • The best way to boost our economy after the pandemic is to invest in renewable energy programs (Sun Sentinel)

History

Top Black Business Stories for the week of August 3rd to August 9th

We have over 110 stories this week. In addition to the regular Black business and economic links, we have features on how much money the NBA makes ($8.8 Billion) and the Freedman’s Bank plus Jay-Z opened a school.

Top Stories

  • Beyonce introduces Black Parade: a Black Business Directory (Beyonce.Com) (Good Morning America)
  • Jay-z’s Roc Nation and Long Island University establish the Roc Nation School of Music, Sport and Entertainment (Roc Nation Press Release)
  • Democrats introduce bill to give the Federal Reserve a new mission: Ending racial inequality (Washington Post) – Joe Biden has proposed something similar
  • The frustration of trying to invest in my hometown of Birmingham AL (BBC) — A nice story about a developer in Birmingham AL.
  • Gallup announces it has collected Black opinions for 100-Years (Black Voice News) — Some interesting surveys on Black people.
  • Income Inequality among Philadelphia’s Workforce: An Update (Economy League) – Standard picture of what’s going on across America in cities.
  • The NBA’s Business Model (Investopedia) — Pretty interesting if you want to learn about business.
  • The BLS released the July unemployment report (Bureau of Labor Statistics) – Non-farm payrolls increased by 1.8 million and the unemployment rate fell to 10.2. There are more than 16 million people are currently on unemployment and 47 million have filed an unemployment claim. That’s about 30% of the total labor force.
  • The Black unemployment rate dropped to 14.6% as compared to the White unemployment rate of 9.2%. The Black rate is usually about 50% more than the White rate.
  • Freedman’s Savings Bank or Freedman’s Savings and Trust Company was run by White to help former slaves after emancipation.  If failed in 1874 due to mismanagement. (Blackpast.Org)

And out usual beer and wine story

  • Breaking down craft beer’s diversity issue: NJ has 100+ breweries — just 3 are Black-owned (New Jersey Herald)
  • Diversity lagging in craft beer industry (Ellwood City Ledger) – Fresh Fest will be online this year.

Coronavirus / PPP

  • Why Black workers will hurt the most if Congress doesn’t extend jobless benefits (Philadelphia Tribune)
  • Loss of extra $600 in jobless aid worsens layoff nightmare (Philadelphia Tribune)
  • US: Why were Black-owned businesses the hardest hit by pandemic (Al Jazeera)
  • Why are Black-owned businesses twice as likely to close during the pandemic? (Fortune)
  • Double Jeopardy: Covid-19’s Concentrated Health and Wealth Effects in Black Communities (NY FED)
  • Black firms in NYS closed at higher rate than white firms during pandemic, NY Fed says (Newsday) – Here is a write-up of NY Fed paper.
  • Black-owned businesses hit hardest during coronavirus shutdowns (KXXV TV)
  • Side hustles, liquidating 401(k)s: Here’s how jobless Californians are getting by without the extra $600 (CAL Matters) – What happens when you lose the $600 unemployment payment? Here are some stories from California.
  • AmPac lands $500,000 to help Inland small businesses (San Berndino Sun) — Black own Community Development Financial Institution

Protest / Injustice

  • NBA Board of Governors launch first-ever NBA Foundation with NBPA to support Black communities and drive generational change (NBA Press Release)
  • NBA owners commit $300 million to new foundation dedicated to economic empowerment in Black community (USA Today) — $30 million for 10 years; not really much money.
  • LeBron James Says NBA Board of Governors’ $300M Pledge ‘Means a Lot’ (Bleacher Report)
  • The NBA earns about 8.8 billion dollars per year according to Statistica (Statistica)
  • States, local governments increasingly declare racism a public health crisis (Fox 28 Spokane WA)
  • Mayor London Breed and Supervisor Shamann Walton release roadmap to guide transformative change and investments in African-American community (San Francisco Bay View)
  • A detailed report of the planned investments in the San Francisco Black community is here.
  • Local organization works to make Milwaukee better for African Americans within five years (WTMJ-TV Milwaukee)
  • National, local Urban League initiative will target needs of Indianapolis’ Black community (Indianapolis Star) – Lilly Pharmaceuticals will give a $100 million
  • Governor Whitmer signs executive directive recognizing racism as a public health crisis (WBKB) – Goal is to equalize health outcomes.
  • Birmingham’s Largest Companies Announce Their Plans to Fight Injustice (Birmingham Times)
  • Birmingham Area Black Business Leaders on Dealing with Systemic Racism (Birmingham Times)
  • Democrats introduce bill to give the Federal Reserve a new mission: Ending racial inequality (Washington Post) – Joe Biden has proposed something similar
  • Remember the Public Sector in the Fight for Black Lives (LaborNotes)

Jobs / Workers / Unemployment

  • The BLS released the July unemployment report (Bureau of Labor Statistics) – Non-farm payrolls increased by 1.8 million and the unemployment rate fell to 10.2. There are more than 16 million people are currently on unemployment and 47 million have filed an unemployment claim. That’s about 30% of the total labor force.
  • The Black unemployment rate dropped to 14.6% as compared to the White unemployment rate of 9.2%. The Black rate is usually about 50% more than the White rate.
  • Trump, Biden Tout Plans to Close the Racial Unemployment Gap (Spectrum News) – Black White employment gap is due to discrimination.
  • How Public Transit Affects African-Americans’ Upward Mobility (Spectrum Local News)
  • In These Neighborhoods, the Jobless Rate May Top 30 Percent (NY Times)
  • California labor commissioner sues Uber and Lyft, alleging wage theft (LA Times)

Black Business Institutions / Groups / Support

  • Killer Mike Wants to Save America’s Disappearing Black Banks (Bloomberg)
  • 75% of Black Business Owners Have Seen an Increase in Business in Recent Months, Study Says (People) – Data from Groupon.
  • Illinois State Rep. Ford honors local legends in celebration of National Black Business Month (Chicago Crusader)
  • 2020 NATIONAL BLACK ECONOMIC CONFERENCE: THE ROAD TO GENERATIONAL WEALTH (Black PR Newswire) – also at National Black Economic Conference.  Formerly South Florida Black Economic Forum.
  • AACCNJ is Empowering African American Businesses (NJ Business)
  • Pittsburgh Black business leaders create ‘Executive Action & Response Network’ (Pittsburgh Tribune)
  • Breweries and wineries are easy to find in Indiana but minorities don’t see much representation (Indiana Minority Business)
  • Man brings bike movement for economic reform for Black people to Tacoma (Tacoma News Tribune)

Black Business Stories

  • Beyonce debut’s Black Parade: a Black Business Directory (Beyonce.Com) (Good Morning America)
  • With the Power of One PO, Everything Can Change for Black-Owned Apparel Businesses (Apparel News) – Sadly, getting an order from a big company is like hitting the lottery.
  • Breaking down craft beer’s diversity issue: NJ has 100+ breweries — just 3 are Black-owned (New Jersey Herald)
  • Diversity lagging in craft beer industry (Ellwood City Ledger) – Fresh Fest will be online this year.
  • These minority-owned restaurants are feeding the NBA Bubble (ClickOrlando.com)
  • Fourth annual Black Business Expo goes virtual on Sept 26 (Augusta Free Press) – Waynesboro, VA — at BlackBusinessExpo.com
  • The 2020 Taste Makers: Meet the Black Culinarians Powering the Detroit Food Scene (Hour Detroit)
  • Black-Owned Businesses Still Lack Resources—Here’s How The Foundation For Business Equity Is Stepping In To Help (Forbes)
  • NOIR Black Chamber of Commerce certified for community development (Louisville Business Journal) – So this is interesting.  Waiting to see if a AACC can do development.
  • Black-Owned LavenderPop Greeting Cards Makes History In Striking Partnership With Jewel-Osco (CBS TV Chicago)

Big Business

  • Black owned media companies call for advertisers to start spending (Black Enterprise)
  • Alicia Keys’ new brand is ‘not another celebrity beauty line’ (CNN) – Alicia Keyes will partner with e.l.f. cosmetics.  Lot of interesting angles.  Keyes has said she does not wear make-up. E.l.f. cosmetics are made in China and have low retail prices.
  • Facebook has Black Business Seminar series (Facebook)
  • If corporations want to stop racism, here’s where they can start (Washington Post)
  • If Corporations Really Want to Address Racial Inequality, Here Are 9 Things That Actually Make a Difference (Time)
  • Coca-Cola Accelerates Commitment to Black-owned Businesses (Web Wire Press Release)

Africa / Caribbean

  • Ghana Looks to Long Relationship With African Americans for Investment (Council on Foreign Relations)
  • IDFA Encourages Trump Administration to ‘Stay the Course’ in U.S.-Kenya Negotiations (Hoard’s Dairyman) (Feedstuffs) – If you want to see how trade policy sausage is made.  They clearly don’t give a crap about local dairy farmers in Kenya.
  • Gallup announces it has collected Black opinions for 100-Years (Black Voice News)

Government / Politics

  • Abrupt change to census deadline could result in an undercount of Latino and Black communities (Washington Post)
  • Minnesota DEED Announces Cultural Mall Operator Grant Award (Red Lake Nation News) – Minnesota is giving money to small ethnic mall operators.
  • Charity / Philanthropy
  • The Philadelphia Black Giving Circle supports Black-led, Black-serving nonprofits (Philadelphia Citizen)
  • In August we will be focusing attention on Black philanthropy, philanthropists (Generocity)

Careers

  • America’s Black brain drain: Why African-American professionals are moving abroad—and staying there (Fortune)
  • Rx for health care inequities: More health professionals of color (CAL Matters)
  • Website and Hashtag, #HireBlackWomenJournalists, for Black Women Journalists – Only two business journalist so far.
  • Certified Financial Planning – The Association of African American Financial Advisors (AAAA) is a non-profit group founded by LeCount R. Davis, Sr. In 1978, Davis became the first Black advisor to earn the Certified Financial Planner designation. Editor’s Note: 1978 is like crazy, right?

Police / Corrections

  • Overtime at California’s prisons swelled to almost half a billion dollars last year (CAL Matters)

Discrimination

  • The frustration of trying to invest in my hometown of Birmingham AL (BBC)

Reparations / Affirmative Action

  • Reparations a debt owed and an investment in equal America (Boston Herald) – Guest editorial. Whites are focus on money rather than fixing society.
  • Five Questions about Reparations, with Stephanie Seguino (University of Vermont)

Inequality / Wealth / Income

  • Inside the Income Gap for some Black Virginians (University of Virginia)
  • How U.S. Structural Racism Robs Black Wealth (Gallup Podcast) – A little old but with Andre M. Perry.
  • Income Inequality among Philadelphia’s Workforce: An Update (Economy League) – Standard picture for a large American city. I can’t believe Montgomery Country, a northern suburb of Philadelphia with half the population, has almost the same number of businesses and jobs as the city itself.  Talk about White flight.
  • Wolf calls on General Assembly to raise minimum wage in Pennsylvania (Pittsburgh Tribune-Review)  – Pennsylvania’s minimum wage is still $7.25 while all neighboring states are at least at $8.25.
  • Gov. Wolf Proposes Minimum Wage Increase for Sixth Time (PA Governor)

Real Estate / Housing

  • Homeownership for Black families in Milwaukee is worse now than 50 years ago. Could a regional approach to affordable housing help? (Milwaukee Journal Sentinel)
  • Urban League launches $5 million effort to boost Black homeownership in Madison (Madison State Journal)
  • Harlem will be the National Urban League’s new headquarters (St. Louis American) — $242 million dollar development.  We will see how much Black participation there is.
  • Fair housing still a distant journey for Black America (Atlanta Daily World)
  • This Kansas City plan can fight racial inequity with practical, affordable housing (Kansas City Star)
  • The housing problem: How housing became a privilege rather than a right (Architect Magazine)
  • The Low-Wage Mothers of Color Who Want to Become Suburban Moms (The American Prospect)
  • Study: Mortgages for Black, indigenous, Hispanic applicants in NC denied at higher rate (Winston-Salem Journal)
  • FIVE STEPS TO PREVENT DISPLACEMENT (Sightline Institute) – Long discussion of affordable housing
  • Senate Bill Seeks To Remove Major Barrier To Black Homeownership (Cision PR Newswire)
  • Improving Black Homebuyers’ Access to Capital (MReport)
  • The American dream while Black: ‘Locked in a vicious cycle’ (NBCNews) – Looks at Black home ownership

Energy Industry

Entrepreneurship / Business Ideas

  • Last Call for Entrepreneurs: Walmart Annual Open Call for U.S.- Manufactured Products Deadline Monday, August 10 (Chicago Crusader)
  • The program called Wal-Mart Jump is here. – Even if the program is closed, you can learn a lot from what wal-mart is looking for.
  • Chicago Police Officer Launches Group to Support Black-Owned Startups (Network Journal)
  • Social Justice & Beyond: Where’s the opportunity in the Marijuana Industry (Greenway)

Travel

  • Black beaches that broke barriers (Daily Mail UK) – Interesting. September 2017
  • Study Exposes Racial, Economic Gap In Access To Nature (KCBS)

Taxes

People

  • AmPac’s Hilda Kennedy — Hilda Kennedy, Founder and President of AmPac Business Capital, shares about the mission of AmPac:  To make communities better and families stronger, as champions of job makers
  • Mayor Appoints Alejandra St. Guillen to Boston Cannabis Board (Charlestown Patriot-Bridge) – Boston

In passing

  • How Whitney Young Jr., advisor to three US presidents who enabled Blacks to enter corporate America Dr. Gus T. Ridgel’s legacy inspires Black students to resist the status quo (Missourian)

Tech / Innovation / Apps

  • Nolafrique sources fashions from Ghana and Senegal. – So you have to wonder if some one could make a US – Africa supply chain work.
  • The WeatherCheck app selected for inaugural Google for Startups Accelerator for Black Founders (Louisville Business First)
  • You can track information about the economy in real-time with track the recovery (Track The Recovery) – Raj Chetty was involved.
  • Kingdom Pay is another Black mobile financial app (Kingdom Pay)

Straight Up Econ

  • Why Do Economists Have Trouble Understanding Racialized Inequalities? (Institute for New Economic Thinking) – Economists focus on individual, rational behavior and believe discrimination is inefficient and irrational.  What they are ignoring is group behavior over a long period that has create political, historical and structural institutions that perpetuate racism.
  • The built-in biases in economics that feed systemic racism (Washington Post) – From July
  • You can track information about the economy in real-time with track the recovery (Track The Recovery) – Raj Chetty was involved.
  • In These Neighborhoods, the Jobless Rate May Top 30 Percent (NY Times)

Old but Good — Economics

In March, 2017, Peter Temin published The Vanishing Middle Class: Prejudice and Power in a Dual Economy which describes US society as really two worlds: a rich, elite society and a developing economy for everyone else.

Welfare / Safety Net / Universal Basic Income

  • Coronavirus pandemic puts a spotlight on Stockton’s guaranteed income experiment (CAL Matters)

Sports / Entertainment

  • NBA Team Values 2020 (Forbes) – From February, 2020
  • How Do NBA Franchises Spend Their Revenue? Team Executives Reveal Financial Info (Sports Illustrated)
  • The NBA’s Business Model (Investopedia)
  • A confidential report shows nearly half the NBA lost money last season. Now what? (ESPN) – From 2017, more than half the teams “lost” money on paper.
  • The NBA earns about 8.8 billion dollars according to Statistica (Statistica)
  • Alternative / Conservative
  • A Conversation with Sen. Ted Cruz (Washington Post) – Not much new here. Did I mention that we had “the lowest Black unemployment rate ever.”

Education

  • Jay-z’s Roc Nation and Long Island University establish the Roc Nation School of Music, Sport and Entertainment (Roc Nation Press Release)
  • Equity in Illinois higher education: ‘We are failing our African American students.’ (The Southern Illinoisian)
  • Carson Group to Give $500K for Next-Gen Black CFPs (ThinkAdvisor) – Fund certified financial planners at HBCU’s.
  • Black students pressure UC San Diego to expand their tiny presence on campus (San Diego Union-Tribune)

Opinion

History / Black Business History / Black Economic History

  • Freedman’s Savings Bank or Freedman’s Savings and Trust Company was run by White to help former slaves after emancipation.  If failed in 1874 due to mismanagement. (Blackpast.Org)
  • The Freedman’s Savings and Trust Company and African American Genealogical Research (National Archives)
  • The Freedman’s Savings Bank: Good Intentions Were Not Enough; A Noble Experiment Goes Awry (Office of Comptroller of the Currency)
  • Freedman’s Savings Bank (Freedman’s Savings Bank) – I think this is the website for the tour of the Freedman’s savings bank in DC.