Black Business and Economic Stories for December 21 to 27th 2020

Top Stories

  • Guaranteed Income Is Coming To New Orleans, Here’s What It Could Look Like (WWNO). New Orleans is one of nine U.S. cities expected to launch or expand guaranteed income in 2021 in partnership with Mayors For A Guaranteed Income (MGI).
  • This new subscription service is helping people find and support local Black-owned restaurants (CNN). Brava is the subscription service that provides its users with digital gift cards to different Black owned restaurants.
  • Oprah Winfrey Sells Most of OWN Stake to Discovery for $36 Million (Bloomberg)
  • Black Men Have the Shortest Lifespans of Any Americans. This Theory Helps Explain Why. (ProPublica). Stress is a big contributing factor to this.
  • Former NBA player Junior Bridgeman to buy bankrupt Ebony for $14 million (Chicago Tribune)
  • The reluctance of Canadian businesses to collect race-based data needs to end (Globe and Mail) — Not asking for race, gender and ethnicity data while trying to stop bias and systemic racism is like not testing for COVID-19 and tracing contacts while trying to stop the spread of the virus. Canada is unwilling to face racial discrimination. In fact they scared of even collecting the data. Just like the US.
  • Former NBA player Junior Bridgeman to buy bankrupt Ebony for $14 million (Chicago Tribune)

Protest / Social Justice

  • Black Lives Matter vs. Loblaws (Corporate Knights) — Sitting on the fence has itself become a risky option in an age when companies’ performances are increasingly judged by more than quarterly earnings.

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

  • Non-profit Black San Diego gives thousands to families in need during pandemic (10 News) — Non-profit Black San Diego started up in September with the goal of bolstering Black-owned businesses and giving them tools to succeed.
  • Analysis shows Black and Hispanic businesses lagged in access to PPP loans (Portland Business Journal)

Jobs / Workers / Unemployment / Gig Economy

  • Shake Shack offering up to $400 holiday bonus to hourly workers (Market Watch)
  • Guaranteed Income Is Coming To New Orleans, Here’s What It Could Look Like (WWNO). New Orleans is one of nine U.S. cities expected to launch or expand guaranteed income in 2021 in partnership with Mayors For A Guaranteed Income (MGI).
  • New Signs of Economic Distress Emerge as Trump Imperils Aid Deal (New York Times). Person income falls, consumer spending decreases, and unemployment continues to rise.
  • The federal eviction moratorium expires in January. It could leave 40 million Americans homeless. (USA Today)
  • How Black Parents Survived 2020 (New York Times)
  • Deadliest jobs in America statistics reveal racial disparities (Detroit News) – Workplace deaths are increasing much faster for African American, Latinx and Asian American workers.
  • Black Workers in Baltimore Hit Hard by the Pandemic (Fox 5 News) — According to the report “The State of Black Workers in Baltimore,” Blacks make up 56.5% of the overall workforce in Baltimore but a disproportionate amount of the low-wage workforce, 67.3%.

Inequality / Systemic Racism / Economic Justice

  • ‘There was no hospitality.’ Black couple claims they were wrongfully denied entry to Trump hotel. (Washington Business Journal) — Curtis “Trey” Carswell and his girlfriend, Markita Gibson, were out on an evening walk in September in downtown D.C. when they came across the Trump International Hotel — and wanted to see the inside for the first time
  • How Reimagining Employment Practices Can Advance Racial Justice (Forbes) — Black Americans face a long history of disconnection from the mainstream economy and workforce, and the disparities in education and employment are stark.
  • How Racism Ruined Black Santa Monica (LAist) — Many Black-owned small businesses suffered since most white people wouldn’t patronize them, according to Jefferson.

Black Business

Black Business General / Interesting Businesses Stories

  • Has 2020’s spike in support for Black-owned business carried through to the holidays? (Marketplace)
  • Access to grants, ability to transition online makes all the difference for Black-owned businesses (CBC)
  • Black People Eats’ Jeremy Joyce Is Highlighting Chicago’s Black-Owned Restaurants (Travel Noire) — Jeremy Joyce founded Black People Eats in 2017.
  • North Omaha development moves by Gov. Ricketts draw welcome, plus suggestions (Omaha World-Herald) — The State of Nebraska plans to open an Department of Economic Development field office in North Omaha, at 5319 N. 30th St., and is making changes in state procurement and contracting in hopes of increasing its business with minority and small businesses.
  • How an L.A. indie bookstore’s GoFundMe inspired a small business lifeline (Los Angeles Times) – In partnership with Pacific Community Ventures and TMC Community Capital, the owners of skin-care company Dermalogica decided to launch Found/L.A. Small Business Recovery Fund, a $1-million grant program to help small minority-owned businesses in Los Angeles County stay open during the pandemic.
  • Small company puzzles out delivery logistics with sudden demand (Marketplace) — The idea for puzzle company grew out of Matthew’s personal experiences as a Black parent shopping for his young children.
  • These were Delaware’s 10 most-read tech and business stories of 2020 (Technically) — Unemployment, WFH burnout and Black-owned businesses were among the big topics Technical.ly Delaware readers cared about this year.
  • Comcast RISE lifts Black-owned businesses (Miami Times) — A reboot of Comcast Corporation’s RISE program. Black businesses in Twin Cities get a boost from Comcast RISE program (Twin Cities) —
  • Retail Business Services joins, donates to minority supplier council (Store Brands) — Retail Business Services is donating $100,000 to the National Minority Supplier Development Council’s Business Consortium Fund and will become a member of the organization.
  • How A San Jose Firm Is Opening Doors For Minority-Owned Businesses (Patch) – A San Jose Firm is looking for new ways to embrace the community and tear down barriers.
  • Self-care, motivation and networking at the St. Pete Fall Black Business Expo (Weekly Challenger) — “Empower,” “invest,” “network” were the themes on display during the St. Pete Fall Black Business Expo, held last month at Lake Vista Recreation Center.
  • Comedian X Mayo On The Importance Of Supporting Black Businesses (Forbes) — By Black is an incredible series that highlights Black entrepreneurship while educating viewers on the barriers these specific brands and products have had to overcome.
  • Giant Food Introduces Shelf Labels to Spotlight Products Owned by Minority Businesses (Prince William Living) — Giant Food is helping customers identify products owned by minority based businesses through updated shelf labels.
  • Six Black, women-owned businesses to support (that will take your fashion game to the next level!) (NBC News) — Wardrobe stylist and founder of Blueprint for Style, Monica Barnett, gives Know Your Value her top picks.
  • Jessica Winnie showcases Black products with MN Black Box (Minneapolis Star Tribune)

Black Business Specific

  • This new subscription service is helping people find and support local Black-owned restaurants (CNN). Brava is the subscription service that provides its users with digital gift cards to different Black owned restaurants.
  • Black and Mobile, delivery app for Black-owned restaurants ramps back up in Detroit (Detroit Free Press)
  • Louisville’s first Black-owned distillery to open in West End (Louisville Business First) — Trio founded the bourbon brand out of a desire to produce quality bourbon whiskey in an industry that has thus far remained largely inaccessible to minority entrepreneurs
  • Connecticut Man Creates Proud Puffs – A Black-owned Cereal Brand (Because of Them We Can) — Connecticut father used social media to crowdfund the production of the Proud Puff cereal.

Big Business / Corporate

  • Giant Food to spotlight women- and minority-owned brands with new labels (Grocery Dive)
  • Only 3% of the brands in Sephora are Black-owned—Here’s how the retailer is changing that (Fast Company)
  • How Pepsi Plans to Help Black-Owned Restaurants Generate $100 Million in Sales (Adweek) – Yikes, this can’t be healthy?
  • Companies Have Promised $35 Billion Toward Racial Equity. Where Is the Money Going? (Wall Street Journal) — Corporations say they are using their financial might to narrow racial wealth and opportunity gap; tracking those efforts can be tough.
  • American Express Donating $2.5 Million to Black-Owned Business (Hypehair) — With the economic crash due to Covid-19, many small businesses have been suffering, and black-owned businesses have been hit especially hard
  • PayPal (PYPL) Pledges Additional $5M to Support Racial Equity (Nasdaq) — In line with PayPal Holdings, Inc.’s PYPL stance against racial discrimination, the company further announced an extra $5 million in grants in a bid to support black and minority-owned businesses.

Discrimination

  • McDonald’s class-action lawsuit grows to nearly 80 plaintiffs (Chicago Crusader)
  • Black Tech Entrepreneur Fights to Empower Minorities after Facing Discrimination (Black Star News) — Joseph Heller, wants to help Black business compete with major retailers.

Reparations / Affirmative Action / Diversity / Inclusion

  • A Black woman called somebody racist. She’s now fighting a defamation suit headed to the Nevada Supreme Court. (This is Reno)
  • How Inclusion Helps Companies Succeed (Wharton)
  • Companies promise more diversity after George Floyd, but will change happen this time? (Columbia Dispatch)
  • The history of Black dolls and why it was once so hard to find (WMC) — Americans spent over 3 billion dollars on dolls last year according to the Toy Association. However, for years, Black dolls were very hard to come by in stores.
  • Invisible Chapters: Writing The Black Community Into The Stories Of Libraries, Bookstores And Publishing (KJZZ)
  • Making amends for a massacre nearly 100 years ago may be a model for reparations (Washington Post) — As each new year approaches, Ebony Pickett looks back to the dark history of the massacre that began in the little-known majority-Black enclave in Rosewood, Fla., on Jan. 1, 1923.
  • Aurora James Is Helping Companies Invest In Accountability With The ‘15 Percent Pledge’ (Forbes) — The 15 Percent Pledge urges major retailers to commit at least 15% of their shelf-space to Black-owned businesses, offering consulting services to help these corporations reach that goal.
  • 5 ways businesses can embrace diversity, equity and inclusion (Albuquerque Business Journal) — In a year of personal and professional hardship, businesses have been confronted with an urgent need to evolve and adapt to an ever-changing environment.
  • 7 ways to make year-end charitable donations supporting racial equity. ‘If there was ever a time to give generously, it’s now’ (Market Watch) — As Americans make their year-end charitable contributions, many are likely reflecting on the suffering the country has witnessed in 2020.

Economics

Black Economics

  • Personal Finance Columnist Michelle Singletary Examines Race, Wealth Gap For Black Americans (WBUR)
  • How Business Can Boost Human Rights In 2021 (Forbes) – 2020 was a year headlined by a global health crisis, profound economic distress, and high-profile examples of racial inequality.
  • 2020 In Review: The Story Behind ‘The Color Of Public Money’ (WGBH) – Reporting shows minority firms not getting government contracts.
  • Black leaders urge action to match Janet Yellen’s words on race (Financial Times) – Yellen was unusually frank for a Treasury Secretary about considering race when fixing economic problems.
  • Minnesota can do better on Black economic inclusion (Star Tribune)

Straight up Econ / The Economy

  • U.S. consumer confidence stumbles as Covid saps economic momentum (CNBC)
  • Borrowing hits record high as talk of “double-dip” recession grows (Evening Standard)

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

  • In the time of COVID-19, Kwanzaa goes virtual (Chicago Sun Times) – Kwanzaa event, that usually focuses on Black businesses and artisans offering handcrafted items, is now virtual this year.
  • Kwanzaa celebrates African-American heritage. Here’s how it came to be—and what it means today. (National Geographic)
  • History of Kwanzaa (LA Progressive)
  • Savannah holding first Kwanzaa Krawl (WTOC 11)

Industry Stories

Sports / Media / Entertainment

  • ‘Soul’ Features Pixar’s First Black Lead Character. Here’s How It Happened. (New York Times)
  • Oprah Winfrey Sells Most of OWN Stake to Discovery for $36 Million (Bloomberg)
  • Ravens Star Calais Campbell Donates $125K for Baltimore Black Businesses (Baltimore Times) — Baltimore Ravens star Defensive End and Walter Payton NFL Man of the Year, Calais Campbell has teamed with The Rockefeller Foundation to help struggling Black businesses in Maryland survive the COVID-19 pandemic.
  • DC United’s new head of business operations will be first Black president of an MLS team (Washington Post) – DC United appoint Danita Johnson as head of business operations.
  • Chicago Bulls and BMO Harris Bank Team Up to Support Local Black Owned Businesses (Bulls.com) — As a continuation of the team’s social justice efforts, the Chicago Bulls and BMO Harris Bank have partnered to launch a program supporting Chicago Black owned businesses.
  • NBA star Moe Harkless donates rent money to 50 NYC families (The Grio)
  • Jrue Holiday Donates His Salary To Black-Owned Businesses (Def Pen)
  • Former NBA player Junior Bridgeman to buy bankrupt Ebony for $14 million (Chicago Tribune)

Marketing / Advertising / Sales / Consumer Behavior

  • Black Diamond Caters to Growing Population of Black Gun Owners (Queen City Nerve). 58.2% of Black men and women bought more guns in the first six months of 2020 than in previous years.

Alcohol / Marijuana / CBD

  • What a Decade as an African American in the Cannabis Business Has Taught Me (Green Entrepreneur) – Wanda James, CEO of Simply Pure Dispensary, stands on top of a successful, vertically-integrated, socially-conscious cannabis company.

Real Estate / Finance / Development / Housing / Segregation

  • US existing home sales drop for the first time in 6 months amid rising prices and record-low supply (Business Insider). General story but interesting data.
  • Mortgage rates slide to historic lows for third time this month (Washington Post)
  • Proposed fund would help Black, Indigenous and people of color buy property (VT Digger)

Construction / Jobs / Discrimination / Architecture / Design

  • The Hampton House Motel: The Real History of the Hotel Where Malcolm X, Muhammad Ali, Sam Cooke, and Jim Brown Famously Converged (Architectural Digest)

Politics / Government / State and Local

  • Aurora mayor tapped to lead state’s new commission to improve the lives of black males (Daily Herald)
  • Black votes should be represented in Congressional staff member (Daytona Times)

Education / Healthcare

  • ‘Already Behind’: Diversifying The Legal Profession Starts Before The LSAT (NPR). While African Americans make up 13.4% of the U.S. population, they make up only 5% of all lawyers.
  • Black Men Have the Shortest Lifespans of Any Americans. This Theory Helps Explain Why. (ProPublica). Stress is a big contributing factor to this.
  • Some good colleges still keep tuition low. Give their students higher Pell Grants. (Washington Post)
  • Stimulus bill a boon to historically Black colleges and universities, with $22 million in debt forgiveness for Philander Smith (Arkansas Times)
  • Canceling student debt would narrow the racial wealth gap and stimulate our economy (Sun Sentinel
  • Canceling all student debt makes great economic sense for America — here’s why (Business Insider)

Farming / Agriculture

  • ‘We wanted to work the land with our kids’: the Black US farmers reclaiming the soil (Guardian) – An effort to address lack of Black farmers and lack of fresh food in Black communities.

Rehab / Re-entry / Corrections / Police

  • Tom Gores’s Prison Investment Drags NBA Into Controversy (Bloomberg) – Phone calls in jail and prison are unfairly expensive. Gores own Securus Technology which provides phone services.

People and Careers

People / Motivation / Leadership / Success Stories / Ideas

  • Don Charlton has raised millions from VCs. He shares his best tips for Black founders on how to overcome investing bias and succeed in Silicon Valley. (Business Insider)
  • COVID-19: Beyoncé donates $500,000 to people facing eviction due to housing crisis (Sky News)
  • Interview With Kristal Hansley: The First 90 Days As The First Black Female CEO In Solar Energy (Her Agenda) — The internet went into a frenzy after hearing about, Kristal Hansley, the first Black female CEO in the solar energy arena.
  • Black-Owned Brands Whose Businesses Skyrocketed Amid COVID-19 (Afrotech) — Some businesses managed to prevail in the midst of the global health crisis, even more so exceeding expectations no one could’ve imagined.
  • Web Capital Helps Businesses Achieve Success Even During the Pandemic (Menafn) — Berry Moise is the owner and CEO of Web Capital , a Black-owned digital marketing company that’s helping business owners transition their enterprises online and remain viable.
  • Google tapped this 29-year-old producer to create its Year in Search song and he brought together over 80 Black artists, engineers, producers, and managers (Business Insider) – Music Producer Peter CottonTale highlights the struggle of Black Americans after being tapped by Google.
  • Madison entrepreneur featured in national ad campaign (Madison Magazine) — Syovata Edari, founder and owner of CocoVaa Chocolatier, is featured in a national advertising campaign and initiative encouraging support of Black-owned businesses this holiday season.
  • Rap start 21 Savage worked with Black website BlackStanta.Com, to sell Christmas Hoodie Benefiting his own Leading By Example Foundation (Respect Magazine)

All Other

Caribbean / Africa / International

  • China to leapfrog U.S. as world’s biggest economy by 2028, report says (The Japan Times) — Important
  • The reluctance of Canadian businesses to collect race-based data needs to end (Globe and Mail) –
  • The reluctance of Canadian businesses to collect race-based data needs to end (Globe and Mail) — Not asking for race, gender and ethnicity data while trying to stop bias and systemic racism is like not testing for COVID-19 and tracing contacts while trying to stop the spread of the virus. Canada is unwilling to face racial discrimination. In fact, they scared of even collecting the data. Just like the US.
  • Pandemic Squeezes South Africa’s Already Tight Middle Class (Voice of America News)

Travel / History

  • Afro-Latinos in Latin America, Caribbean is the focus of this travel show (NBC News)

Black Business and Economic Stories for December 14th to 20th 2020

Top Stories

  • Darien man launches Black-owned ‘legacy’ cereal brand (Darien Times)
  • Blacks fail to make inroads into high-paying, senior-level city jobs under Kenney (Philadelphia Tribune). African Americans accounted for nearly 37% of the senior leadership positions in city government under Mayor Jim Kenney.
  • I wanted a Tesla. Then I found out the company doesn’t hire enough Black people (San Francisco Chronicle)
  • The Bankruptcy Code Is Stacked Against Black Families. Elizabeth Warren’s New Bill Would Change That (Forbes)
  • Six policies to address social problems affecting Black boys and men (Brookings) – If you’re playing along at home, see if you can name the six solutions.  Times up. Education, Employment, Criminal Justice Reform, Segregation, Mentoring and Reparations
  • Persistent residential segregation is sustaining racial and economic injustice in the U.S (Brookings) – Part of a larger series examining the fundamental economic issue in the US: Real Estate. Everything important is tied to Real Estate: jobs, education, race relations and wealth. Part of “The Great Real Estate Reset” from Brookings.
  • Economist Lisa D Cook: Pandemic’s pain deepens wealth gap (Detroit Free-Press) – Nice piece on Lisa D Cook from Spelman

Stories

Protest / Social Justice

  • Community Talks Race Issues (Wilmington Biz) — Genesis Block launched this year to create programs to help minority- and women-owned business­es, including a searchable directory of Black-owned businesses in the region. 
  • ‘The most lopsided economic event imaginable’: Wave of evictions threatens Black, Latino tenants (Politico)

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

  • Americans could get $600 direct payments, $300-a-week federal unemployment in next stimulus (Philadelphia Inquirer) — Congress’ first round of PPP loans largely excluded minority- and women-owned companies.

Jobs / Workers / Unemployment / Gig Economy

  • GM First Automaker to Join OneTen Coalition (The News Wheel) – The goal is to provide one million jobs to Black people by 2030.

Inequality / Systemic Racism / Economic Justice

Black Business

Black Business General / Interesting Businesses Stories

  • 2 Chainz Is Donating To Black Entrepreneurs In New Series (BET). The ‘Money Maker Fund’ will be hosted for HBCU students and graduates
  • Serena Williams calls on Silicon Valley investors to back more Black women entrepreneurs (The Business Journals)
  • Official Black Wall Street Founder on the future of black entrepreneurship (Yahoo Finance)
  • Founder & CEO Of Official Black Wall Street Mandy Bowman Wants Everyone To Understand The Power Of The Black Dollar (Essence)
  • Up Against Wall Street Bond Giants, Minority Firms Want More (Bloomberg)
  • Black, Latina Women Confident About Financial Goals (Think Advisor)
  • $1M donation hopes to bring some relief to struggling Black, brown owned restaurants, workers (ABC 7 Chicago)
  • New Tattered Cover owners defend claims of Black ownership amid national outcry (The Know) – Owners of Denver’s Tattered Cover book stores have watched as reactions to owners claim that it is the  nation’s largest Black-owned book store.
  • Meet 30 Black Owned Businesses You Can Support In 2021 (Forbes) — One of the most impactful ways to positively impact Black communities is through supporting businesses founded by black founders who can then positively impact their communities.
  • Fueling a diverse supply chain in the Twin Cities: An executive discussion (Minneapolis/St. Paul Business Journal) — As we look to drive an inclusive economic recovery in the Twin Cities in a post-Covid world, the link between corporations and minority-owned businesses needs to continue to strengthen.
  • Building a more equitable region for minority-owned businesses: An executive discussion (Puget Sound Business Journal) — In addition to not having the same access to capital, BIPOC business owners generally don’t have that social capital that facilitates business relationships
  • Some Black-Owned Businesses Thrive Despite Pandemic (Spectrum News 1) — A number of Columbus Black-owned businesses that are a part of a Facebook group, have seen their customers triple
  • From near bankruptcy to boom: Walnut Hills restaurant rebounds amid pandemic (Cincinnati Business Courier) – Encouragement from landlord and smart business moves helped restaurant stay afloat.
  • Green Book of Tampa Bay founders share more than 100 local Black-owned businesses you can support right now (CL Tampa Bay) —
  • Jasper Kuria (425 Business) — Eastside businessman has idea to help Black-owned businesses that involves white CEOs pledging to lead by example, and help level the playing field.
  • Local black-owned businesses surprise kids, families hit hardest by COVID-19 (CW 39) — Local black-owned businesses recently teamed up with schools from the Acres Homes area to surprise those hit hardest by the pandemic with Christmas presents.
  • Local businesses look for boost from city’s Black Business Fridays (Chestnut Hill Local) — The 2020 holiday season is an opportunity for residents and visitors to strengthen Philadelphia communities by shopping with Black- and Brown-owned businesses
  • Louisville asking for public input on proposed incubator for minority-owned businesses (WDRB) — Lack of access to capital and overall support prevent Minority-owned businesses from enjoying the same economic benefits and financial stability as other businesses.
  • Voya offers fee break for minority-owned firms (Pensions & Investments) — Voya Financial is giving minority-owned businesses a break on retirement plan fees given the heavier financial toll these businesses have endured from COVID-19.
  • ‘200 years behind’: Racial wealth gap impedes Black business ownership in Louisville (Courier Journal) — As a Black business owner in Louisville, Thurston is among a small group — one that has dwindled over the years.
  • EY launches business accelerator for Black and Latinx entrepreneurs in Atlanta, U.S. (Atlanta Business Chronicles) — Minority entrepreneurs receive so little support … but closing this gap requires more than capital alone
  • BIPOC Renton small businesses owners may now apply for support from Comcast RISE (Renton Reporter) — Comcast RISE will help thousands of small businesses over the next three years by offering grants, marketing and technology upgrades.
  • Black Owned Businesses Tour of Downtown Macon (41 NBC) — Newtown Macon and several downtown businesses partner to bring a Black-Owned Businesses Tour to residents.
  • New website launches to help Louisville residents shop locally (Louisville Business First) — The site will also offer curated collections, like locally crafted, $25 gifts and Black-owned businesses, as well as a way to shop by neighborhood.

Black Business Specific

  • Darien man launches Black-owned ‘legacy’ cereal brand (Darien Times)
  • Denver’s Tattered Cover Becomes Nation’s Largest Black-Owned Indie Bookstore (NPR).
  • Charlotte black-owned business finds success with fun family card games (NSJ) – Sales and searches for card games spike due to pandemic.
  • Black Game Creators: Changing the Gaming Scene for the Better (Black Girl Nerds)
  • Black-owned fudge shop thrives in heart of pandemic (ABC 8) — A new fudge business is thriving in the midst of a pandemic. The owners are a Black father and daughter duo who make sweets during these tough times.
  • Local businesses look for boost from city’s Black Business Fridays (Chestnut Hill Local) – Plus link to local Black Owned Businesses here. Chestnut Hill Black Owned Businesses

Big Business / Corporate

  • “I wanted a Tesla”. Then I found out the company doesn’t hire enough Black people (San Francisco Chronicle)
  • Netflix donates $25M to help end housing discrimination (Reality Biz News). Netflix partners with the non-profit Enterprise Community Partners on this initiative. 
  • PayPal Announces Additional $5 Million Grant Program for Black-Owned Businesses as COVID-19 Crisis Continues (PR Newswire) — rants extend PayPal’s $530 million commitment made to support and empower Black-owned businesses, strengthen minority communities and fight economic inequality
  • Brands need to speak out in support of the Black community (Martech Today) – Some brands do not have enough courage to say something that could really move the needle, says Ekechukwu.
  • National Black Chamber of Commerce announces Amazon Business partnership (Chicago Crusader) — The National Black Chamber of Commerce (NBCC) is partnering with Amazon Business to help Black-owned businesses achieve their business goals, by supporting and highlighting Suppliers or Sellers in the Amazon Business store.
  • LISC’s Black Economic Development Fund reaches $175 million with $50 million investment from PayPal, $12.5 million from HubSpot (PR Newswire)
  • Exclusive: The Visa Foundation Commits $4.8 Million To Women- And Black-Owned Small Business Initiatives, Including Pharrell Williams’ Black Ambition (Forbes) —
  • Ernst & Young launches Twin Cities minority-business support program (Star Tribune) — Ernst & Young, the accounting and consulting firm, will support 12 small Black- and Latino-owned businesses in the Twin Cities as part of a multicity business accelerator program it calls the Entrepreneurs Access Network, or EAN.
  • Google to coach Black, Latinx small businesses in New Orleans (New Orleans City Business)

Reparations / Affirmative Action / Diversity / Inclusion

  • More US churches are committing to racism-linked reparations (Associated Press)
  • County Board passes Juneteenth ordinance — ‘first step in the healing process’ for Black Americans (Chicago Sun Times)
  • Nina Ahmad, Brittany Alston, Michael Coard, and Congressman Dwight Evans discuss reparations (Chestnut Hill Local)
  • Black entrepreneurs lack opportunity, not skills. Other businesses hold the power to change that (The Globe and Mail)
  • Supplier diversity needs to focus on industries of today and tomorrow (Chicago Business) — Black companies became pigeonholed in low-margin endeavors such as janitorial, landscaping, delivery and construction.
  • B-to-b diversity can help us achieve racial equity and economic justice (Chicago Business)

Economics

Black Economics

  • Economist Lisa D Cook: Pandemic’s pain deepens wealth gap (Detroit Free-Press) – Nice piece on Lisa D Cook from Spelman
  • Economists are rediscovering a lost heroine: Sadie Alexander (Economist)
  • Nixon and Black capitalism (Chicago Business)
  • I’m a Black woman writing about money and race. Here’s what I see. (Washington Post) – Column aims to address in a very personal way some commonly held misconceptions about Black people.
  • Jacksonville Native Inspires Facebooks #BuyBlack Friday Program: Sheryl Sandberg (Jacksonville) – Rachael Hawk came up with the Facebook campaign to support the Black community in response to the feelings of dismay and grief many of us felt during the incidents of racial injustice last summer.
  • Despite Pandemic, Baker’s Cabinet Agencies Boosted Spending With Minority Businesses (GBH) — Executive branch agencies in Gov. Charlie Baker’s administration boosted their spending with minority-owned businesses by nearly $20 million in fiscal year 2020

Straight up Econ / The Economy

  • Race and Financial Security Play Central Roles in Student Loan Repayment (Pew Charitable Trusts)
  • The Bankruptcy Code Is Stacked Against Black Families. Elizabeth Warren’s New Bill Would Change That (Forbes)
  • How the Economy Is Actually Doing, in 9 Charts (New York Times)
  • 12 charts show the wild ride US employment took in 2020 — and just how far we still have to go to recover (Business Insider)
  • Press release of Janet Yellen and Wally Adeyemo’s Meeting with Racial and Economic Justice Organization Leaders (Biden Harris Transition) – No details but the list is impressive.  All the names to know in progressive economics.

Industry Stories

Sports / Media / Entertainment

  • Packers, Brewers, Bucks aim to help Black, Latino startup businesses (Wisconsin State Journal) — Wisconsin’s three major-league professional sports franchises are banding together to help Black- and Latino-owned startups secure investment money and other resources.
  • Basketball is back, but the Hawks are still going beyond posting a black square (Peach Tree Hoops) — $35 million loan was the first time a group of Black banks has partnered with a professional sports franchise.
  • Baltimore Ravens player Calais Campbell, Rockefeller Foundation support Black biz fund (Yahoo News) — Rockefeller Foundation has pledged $75,000 to support the program alongside Campbell, who will be donating $125,000

Marketing / Advertising / Sales / Consumer Behavior

  • Black And Up In Arms (NPR). This is a podcast episode from Code Switch that talks about what it means to be a Black gun owner.
  • Could Gen Z Consumer Behavior Make Capitalism More Ethical? (Harvard Business Review) — Large companies like Netflix and Twitter have begun moving cash to Black-owned banks as a sign of support for racial equity.

Alcohol / Marijuana / CBD

  • Virginia lawmakers focus on racial equity as they debate marijuana legalization (Virginia Mercury) — As lawmakers prepare to take up proposals to legalize recreational marijuana, questions about how to address past racial inequities and prevent new ones from cropping up in a legalized marketplace have figured prominently in early discussions.

Beauty / Fashion / Retail

Technology / Apps / Innovation

  • Google offers Nola Black and Latino business owners free online training (NOLA)
  • Pinterest’s $22.5 million gender discrimination settlement is another example of how Black women are ignored, say senior women of color in the tech industry (Business Insider) — Both Pinterest and Brougher agreed that a further $2.5 million would go to programs supporting women and underrepresented communities in tech.

Finance / Investing / Banking / Venture Capital

  • $5M Wells Fargo grant will provide capital to Black entrepreneurs in St. Louis (The Business Journals)
  • Yelp Deposits $10 Million of Cash Reserves with Black-Owned Financial Institutions to Support Underserved Communities (Business Wire)
  • Packers, Bucks, Brewers to team with Microsoft on fund to invest in minority-owned businesses (The Business Journals)
  • Baltimore to receive $1M from Rockefeller Foundation to fund capital access, economic empowerment (The Business Journals)
  • Rockefeller Foundation donates nearly half million to Black businesses in Florida (Miami Herald)
  • To back diverse entrepreneurs, keep these 6 things in mind (MIT Sloan) — Expanding access to capital for women and entrepreneurs of color requires deliberate and concrete action, not optics.
  • Unequal Access To Banking And Loans Works Against Black Business Owners (Iowa Public Radio) – Nice story about a father & daughter construction company in Des Moines, IA.
  • Commercial lending push at Black-owned banks gets results (American Banker) — After decades of operating on the periphery of financial services, Black-owned banks are beginning to find seats at the tables where corporate transactions are brokered.

Real Estate / Finance / Development / Housing / Segregation

  • Persistent residential segregation is sustaining racial and economic injustice in the U.S (Brookings) – Part of a larger series examining the fundamental economic issue in the US: Real Estate. Everything important is tied to Real Estate: jobs, education, race relations and wealth. Part of “The Great Real Estate Reset” from Brookings.

Construction / Jobs / Discrimination

Cities / Urban Planning / Local Government

  • Blacks fail to make inroads into high-paying, senior-level city jobs under Kenney (Philadelphia Tribune). African Americans accounted for nearly 37% of the senior leadership positions in city government under Mayor Jim Kenney.

Politics / Government / State and Local

  • Ken Ebie’s focused mission for New York City Black entrepreneurs (Amsterdam News) – He is the first executive director and chief development officer of Black Entrepreneurs NYC.

Taxes / Tax Policy

  • Racial gap in homeownership (Axios)
  • The rental housing market’s “Black Tax” (Axios)

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

  • Fund for Black Oregonians put on hold during litigation (Portland Business Journal) — A $62 million fund for Black Oregonians will stop providing grants to residents and businesses during pending litigation and deposit its remaining $8.8 million with a federal court.
  • Attorney Zulu Ali, Founder of the Largest Black-owned Law Firm in California’s Inland Empire, Has Been Renamed Top Lawyer by the National Black Lawyers Top 100 (PR Newswire)
  • Remaking the Economy: COVID-19, Recovery, and the Black Community (Non-Profit Quarterly)
  • MacKenzie (Bezos) Scott
  • MacKenzie Scott, Jeff Bezos ex-wife,  Announces $4.2 Billion More in Charitable Giving (The New York Times). Overarching story to the ones below.
  • Lincoln University receives $20 million gift as part of $4 billion giveaway by ex-wife of Amazon founder (The Philadelphia Inquirer). MacKenzie Scott gives Craft3 $10M (The Business Journals)
  • Prairie View A&M University gets $50M from MacKenzie Scott, largest in its history (Houston Chronicle)
  • UMES receives $20 million award, the largest single gift in its history, from MacKenzie Scott (Delmarva Daily Times)
  • MacKenzie Scott gives $30 million of Amazon wealth to two Philly institutions that serve low-income communities (Philadelphia Inquirer). MacKenzie Scott gifts a financial lifeline for HBCUs | COMMENTARY (Baltimore Sun)

Strategy / Management

  • Harvard Business School and the Executive Leadership Council Team Up to Build Pipeline of Black Executives (Harvard Business School)

Education / Healthcare

  • Preservation Delaware initiative documenting oral histories of African American schools (Dover Post). This initiative is a part of the Brown v. Board of Education project.

Farming / Agriculture

Science / Math / Statistics / STEM / Tech

  • How to Build an Inclusive Digital Economy, and Why We Must (Entrepreneur)

People and Careers

People / Motivation / Leadership / Success Stories / Ideas

  • Brian Lee, the business executive on a mission to create one million Black millionaires (Face2Face Africa)
  • Meet Vernon Coleman, one of the youngest Black entrepreneurs in tech, who just raised a seed round topping $4 million that included Alexis Ohanian (Business Insider)
  • Pharrell Williams on His Nonprofit Black Ambition and the Importance of Artists’ Rights in the Music Industry (Variety) – Pharrell says underrepresentation of Blacks  in our nation and the world is due to not having enough ownership.
  • How This Founder Turned Her Blog Into a Lifestyle Brand With $5 Million in Sales (Inc) — Nicole Brown took her passion project and turned it into one of the fastest-growing businesses in the U.S. by cultivating a space for Black women to celebrate themselves.
  • Serena Williams: Silicon Valley is wrong about Black women entrepreneurs (Philadelphia Tribune) — Black female founders exist at the intersection of many challenges, making it exponentially more difficult for them to get the funding they need.
  • Program focused on African American leaders gets $1 million grant (The Business Journals)

All Other

Caribbean / Africa / International

  • Black entrepreneurs lack opportunity, not skills. Other businesses hold the power to change that (Globe & Mail)
  • Ontario Investing in New Opportunities for Black Youth (Government of Ontario)
  • Black employees earn 20% less at Britain’s biggest bank. It’s trying to fix that (Philadelphia Tribune) — Lloyds Bank has become the first UK lender to disclose the pay gap of its Black employees, shining a light on the dearth of Black people in senior positions

Travel / History

  • Let Us Put Our Money Together: The Founding of America’s First Black Banks (Kansas City Fed) – You can download the book for free here.

Opinion

  • Passing New Jersey’s bill to legalize cannabis is a historic step toward racial equity (NJ.com)
  • It’s payback time for our support; Biden should nominate a Black U.S. attorney for South Florida (Miami Herald)

Other

Black Business and Economic Stories for Dec. 7th to 13th 2020

Top Stories

  •  CEOs of Big Companies Pledge $100 Million for Initiative to Hire 1 Million Black Workers (Barrons)
  • Several top companies vow to hire a total of 1 million Black people over 10 years (NBC News)
  • Families of Color Are Now Facing an Economic Disaster (NY Magazine)
  • ‘Black is back’: A new grassroots effort aims to revitalize north St. Louis (St. Louis Today) – Great long article.
  • U.S. cities and states are discussing reparations for Black Americans. Here’s what’s key. (Washington Post)
  • Black Labor Has Built America Through Centuries (WDET) — Carnegie Mellon Professor and Author Joe Trotter about Black Labor
  • Google silences and then fires a Black artificial-intelligence expert (Columbia Journalism Review)
  • ‘Buy Black Downtown Macon’ tour to help businesses struggling during pandemic (13 WMAZ) — The whole goal of this event is to shine light on local businesses that have struggled during the pandemic.
  • The Spirits Business Is Stacked Against Black Owners — But That Can Change (Vine Pair) – In a room full of BIPOC industry leaders, there was only one person with an ownership position.
  • Pandemic is leaving students of color behind, creating long-term impact on their earnings and health (CNBC)

Stories

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

  • How Alabama’s PPP loan approval totals varied by race (The Birmingham Business Journal)) — New data from the SBA shows how different races fared in terms of PPP lending.
  • Families of Color Are Now Facing an Economic Disaster (NY Magazine)

Jobs / Workers / Unemployment / Gig Economy

  • Black Labor Has Built America Through Centuries (WDET)
  • CEOs of Big Companies Pledge $100 Million for Initiative to Hire 1 Million Black Workers (Barrons)

Inequality / Systemic Racism / Economic Justice

  • “Unspoken” Docuseries Sheds Light On Systemic Racism In Entrepreneurship (Ideastream) – 4-part docuseries tells real stories of Black entrepreneurs facing systemic racism.
  • Black employees earn 20% less at Britain’s biggest bank. It’s trying to fix that (CNN Business) — Lloyds Bank has become the first UK lender to disclose the pay gap of its Black employees.

Black Business

Black Business General / Interesting Businesses Stories

  • Serious help may be on the way for America’s black entrepreneurs (The Economist). Black-owned businesses earn just 0.3% of total business receipts.
  • South Bay’s Black-owned businesses turn to networking to survive pandemic (San Jose Spotlight)
  • Black staff at Lloyds are paid 20% less than their peers, bank reveals (The Guardian). This number can be attributed to a lack of black staff in top roles.
  • Grow Michigan fund to provide $100 million in loans to minority-owned businesses (Crain Detroit Business)
  • Virtual Halle-Bration focuses on supporting Black-owned businesses (WCPO) — Halle-Bration is going virtual this year due to the pandemic, and this event will focus on supporting Black-owned businesses
  • Young Black Professionals spark new local movements (Dayton Business Journal) — One young professional group is uplifting the Dayton-area Black community with new initiatives
  • She hired her first employees a week before the pandemic arrived. How has business fared since then? (Q City Metro) — Destini Gilliam’s story is indicative of a much bigger narrative that has impacted Black businesses, specifically those owned by Black women.
  • Birmingham chefs sign on with Black Restaurant Week (Birmingham Business Journals) — This year, Black Restaurant Week LLC, the organization celebrating the flavors of African-American, African and Caribbean cuisine with a series of regional cultural events, will be in the spotlight in both Alabama and Birmingham.
  • Black business owners see opportunity at Avondale Town Center (WCPO) – Several prime commercial spaces facing Reading Road are under lease, and a majority of new establishments are owned by African Americans.
  • Black businesses in Austin navigating new challenges (Austin Talks) — Liz Abunaw, founder and owner of Forty Acres Fresh Market, attributes the influx of customers to conscious spending.
  • Minority Business Partnership expands its offerings (Dayton Business Journal) — Belinda Stenson has led the Minority Business Partnership for eight years but none quite like this current year.
  • Shop for the holidays & support Mid-South Black businesses through virtual Black Christmas Expo (Local Memphis) — Black Christmas Expo is a three-day weekend where you get to support and shop with 100 black businesses from the comfort of your own home.
  • ‘Buy Black Downtown Macon’ tour to help businesses struggling during pandemic (13 WMAZ) — The whole goal of this event is to shine light on local businesses that have struggled during the pandemic.
  • Black-Owned Outdoor Market (Miami Times) — New Richmond Heights market highlights local businesses
  • Want to support Macon’s Black-owned businesses? (Macon) – Take a tour.  Press release.
  • On the up in 2021: Three Black business owners growing revenue, staff and real estate next year (Knox News) — Meet three Black entrepreneurs who are coming out of 2020 stronger than ever, and are moving into 2021 with a growth mindset.
  • Black Business Support Collective mapping a post-Covid future for Black-owned businesses (Minneapolis Business Journal) – The Black Business Collective looks to navigate a post-COVID future for Black Businesses
  • Building wealth through Black Businesses (Chicago Crusader) — As part of an ongoing sponsored series on Black financial health, the Chicago Crusader is exploring the racial wealth gap, its impact on our community, and what’s being done to address it
  • New Platform Spotlights Black-Owned Businesses in Raleigh (Spectrum) — The Black Friday Market may look like any other store, but it’s a business model different from the rest
  • Englewood Shop That Helps Local Entrepreneurs Needs Support After Car Crashes Into Building (Block Chicago Club) — Justice Collins opened Culture Connection 360 to give local entrepreneurs a helping hand 12 years ago. Now, Collins needs a hand himself
  • Campaign urges holiday shoppers to patronize Black-owned retail stores (The Champion Newspaper) – Campaign aims to give a new meaning to Black Friday in an effort to uplift Black Businesses
  • Black Sunday Holiday Expo Showcases Small Businesses With Big Ambitions (KPIX 5) — The annual Black Sunday Holiday Expo featured an outdoor marketplace of small businesses with big ambitions.

Black Business Specific

  • Two High School Friends Open the First Black-Owned Toy Store in Carson Mall (NBC Los Angeles). Feon Cooper and Kareem Burton are the owners of the toy store called Black Star Collectibles.
  • Black-owned theater opened in the pandemic. Next year, it plans to be a permanent drive-in. (NJ.com)
  • How a new community is supporting Richmond’s Black entrepreneurs (The Business Journals)
  • Stylist Zerina Akers and Thrilling Are Putting Black-Owned Vintage Shops Front and Center (Vogue) — Akers has curated a special collection of her favorite vintage pieces from Black-owned businesses on Thrilling
  • 5 Local Black-Student-Run Businesses to Support this Holiday Season (The New Paltz Oracle)
  • Colorado Activewear Brand ICONI Featured In ‘Oprah’s Favorite Things’ (CBS Denver) – This small black-owned business found a following and eventually caught the attention of Oprah Magazine.

Big Business / Corporate

  • Starbucks Names Black Businesswoman Mellody Hobson, Chair of the Board (The Tennessee Tribune)
  • BMO Harris launches new program for minority-owned small businesses (NWI Times) — program is designed to increase small businesses’ access to capital through customized lending criteria and offers, educational resources, coaching and networking.

Discrimination

  • Google silences and then fires a Black artificial-intelligence expert (Columbia Journalism Review)
  • Student Athletes at Black Colleges and Universities Sue NCAA Claiming “Intentional Discrimination” in Academic Performance Program According to FeganScott Law Firm (Business Wire)
  • Racial Discrimination Lawsuit Against McDonald’s Grows (Patch)
  • Racial slurs painted on Black-owned business in Tower District (ABC 30) — Racial slurs as well as a skeleton with a noose around the neck on one of the gym doors discovered by employee.
  • Why Mastercard is publicly trying to fix its gender and racial pay gaps (Fortune)

Reparations / Affirmative Action / Diversity / Inclusion

  • Several top companies vow to hire a total of 1 million Black people over 10 years (NBC News)
  • A new book discusses not just why, but how the U.S. should pay reparations to Black Americans (Washington Post) – Discussion of “From Here to Equality” with William A. Darity Jr. and A. Kirsten Mullen.
  • How to Hold Your Company Accountable to Its Promise of Racial Justice (Harvard Business Review) — Many companies expressed their solidarity with the Black community and the Black Lives Matter movement after the killing of George Floyd. Here’s how to hold them accountable.
  • More US churches are committing to racism-linked reparations (AP)
  • Decades after her mom’s pot conviction, a daughter fights for marijuana reparations in N.J. (NBC News)
  • Amherst pursues reparations to Black residents (Daily Hampshire Gazette)
  • Wilmington could get a task force to study reparations (Delaware Public Media)
  • U.S. cities and states are discussing reparations for Black Americans. Here’s what’s key. (Washington Post)

Economics

Black Economics

  • A huge wealth gap makes economic recovery harder for Black Americans (Marketplace.org)
  • The Black-White Wealth Gap Left Black Households More Vulnerable (The Hamilton Project) – The latest data on the wealth gap between Black and White households.
  • Closing the racial wealth gap requires heavy, progressive taxation of wealth (Brookings)
  • Boston’s Greenwood Challenge, named after ‘Black Wall Street,’ surpasses $1M goal (Boston Business Journal) — Six months after launching a philanthropic fund to help close the racial wealth gap in Greater Boston, the Black Economic Council of Massachusetts (BECMA) has raised $1.5 million
  • How you can help dismantle America’s economic apartheid (Triangle Business Journal) — Whatever success Black professionals enjoy comes despite the fact that most white Americans practice a kind of economic apartheid.
  • Google honours Sir W Arthur Lewis: All you need to know about the economist (Business Standard)
  • Cecilia Rouse on Track to be First Black Chair of Council of Economic Advisers: “The Safety Net Has Frayed (Ms. Magazine)
  • Biden economic team faces challenge in delivering help to Black communities (The Hill)

Straight up Econ / The Economy

  • The U.S. Child-Care Crisis Is Torturing Parents and the Economy (Bloomberg)
  • How to make the housing market more equitable (Wall Street Journal)
  • The original paper from Brooking is here. “The devaluation of assets in black neighborhoods: The case of residential property” (Brookings)
  • Are Home Prices in Black Neighborhoods Underpriced? (The Street) – Readers debate Andre Perry’s contention that Black Neighborhoods are underpriced by $156 billion. Most argue the market is always right and Black neighborhoods are crime infested without considering discrimination.
  • Noted Black Conservative Economist, Opponent of ‘the Welfare State’, Prof. Walter E. Williams Dead at 84 (CBN News)
  • Why Walter Williams was the People’s Economist (Lubbock Avalanche Journal)
  • Walter E. Williams, Black Voice of Libertarian Economics, dead at 84 (Atlanta Daily World)

Industry Stories

Sports / Media / Entertainment

  • Atlanta Hawks Announce Agreement with Black-Owned Banks (Respect Magazine) – Hawks refinance a sports medicine complex with Black banks.

Marketing / Advertising / Sales / Consumer Behavior

  • No stories. Strange given how much we consume. Maybe Covid ??

Alcohol / Marijuana / CBD / Gambling

  • Cannabis equity advocates preview bill to create $100M Oregon program (The Business Journals)
  • Billionaire Jay-Z becomes the latest cultural influencer to launch his own cannabis brand (CNBC)
  • Black-owned cannabis businesses move forward (Bay State Banner)
  • How Black businesspeople were left out of Washington’s green gold rush after marijuana was legalized (Seattle Times) – It has been an uphill battle to create racial equity in the cannabis industry.
  • The Spirits Business Is Stacked Against Black Owners — But That Can Change (Vine Pair) – In a room full of BIPOC industry leaders, there was only one person with an ownership position.
  • We must participate in Richmond casino (Richmond Free Press) —  by Alfred Liggins, CEO of Urban One, Inc.
  • Black-owned cannabis businesses move forward. City and state equity programs fast-track marijuana shops (Bay State Banner) – Massachusetts

Beauty / Fashion / Retail

Technology / Apps / Innovation

  • Squire, a barbershop tech startup, triples its valuation to $250M in latest round (Tech Crunch) – We are wonder how much of the company they still control?
  • Serving Black and Latinx Communities, Banking Platform Greenwood Continues Upward Arc (ADWeek)
  • Startup Spotlight: Katika makes the connection to Black-owned businesses (Philadelphia Business Journal) — App and online marketplace connects consumers with Black-owned businesses, with ultimate aim to see Philly become a Black Silicon Valley.

Finance / Investing / Venture Capital

  • Black Americans donate a higher share of their wealth than Whites (Washington Post) — Despite lower net worth, Black Americans have a culture of charitable giving. They are philanthropists investing in their communities.
  • Commercial lending push at Black-owned banks gets results (American Banker) – Black banks are doing more commercial and industrial (C&I) loans.
  • Advocates Urge NJ Lawmakers to End Racial and Economic Bias in Auto Insurance Rate Setting (Insider NJ)
  • Atlanta Hawks become first sports team to secure financing from Black-owned banks (The Atlanta Voice)
  • Black-owned banks band together to finance pro sports facility (American Banker)
  • Black women and Latina entrepreneurs get less than 1% of venture capital (Chicago Sun Times)

Real Estate / Finance / Development / Housing / Segregation

  • Black Millennials Responsible For Increase In African American Homeownership (BET)
  • Thousands of languishing vacant and abandoned properties with unpaid taxes harm Black neighborhoods and suburbs. Cook County treasurer says program aimed at fixing the problem is not working. (Chicago Tribune)
  • How To Make The Housing Market More Equitable (Wall Street Journal). Homes in Black neighborhoods are underpriced by about $156 billion.
  • Black Millennials fueled a surprising 2020 home-buying surge for African Americans (CNN Business) — Cohort of Black adults between the ages of 26 and 39 spark a nationwide rise in the overall home ownership rate for African Americans.
  • How to Diversify Trump County (Bloomberg City Lab)

Construction / Jobs / Discrimination

  • City Council approves Philly construction tax and changes to property tax abatement in busy year-end session (The Philadelphia Inquirer). This legislation is aimed at protecting Black and brown workers in the service industry.

Cities / Urban Planning / Local Government

  • Philadelphia City Council approves pandemic-era ‘Black Workers Matter’ protections (The Philadelphia Inquirer). Created to promote job security.
  • ‘Black is back’: A new grassroots effort aims to revitalize north St. Louis (St. Louis Today) – Great long article.

Politics / Government / State and Local

  • Biden Cancelling Student Loans Could Close The Racial Wealth Gap (Forbes)
  • Georgia’s political revolution: Who will lead the new Black capital of America? (The Hill)
  • Biden-Harris Administration Commits to Ensure Government Spending with Black and Minority-Owned Media Businesses (Milwaukee Courier)

HR / Personnel / Human Capital

  • How to build a more diverse, inclusive technology team (Fast Company) – Sort of an advertorial from capital one credit cards.  Capital one is the largest issuer of credit card to Black people in the US.
  • How Madam C.J. Walker Built Racial Equity into Her Business (Harvard Business Review) — Walker built her venture, the Madam C.J. Walker Manufacturing Company, during the turn-of-the-twentieth century Jim Crow era and used it to lift up Black women amid a system of sexism and racial discrimination

Education / Healthcare

  • College board gives $18M to address African American unemployment in Ill. (23 WIFR)
  • Connecticut is 1st state to require high school courses on Black and Latino studies (News 19)
  • A wave of Black students takes presidencies at top-tier universities (NBC News)
  • A New York businessman donated a $1 million art collection to Morehouse College (CNN)
  • JPMorgan Chase awards $1 million to Delaware State University for Advancing Black Pathways initiative (WMDT.com)
  • Pandemic is leaving students of color behind, creating long-term impact on their earnings and health (CNBC)
  • Student loan cancellation ‘is a matter of racial and economic justice,’ Democratic Congresswoman Ayanna Pressley argues (Yahoo Finance)

Farming / Agriculture

  • Tall Grass Food Box Project Helps Black Farmers Struggling During The Pandemic (NPR)

Rehab / Re-entry / Corrections / Police

  • Activists criticize level of funding for Pittsburgh Police Department in 2021 budget proposal (Pennsylvania Capital Star) – Links to police budget in Pittsburgh

Science / Math / Statistics / STEM

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Black Girl Ventures CEO on how to start a business: ‘Revenue is your validator’ (Yahoo Finance) — Shelly Bell launched Black Girl Ventures in 2016 to help minority women find capital to launch their businesses.

People / Motivation / Leadership / Success Stories / Ideas

  • 2020 Women Who Mean Business honoree: Brit Fitzpatrick (Cincinnati Business Journal) – Black women are the fastest growing group of entrepreneurs in the country.
  • Maurice Davis couldn’t find a book with Black entrepreneurs. So he wrote one (The Gazette) — Maurice Davis wanted a book about entrepreneurship with characters looking like his 3- and 4-year-old sisters. So he made one.
  • Person of the Year: Aurora James (Retail Drive) — As retailers fretted about how to take action on systemic racism while people took to the streets for Black Lives Matter, a designer clarified things for them.
  • How brand strategist Ty Edwards is helping Black-owned businesses become global brands (Face2Face Africa) — An African-American branding expert with 17 years of experience in the field is chipping in to assist Black-owned businesses taking off.
  • Canela Lopez: It’s Time for Non-Black Latinx People to Talk About Anti-Blackness in Our Own Communities (Eur Web) — As the fastest-growing ethnic group in the US, Latinx people, in particular, must acknowledge the legacy of anti-Blackness in our communities, says Canela López (Read More Here)
  • With Grand Opening, ‘Communion’ Ushers In Community, Family, And Food For All (South Seattle Emerald) — a shimmering gold ribbon was cut, marking the opening of Communion Restaurant & Bar.

All Other

Caribbean / Africa / International

  • Black, Female-Owned Enterprise Flourish with Pragma’s Backing (Mining Weekly) — Mettle Petroleum has grown from a small business employing only four in 2017 to a company delivering projects over R2.5milion with 17 employees to date.
  • First black business hub launched in Liverpool as combined authority announces £200,000 fund for racial equality projects (Business Live) – Fund looks to identify and tackle barriers that negatively impact on the economic position of Black, Asian and Minority (BAME) communities.
  • Ottawa claims diversity is our strength. So why is it being sued by Black civil servants? (Globe & Mail)

Travel / History

  • International Black Business Museum press release (IBBM)
  • Visit Philadelphia Launches Initiative for Black- & Brown-Owned Businesses (Black PR Wire)
  • How Black-Owned Record Stores Helped Create Community (JSTOR Daily) – Black-owned record stores formed a consumer culture in which African Americans found respect, community, and a vibrant public life.

Opinion

  • ‘Separate approaches for seeking Black reparations don’t have to further divide us’ (The Atlantic Voice)
  • Opinion: Marijuana legalization may get a big push next year if only for the fact that governments could really use the tax cash (MarketWatch)

Other

  • International Black Business Museum Created to Honor the Genius of Black Entrepreneurs and Inventors (Send2Press Newswire)

Black Business and Economic Stories for Nov. 30 to Dec. 6th 2020

We have a lot of good quality stories in the Top Ten this week. We like the stories about government economic activities at the local level that will help benefit Black people.

Top Stories

  • Hutchins Roundup: Inflation expectations, Black entrepreneurs’ access to capital, and more (Brookings Institution). Black entrepreneurs raise $35,205 in start-up capital on average while white entrepreneurs average $106,720.
  • North Carolina Man Creates One of First Black-Owned Soda Companies in Industry (Spectrum News 1)
  • City legislator calls for making every Friday ‘Shop Black Business Friday’ (Philadelphia Tribune
  • Pharrell Launches Black Ambition, An Accelerator for Black And Latinx Entrepreneurs (Forbes)
  • Report: More Half Of Black, Hispanic And Native American Workers Have Jobs That Can’t Be Done Remotely (Forbes)
  • Disparity in Jobless Rates Suggests Black Workers Face Slower Recovery (Wall Street Journal) – Black workers have higher unemployment rates at every educational level than Whites.
  • Millions of Full-Time Workers Rely on Federal Health Care and Food Assistance Programs (GAO)   
  • Of the 12 million workers on Medicaid and 9 million workers on SNAP, 70% worked full time weekly and 50% worked full time annually. Ninety percent work for private industry and 70% percent concentrated in five industries including leisure and hospitality and food preparation and food service. Sen. Bernie Sanders asked for this study.
  • Could Nasdaq’s proposed diversity mandates be the key to changing corporate America? (CNBC). This mandate will require listed companies to have at least two diverse board members.
  • Nasdaq unveils new push to mandate diversity in corporate boardrooms (ABC News)
  • Biden’s New Top Economist Has a Longtime Focus on Workers (NY Times)
  • At the local level
  • Survey to assess Black employment in Dane County (Madison 365) – Wisconsin
  • East St. Louis campaign aims to create more employment opportunities for residents (Belleville News-Democrat) – Elevate East St. Louis aims to provide local jobs.

Stories

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

  • N.J. Pandemic Relief Fund giving $4.5M in grants to organizations helping minority- and women-owned businesses (ROI NJ)
  • Business accelerator aims to help Black entrepreneurs succeed during pandemic (San Diego Union Tribune) — Accelerator aims to teach businesses how to put together a growth strategy and gain access to new contracts and loans.
  • The economic push-and-pull of protests and a pandemic on Black-owned bakeries in Northeast Georgia (Red and Black) – Google and Yelp searches help bring in new customers to Black-owned Bakery.
  • PFC Black Chamber Launches the COVID-19 Open Door Fund to Assist Small Businesses in Prince George’s County Impacted by the COVID-19 Pandemic (PFC Black Chamber)

Jobs / Workers / Unemployment / Gig Economy

  • Disparity in Jobless Rates Suggests Black Workers Face Slower Recovery (Wall Street Journal) – Black workers have higher unemployment rates at every educational level than Whites.
  • Report: More Half Of Black, Hispanic And Native American Workers Have Jobs That Can’t Be Done Remotely (Forbes)
  • Black and Latinx female startups see slow funding gains (Vogue Business)
  • Impact development in Black and brown communities (Generocity) – Black and brown communities are more than likely to be communities that lack healthy businesses, causing more illness and preventing the ability to be employed.
  • Survey to assess Black employment in Dane County (Madison 365) – Wisconsin
  • East St. Louis campaign aims to create more employment opportunities for residents (Belleville News-Democrat) – Elevate East St. Louis aims to provide local jobs.

Inequality / Systemic Racism / Economic Justice

  • Mayor Greg Fischer outlines racial equity plan, declares racism public health crisis (Louisville Business First) – Mayor’s plan includes seven key areas for improvement
  • An embedded structure: Touch CLE’s Chardonnay Graham and Kofi Amponsah use docuseries to show why systemic racism affects Black businesses (Cleveland) –Graham creates series to show long-existing gaps between Black and white people.
  • Millions of Full-Time Workers Rely on Federal Health Care and Food Assistance Programs (GAO)   
  • Of the 12 million workers on Medicaid and 9 million workers on SNAP, 70% worked full time weekly and 50% worked full time annually. Ninety percent work for private industry and 70% percent concentrated in five industries including leisure and hospitality and food preparation and food service.

Black Business

Black Business General / Interesting Businesses Stories

  • Hutchins Roundup: Inflation expectations, Black entrepreneurs’ access to capital, and more (Brookings Institution). Black entrepreneurs raise $35,205 in start-up capital on average while white entrepreneurs average $106,720.
  • Investing in the Future of Food: Empower Project Launches Competition to Lift up Black Entrepreneurs (Food Navigator)
  • Philadelphia City Council moves to protect restaurants that rent space, Black-owned businesses (KYW Radio)
  • 11 Black-owned Businesses To Shop This Holiday Season (V Magazine) — From beauty products to home goods to high fashion, Black-owned businesses have everything your holiday-induced shopping spirit could hope for.
  • Black Business Expo coming to Central Market House just in time for holiday shopping (Evening Sun) — The Black Dollar Movement is a movement page created by two Temple University alumni that want to promote the circulation of the black dollar.
  • Black Restaurant Week debuts in South Florida to boost Black restaurateurs (South Florida Business Journal) — South Florida is the 11th market that Black Restaurant Week has expanded into in its five-year history.
  • Matchbox Coworking Studio Offering New Program For Minority Businesses (WLFI) – Spark 2021 program will help minority businesses that already exist grow, and help people with ideas get their business off the ground.
  • 100 Black Business Women Selected for $25 K from American Express (Philanthropy Women) — The Black women entrepreneurs selected for the program have created many types of innovative, early-stage businesses across the country.
  • The road to reclamation (Grand Rapid Mags) – Local collective wants to recreate Black Wall Street in Grand Rapids.
  • Small business gains national traction, opens shop downtown (Charleston Regional Business Journal) – Striplin, a female and Black-owned company, grows 1022% and is opening a flagship shop.
  • Black-Owned Businesses Saw A Swell Of Support In 2020. But Has It Lasted? (HuffPost)
  • The economic push-and-pull of protests and a pandemic on Black-owned bakeries in Northeast Georgia (Red & Black)

Black Business Specific

  • North Carolina Man Creates One of First Black-Owned Soda Companies in Industry (Spectrum News 1)
  • Doughnuts, catfish and barbecue: 3 beloved Black-owned restaurants in Fort Worth (Dallas News) – Black restaurants in Fort Worth seeing growth as support for Black businesses continues through social media efforts such as #blackbusinessspotlight and #buyblack.
  • Louisville Entrepreneur on a Mission to Increase Representation With Custom Dolls (Spectrum 1 News) – Kentucky
  • Black Business Spotlight: Bouquets By Carolyn (Minnesota Spokesman-Recorder)
  • How this vegan restaurant has defied the odds to become a buzzy Black mecca (Fast Company)

Big Business / Corporate

  • Facebook to start policing anti-Black hate speech more aggressively than anti-White comments, documents show (Washington Post)
  • Could Nasdaq’s proposed diversity mandates be the key to changing corporate America? (CNBC). This mandate will require listed companies to have at least two diverse board members.
  • Chicago Receives $7.2 Million from JPMorgan Chase’s AdvancingCities Challenge to Improve Access to Affordable Housing in Black and Latino Communities (JPMorgan Chase).
  • Tesla says Black people hold just 4% of its US leadership roles (Fox Business)
  • The Already Tiny Group of 4 Black Fortune 500 CEOs Loses A Member (EURWeb)
  • Black In (Huffpost) – In partnership with Paypal, three Black women entrepreneurs participate in a roundtable discussion to learn from one another.
  • ‘Grow with Google’ launching SC program to help Black and Latino small businesses (Counton News 2) — The goal of Grow is to create economic opportunity in communities across the United States by providing free digital skills training, tools and expertise.
  • Google launches program to assist Black and Latinx business owners (Chron) — The program Digital Coaches provides free digital skills training and coaching to help Black and Latinx small businesses reach new customers and grow their online presence.
  • Comcast RISE Awards Five Black-Owned, Small Businesses in Utah with Marketing and Technology Resources and Makeovers (Yahoo Finance) — Multi-year Program Opens Eligibility to Small Businesses Owned by Black, Indigenous and People of Color across Utah

Discrimination

  • Is Racism Holding Back African Americans? (Merion West)
  • Racial microaggressions take a major toll on Black Americans (Washington Post) – Michelle Singletary
  • Google Researcher Says She Was Fired Over Paper Highlighting Bias in A.I. (New York Times)
  • Lawsuit alleges years of anti-Black discrimination at San Diego area college (University Business) — USC researchers expose climate of anti-Blackness at Southwestern College” including Black employees being called racial slurs and being overlooked for promotions
  • Robert Hill: White privilege in white collars (Pittsburgh Post Gazette) – Personal tale of discrimination in the corporate world.
  • Will Sutton: GoAuto  CEO calls VP-elect a “hoe” (NOLA.com) – Sad. Wonder how he treats his female employees if he has any.

Reparations / Affirmative Action / Diversity / Inclusion

  • Wilmington could get a task force to study reparations (Delaware Public Media)
  • A Diversity Problem: Minority and Women-Owned Businesses Make No Progress in City Contracting (BK Reader)
  • Guest viewpoint: A call to action for inclusive economic recovery in 2021 (Philadelphia Business Journal) — The CEO of one of Philadelphia’s largest minority-owned companies says it will make efforts to ensure an inclusive economy
  • HEARD Initiative bracelets support Black and Indigenous business owners (Boston Globe) – HEARD initiative aims to lift up Black and Indigenous business owners, not just in light of the pandemic, but for good.
  • Business coalition sets $2 billion goal for racial equity initiative (Wenatchee World) – In Washington, Black-owned businesses account for just 1% of the state’s businesses overall, although 4.4% of the population identify as Black.
  • What an Anti-Racist Business Strategy Looks Like (Harvard Business Review) — People are seeking to better understand the disparities in education, home ownership, health, jobs, economic opportunity, law enforcement, and justice that have shaped Black life in this country.
  • Accenture Promotes 605 New Managing Directors and Appoints 63 New Senior Managing Directors (Accenture) – Seventeen(17)(8%) Black people were appointed to managing directory, bring the total to 3.2% of all MDs. Ten Hispanics (5%) were also promoted raising the total to 3.6%. “Among the 37 new senior managing directors in the US, 3% (1) are African American/Black and 3% (1) are Hispanic American/Latinx.” – from the press release.

Economics

Straight up Econ / The Economy

Industry Stories

Sports / Media / Entertainment

  • Athletes First and EVERFI Unite to Launch Nationwide Interactive African American History Education Program (Business Wire) – PR release
  • EVERFI African American History website is here.

Alcohol / Marijuana / CBD

  • Congress should legalize cannabis now—for the economy and for social justice (Fortune)
  • Tracing Cognac’s Historical Connection to Black Culture in America (Imbibe Magazine)
  • Seagram’s Escapes Holiday Marketplace Features Black-Owned Plus-Size Businesses (Forbes) — Open through the last day of the year, the Seagram’s Escapes Holiday Marketplace features nearly 2,000 Black-owned businesses.

Beauty / Fashion / Retail / Luxury

  • Profile of Black owned exotic car dealership (Black Enterprise) – Posh Luxury Imports
  • Citi Trends Announces Third Quarter 2020 Results (Business Wire) – Citi Trends has 525 stores and targets African American consumers.
  • Ciara and Russell Wilson launch fashion business (Forbes)

Technology / Apps / Innovation

  • Local Black entrepreneurs on how shopping Black-owned businesses on Cyber Monday can make an impact (Turn to 23) — Black-owned businesses encouraging social media support to continue on Cyber Monday and beyond.
  • Silicon Valley payments firm Stripe buys Nigerian startup Paystack (Reuters)
  • Philly Tech Sistas wants to diversify the tech scene in Philadelphia and beyond (Philadelphia Inquirer)
  • Global Companies Partner with Correlation One to Increase Diversity in the Data & AI Jobs of the Future (PR Newswire)

Finance / Investing / Venture Capital

  • African-American Credit Union Coalition adds Fiserv as corporate partner (FinExtra) – The African American Credit Union Coalition is at AACUC.org
  • Leading Minority-Led Fund Manager Launches $1 billion ‘Black Impact Fund’ to Invest in Black and Brown Communities
  • Asset management industry ‘not doing a good job’ on diversity, says SEC chief (Financial Times)
  • Leading Minority-Led Fund Manager Launches $1 billion ‘Black Impact Fund’ to Invest in Black and Brown Communities (PRNewswire). SoLa Impact is leading this investment.
  • University of New Haven Announces New Affiliation Aimed at Increasing Diversity Across the Finance Industry (New Haven EDU) — The Pompea College of Business is collaborating with FactSet to support the company’s Black Business Resource Group.

Real Estate / Finance / Development / Housing / Segregation

  • Redlining, Racism Still Hurt Property Values And, In Turn, School Funding (Idea Stream)
  • NAACP and Experian Launch Home Preservation Grant to Support African American Homeowners at Risk of Losing Their Homes (Business Wire
  • The Most Segregated (and Integrated) Cities in the SF Bay Area (Othering & Belonging Institute) – Also discusses measures of segregation
  • Accelerator brings minorities into commercial real estate fold (Cincinnati Business Courier)
  • Church begins construction on apartments, retail on East Market near A&T (Greensboro News & Record)
  • Doctors / Dentists / Lawyers / Accountants
  • Facing racism and assumptions: Black women lawyers still often the ‘only’ one in the room (Columbus Dispatch) – Nice long article

Construction / Jobs / Discrimination

  • Deryl McKissack Built a Business With $30 Million in Revenue–and a Mission to Root Out Racism in the Construction Industry (Inc.) – Nice story about McKissack and the construction industry

Manufacturing

Politics / Government / State and Local

  • Biden economic team faces challenge in delivering help to Black communities (The Hill)
  • Seven civil rights groups want a meeting with Joe Biden. The agenda: Appointing Black officials in top roles, not lower-ranking ones. (Washington Post). 
  • Biden-Harris administration commits to ensure government spending with Black and minority-owned media businesses (Philadelphia Tribune)
  • City legislator calls for making every Friday ‘Shop Black Business Friday’ (Philadelphia Tribune
  • Georgia lawmaker selected as first African American to chair U.S. House Agriculture Committee (Financial Post)

Education / Healthcare

  • Civil Rights Groups Escalate Fight Against High Prescription Drug Costs (The Seattle Medium). 40% African American respondents state that they will limit necessities such as food, electricity and fuel in the future to afford their prescription medication.
  • Report: Financial Aid Officers Can Use Professional Judgement as a Tool for Racial Equity (Diverse Education)
  • OpEd: The Diversity Think Tank at URI calls for an end to racist hiring practices (Uprise Rhode Island) – Long. URI statement on diversity.

Farming / Agriculture

  • ‘Jim Crow’ Land Ownership Spurs Black Farmers’ Appeals to Biden (Bloomberg)
  • Bill that could help Black farmers reclaim millions of acres ‘a step in the right direction’ (ABC News)

Management / Strategy / Governance / Best-Practices

  • How Madam C.J. Walker Built Racial Equity into Her Business (Harvard Business Review)
  • Emerging Trend Aims to Improve Diversity on Corporate Boards (Society of HR Managers) – Seventy percent of Nasdaq board appointments since 2008 are White women. Unfortunately, it looks like diversity on boards has benefitted White women.

Other

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Pharrell Launches Black Ambition, An Accelerator For Black And Latinx Entrepreneurs (Forbes)
  • Black women don’t get much startup funding. These founders are trying to change that (CNN)
  • Black Girl Ventures, Halcyon launching incubator for Black and brown female founders (The Business Journals)
  • How Some Black Startup Founders Are Thriving in a Pandemic Year (Wall Street Journal) (MSN)

People / Motivation / Leadership / Success Stories / Ideas

  • Cecilia Rouse May Become First Black Woman To Lead CEA (Essence)
  • Black Business Spotlight: Jajja Wellness Tonic (Minnesota Spokesman-Recorder) – A Black-owned beverage company with a thoughtful story behind it.
  • Second-generation wife and husband team to helm 82-year-old Black business in Lafayette (KLFY) – Kinchen Funeral Home, which opened in 1938 , is now run by the grandson of the original owners.
  • Sonoma County’s Only Black Cowboy Barbecue Restaurant Is Still Smoking After 40 Years (San Francisco Eater) — The enduring greatness of Pack Jack Barbecue, which has survived a fire and, now, a world-shattering pandemic

All Other

Caribbean / Africa / International

  • U.S. Chamber Recognizes Three Nigerian-based Startups with Digital Innovation Awards at U.S.-Nigeria Digital Economy Conference (US Chamber of Commerce)

Travel / History

  • Madam C.J. Walker’s Gospel of Giving Black Women’s Philanthropy during Jim Crow by Tyrone Freeman (YouTube) and Virtual Book Launch (YouTube).  He promoting his new book Madam C.J. Walker’s Gospel of Giving: Black Women’s Philanthropy During Jim Crow.
  • Local history: Barberton company’s Black doll changed complexion of toy industry (Akron Beacon Journal) – Amosandra was the first mass-produced rubber doll with black skin.

Opinion

Black Business and Economic Stories for November 23rd to 29th 2020

We have an average number of stories this week. The best one is another high tech discrimination story by the NY Times focused on Coinbase: the crypto trading company. So tired of reading the same story with a different company name and different Black employees.

Top Stories

  • Inside Black Workers’ Struggles at the King of Crypto Start-Ups (NY Times) – Workers allege discrimination at Coinbase, a large crypto-currency company. If you like well written stories about discrimination in macho/bro culture tech companies, read on.
  • Minority-Owned Alabama Business Receives Over $10.5 Million to Develop PPE Equipment, Creating Over 300 Jobs in Dallas County (Alabama News Network)
  • Why Black-Owned Businesses Struggle To Get Small Business Loans (Forbes)
  • “This wasn’t really a plan.” Black-owned business offers fresh produce while supporting hard-hit farmers (Madison 365) – Kingsley Gobourne leverage his sales experience to help out struggling farmers.
  • Initiative launches to support Black-owned CPG businesses (Food Business News) — Nine firms are partnering to launch The Empower Project to support Black-owned businesses in the consumer packaged goods industry.
  • Macy’s, America’s Largest Department Store, Takes Aurora James’ 15 Percent Pledge to Boost Black Businesses (Footwear News)
  • Would canceling $10,000 in student debt really help that much? (Marketplace). 1 in 5 Americans with student loan debt are Black.
  • Home Lending to Communities of Color in California (Greenlining Institute). Non-bank lenders are more likely to make home loans to low-income borrowers than traditional banks.
  • How Business Schools Can Help Corporate America Fight Racism (Harvard Business Review) — Few make the connection between management programs and the lack of representation of Black executives.
  • Gabrielle Union and celebrity hairstylist Larry Sims talk all things ‘Lift As We Climb’ initiative (Amsterdam News) — “Lift As We Climb,” is an initiative to uplift Black businesses and organizations, of which nearly half have closed due to effects from the coronavirus pandemic.
  • Nine Black women you should know in data science (BuiltIn)
  • History of Blacks in Computer Science (Washington University Libraries)

Stories

Protest / Social Justice

  • Black-led organizations fighting for racial justice, equity receive grants worth almost $300K (Koco News 5 ABC)

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

  • Minority-Owned Alabama Business Receives Over $10.5 Million to Develop PPE Equipment, Creating Over 300 Jobs in Dallas County (Alabama News Network)
  • Charlotte Black Businesses in Peril (WFAE) — Black-owned restaurants are especially hard hit by pandemic, given the restrictions on capacity during the coronavirus.
  • All I want for the holidays is small business relief (Bangor Daily News) — COVID’s outsized impact on Maine’s Black community exacerbated by a legacy of racist lending practices have made Black-owned businesses especially vulnerable.

Inequality / Systemic Racism / Economic Justice

  • Redefine Black Friday When You Shop These Small Black-Owned Businesses on Etsy (Popsugar) – Shop from black creatives on Etsy and make the most of this holiday season.
  • How Business Schools Can Help Corporate America Fight Racism (Harvard Business Review) — Few make the connection between management programs and the lack of representation of Black executives.

Black Business

Black Business General / Interesting Businesses Stories

  • Why Black-Owned Businesses Struggle To Get Small Business Loans (Forbes)
  • How to shop at Black-owned businesses over the holidays (CBS News)
  • This Black Friday, consumers urged to shop at Black-owned businesses (CBS News)
  • Minnesota woman is showcasing Black-owned businesses through new endeavor (FOX 9 KMSP)
  • Peoria joins #BlackShopFriday campaign to promote black-owned businesses (CI Proud) – Peoria’s support of Black Shop Friday includes list of list of black-owned businesses made by Discover Peoria.
  • Black Business Friday: ‘It’s more than just shopping for your family and friends (Guardian)
  • MN Black Box: Minnesota woman is showcasing Black-owned businesses through new endeavor (Fox 9) —  Jessica Winnie is creating custom boxes that feature products from more than 50 Minnesota-based, Black-owned businesses.
  • #BuyBlackFriday and support Black-owned businesses (The Loop) — The online movement aims to encourage people to support Black-owned businesses every Friday.
  • Black business directory Green Book of Tampa Bay has quadrupled in size since launching in late 2019 (Creative Loafing Tampa Bay)
  • “This wasn’t really a plan.” Black-owned business offers fresh produce while supporting hard-hit farmers (Madison 365) – Kingsley Gobourne leverage his sales experience to help out struggling farmers.
  • Center for Black Innovation secures $2M investment (The Business Journals)
  • Mayor Encourages Chicagoans to ‘Shop Black Owned’ on Black Friday (NBC Chicago) — Mayor Lightfoot is asking residents to “shop Black” on Black Friday and throughout the holiday season.
  • Shop Black Friday Website
  • A Gift Guide Featuring Black-Owned Businesses, for Those Who Like to Pamper (New York Times) – Gift ideas that can help support Black-Owned Businesses.
  • AT&T, City of Buffalo aid black businesses this holiday season in ‘Buy Black Buffalo Week’ (Niagara)
  • Westport native helps start Facebook #BuyBlack campaign (Westport News) – Remi Ray and colleagues came up with the idea of a virtual event to support Black-owned businesses.
  • Black Business Friday: ‘It’s more than just shopping for your family and friends’ (The Guardian) —  Black entrepreneurs are bringing new meaning to the busiest shopping day of the year
  • 20 Black-Owned Businesses That Will Have Something for Everyone on Your Holiday Shopping List (TIME) – Black-owned businesses that you can support not only this holiday season but also in the months to come.
  • Grant shines light on Black-owned businesses (Oak Park) – Grant provides further boost after black-owned business already received PPP.
  • Initiative launches to support Black-owned CPG businesses (Food Business News) — Nine firms are partnering to launch The Empower Project to support Black-owned businesses in the consumer packaged goods industry.
  • Black-owned businesses featured as part of Downtown holiday festivities (Pittsburgh Post-Gazette)

Black Business Specific

  • Brother Jeff’s Cultural Center Provides Pies To Those In Need While Supporting Black-Owned Businesses (CBS Denver) — Brother Jeff’s Cultural Center is on a mission to keep Black chefs and bakers employed during the pandemic and provide food for people in need.
  • North Philly non-profit transforms office space to help Black-owned businesses (ABC News 6) – Philadelphia
  • Black-Run Nonprofit Wants To Fund 50-Year Plan To Combat Systemic Racism In Ohio (WOSU Radio).
  • Baltimore restaurant owner launches incubator for Black micro businesses (Marketplace)

Big Business / Corporate

  • Macy’s Joins 15% Pledge to Carry More Black-Owned Brands (Bloomberg)
  • Macy’s, America’s Largest Department Store, Takes Aurora James’ 15 Percent Pledge to Boost Black Businesses (Footwear News)
  • Comcast RISE Awards Over 700 Black-Owned, Small Businesses with Marketing and Technology Resources and Makeovers (Argus Press) — Comcast RISE to partner with small businesses and give them access to tools to help them survive the pandemic and thrive.

Discrimination / Racism

Economics

Black Economics

  • Black Saturday aims to boost hard-hit local businesses (WRDW) – Middleton created Black Saturday event with hopes to boost sales exponentially.

Straight up Econ / The Economy

  • Closing the Gaps: Building Black Wealth through Homeownership (Urban Institute)
  • Financial inequalities between different ethnic groups revealed (MSN). Data from PA Media, hard to really find.

Industry Stories

Sports / Media / Entertainment

  • Google and Wyclef Jean team up to help Black-owned businesses get through the holidays (CNN)
  • If You Aren’t Buying Black This Holiday Season, Gabrielle Union Wants To Know What You’re Even Doing (Refinery 29)

Alcohol / Marijuana / CBD

  • COURVOISIER Cognac Partners with National Urban League to Support Black Small Business Owners and Entrepreneurs (BevNet) – Wonder how much money Courvoisier in the Black community.  No we are not going say, “Pass…”
  • What Black Calder, Michigan’s first Black-owned brewery, truly means for craft beer (Detroit Free Press) — Michigan gets its first fully Black-owned brewery, a significant but much-needed milestone for a state with more than 350 operating breweries as of 2019.
  • First Black-owned Michigan brewery launches inaugural IPA (Grand Rapids Business Journal) — Black Calder Brewing Company
  • Swisher Partners With University of North Florida to Support Underrepresented Entrepreneurs (Chain Store Decisions) – Yes, that Swisher.  Swisher sweets cigars and blunts. Creepy.

Beauty / Fashion / Retail

  • Online Holiday Market Highlights Black Women–Owned Businesses(JCK) – Black owned jewelry companies.
  • Your Guide to Gifting Black-Owned Brands at Every Price Point (WhoWhatWear)

Technology / Apps / Innovation

  • Black Businesses Receive Tech Industry Push Ahead Of Holiday Shopping Bonanza (Forbes) – Facebook, TikTok, and Google are some of the tech giants to support black businesses.

Finance / Investing / Venture Capital

  • As Venture Capital Overlooks Women Entrepreneurs, They Find New Sources of Finance (Triple Pundit)
  • Shaq Moves Into SPACs With Former Disney Execs & MLK Jr.’s Son (Forbes)

Real Estate / Finance / Development / Housing / Segregation

  • Home Lending to Communities of Color in California (Greenlining Institute). Non-bank lenders are more likely to make home loans to low-income borrowers than traditional banks.
  • Working from Home Could More Widely Benefit Black Renters Seeking Homeownership (Zillow). Black renters are 29% more likely than other renters to potentially be able to move and buy a first home because of the rise in telework.

Cities / Urban Planning / Local Government

Politics / Government / State and Local

  • Republicans Rewrite an Old Playbook on Disenfranchising Black Americans (New York Times)
  • Joe Biden Cabinet picks: Running list of the president-elect’s nominees (Chicago Tribune). Linda Thomas-Greenfield is Biden’s nominee for Ambassador to the United Nations. 

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

  • New fund for Black Oregonians faces mounting legal pressure (OPB) — Created in July to help people impacted by COVID-19, the Oregon Cares Fund now faces two federal lawsuits

Education / Healthcare

  • Would canceling $10,000 in student debt really help that much? (Marketplace). 1 in 5 Americans with student loan debt are Black.
  • Prodded by Racial Reckoning, Colleges Aim To Increase Minority Contracting. Will They Succeed? (WGBH.Org)
  • North Carolina Central and Duke Partner to Bolster Black-Owned Startups (Indy Week) – Hey gang let’s put on a pitch competition.
  • HubSpot and Howard University partner for Center of Digital Business (Marketing Technology Today) – Hubspot is a marketing technology company supporting marketing, sales, and service automation.  

Science / Math / Statistics / STEM

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Virtual holiday marketplace brings local Black women entrepreneurs together ‘for the culture’ (The Business Journals)
  • Swisher, UNF partner on program for underrepresented entrepreneurs (The Business Journals)
  • Black men make up less than 3% of physicians. That requires immediate action, say leaders in academic medicine. (AAMC)

People / Motivation / Leadership / Success Stories / Ideas

  • How Do I Start? Elizabeth Takyi Speaks To The Need For Incubating Entrepreneurialism (Forbes)
  • Gabrielle Union and celebrity hairstylist Larry Sims talk all things ‘Lift As We Climb’ initiative (Amsterdam News) — “Lift As We Climb,” is an initiative to uplift Black businesses and organizations, of which nearly half have closed due to effects from the coronavirus pandemic
  • If You Aren’t Buying Black This Holiday Season, Gabrielle Union Wants To Know What You’re Even Doing (Refinery 29) – Gabrielle Union wants to garner support for Black-owned businesses during the holidays.
  • Raw honey business (Fox 5) — Kam and Summer Johnson run their beekeeping and honey business from their home in a bucolic neighborhood in Hunterdon County, New Jersey.
  • Melvin Jones, Publisher of Memphis Black Business Directory, Passes Away (Tennessee Tribune) — Melvin Jones, publisher of the Memphis Black Business Directory and executive director of the Memphis Business Contracting Consortium died Nov. 15

Good News

  • Colorado Small Business Owner Featured In Oprah’s List Of Favorite Things (CBS Denver) — A Denver Black-owned business was named one of Oprah’s favorite things this holiday season.
  • Black Girls Surf (Hawaii Business Magazine) – What it says.  Inspirational.

In Passing

  • David Dinkins, New York City’s first and only Black mayor, has died at the age of 93 (Business Insider)
  • Remembering Melvin Jones: A tireless advocate for the Memphis Black business community (Memphis Business Journal)

All Other

Caribbean / Africa / International

  • Federal Government Launches Black Entrepreneurship Program (Hedy Fry) – Member of Parliament, Vancouver, Canada
  • Government of Canada empowering Black Canadian communities (Government of Canada) – Crazy the CA government announce a program to support Black business and does not trigger a racial backlash.

Travel / History

  • The Black innovators who elevated the United States: Reassessing the Golden Age of Invention  (Brookings). In the North, Black people’s share of patents equaled their share of population at 1.6%.

Opinion

Black Business and Economics Stories for November 16th to 22nd 2020

Election coverage seems to be limiting the number of Black business and economic stories.

Top Stories

  • Realtors apologize for role in housing racial discrimination (Bloomberg) – Oh, really.  They did all that damage and want to escape with a simple apology.  This is a perfect example of why we need reparations. We also need active enforcement of existing regulations, transparent data gathering and reporting and a proactive testing program.  This whole industry has put profits before morals and looked the other way on racist behavior.
  • White and Black Communities In Maryland Experience A 20% Difference In Loans From CARES Act (CBS Baltimore). Black communities are receiving about 21.5 percent less money in loans.
  • For families of color, the pandemic brings an outsized financial hit (NBC News)
  • African-Americans suffer as public-sector jobs are cut (Financial Times)
  • A family-owned African-American female trucking company is opening in Louisiana (Face2face) –  Durham trying to make it easier for younger people who want to have a career in transportation.
  • Black winemakers are climbing up the vine (Fortune). The U.S. has over 8,700 wineries, but less than 1% are Black-owned or have Black winemakers.
  • BET’s ‘Smoke’ shows how Black Americans deserve a piece of marijuana’s growing fortunes (Washington Post) – Black-owned businesses underrepresented by marijuana industry, despite facing heavy criminalization before its widespread legalization.
  • World Wide Technology Chairman Dave Steward on Founding the Largest Black-Owned Company in America (Time)

Protest / Social Justice

  • Portland’s anarchists say they support racial justice. Black activists want nothing to do with them (Los Angeles Times) – Many Black community leaders who marched in protests over the summer said that it is crucial to dissociate Black Lives Matter from anarchists.

Coronavirus / Covid-19 /  Paycheck Protection Program

  • COVID-19 Pandemic Takes A Financial Toll On Black And Latino Communities (WFAE) – People of color at a greater risk for health complications and finance complications due to COVID.
  • Summit County provides $5 million to more than 1,200 small businesses in final round of coronavirus relief grants (Cleveland) – Funded by the CARES Act, the final round of Emergency relief distributed to all eligible woman, minority, and Black owned businesses.
  • ‘It’s going to be devastating’: Philly’s Black biz owners lash out at Kenney’s new COVID-19 restrictions (Pennsylvania Capital Star) – Restrictions meant to curb COVID cases could lead to the reduction of Philadelphia’s Black-owned small businesses.
  • This Michigan store was a dream come true. Coronavirus still has it on hold. (Bridge Michigan) – If it weren’t for a very loyal following, Dinge’s dream business would have had to throw in the towel due to the Coronavirus.
  • From Tuskegee to a COVID Vaccine: Diversity and Racism Are Hurdles in Drug Trials (US News)
  • White and Black Communities In Maryland Experience A 20% Difference In Loans From CARES Act (CBS Baltimore). Black communities are receiving about 21.5 percent less money in loans.
  • For families of color, the pandemic brings an outsized financial hit (NBC News)

Jobs / Workers / Unemployment / Gig

Inequality / Systemic Racism / Economic Justice / UBI

  • The Empower Project Launched to Benefit Black-owned Businesses in The Consumer Packaged Goods Space (Food Industry Executive) — The goal of The Empower Project is to begin eradicating the wealth gap perpetuated by the underrepresentation of Black voices. (Read more).

Black Business General / Interesting Businesses Stories

  • Louisville non-profit launches initiative to bring Black businesses to Butchertown (WHAS 11) – Pocket Change to serve as a hub for Black businesses in Butchertown.
  • BMO Financial announces five-year, $5 billion investment in Black, Latino communities and businesses (Madison 365) – BMO investment looks to empower Black and Latino communities, specifically in Wisconsin.
  • A family-owned African-American female trucking company is opening in Louisiana (Face2face) –  Durham trying to make it easier for younger people who want to have a career in transportation.
  • How Major Brands Are Changing Their Approach to Black Culture (Complex)
  • Local Black businesses GRABB and go (Rapid Growth) – To uplift black businesses and entrepreneurs, GRABB has created a month of activities for the month of November geared toward the cause.
  • 2020 “Buy Black Buffalo Week” (Buffalo Rising) – References Buffalo Black business website: Brown Bag Certified
  • Chicago Announces “Black Shop Friday” Campaign To Encourage Supporting Black Owned Businesses (CBS Chicago) – Shop Black Friday website
  • Non-profit opens space offering Black businesses space to grow in Butchertown (WLKY) — ‘Change today, Change Tomorrow’ is giving black business owners a leg up in a part of town that’s not seen a lot of black-owned businesses.

Black Business Specific

  • Black-Owned Stock Market Company Launches Program Teaching Beginner Investors How to Make Money (Black News)
  • Black winemakers are climbing up the vine (Fortune). The U.S. has over 8,700 wineries, but less than 1% are Black-owned or have Black winemakers.
  • This car-sharing company wants to help Black entrepreneurs buy a vehicle (CBS News). Turo, the car sharing company, plans to lend $1 million in total for its “seed initiative” with to help historically disenfranchised entrepreneurs access wealth-building opportunities. 

Big Business

  • Coca-Cola commits $500 million in additional spending with Black-owned suppliers (The Atlanta Voice)
  • Advocate Aurora Health grants $675,000 to diversify health care workforce (WTMJ TV) – Milwaukee, Wisconsin

Discrimination

  • Realtors apologize for role in housing racial discrimination (Bloomberg) – Oh, really.  They did all that damage and want to escape with a simple apology.  This is a perfect example of why we need reparations, active enforcement of existing regulations, transparent data gathering and reporting and a proactive testing program.
  • When a white contractor realized his trade excluded minorities, he did something special (Greensboro News Record)- He trains some African Americans in HVAC.
  • Virginia AG’s office finds elite Loudoun STEM school discriminates against Black, Hispanic students (Washington Post) – On any discrimination story, you have to read the comments to understand how people justify discrimination even though it’s morally wrong.

Reparations / Affirmative Action / Diversity / Inclusion

  • UC Berkeley: The Case For Reparations (Berkeley Patch)
  • Black Land Matters. But Is Crowdfunding Enough? (Civil Eats) — multiple efforts are afoot to begin to help Black farmers gain access to land and rebuild stolen wealth and labor.
  • Black Lives Matter – where are we now and what can you do? (World Economic Forum) – Among other initiatives, California governor looking into reparations for slavery.
  • Biden needs to push for reparations to address the racism that long preceded Trump (MSNBC)

Economics

Black Economics

  • So, you’ve pledged your support for Black-owned restaurants in New York City—what’s next? (Time out) – In a capitalist society, investment in Black-owned businesses is necessary.
  • John Malone Partners with Bob Johnson to Help Minorities Increase Retirement Savings (Herald Mail Media) —  Partnership between Malone and Johnson aims to extend inclusive capitalism.

Straight up Econ / The economy

  • TIAA’s Ferguson, Possible Biden Treasury Pick, Faults Wealth Gap (Bloomberg). Ferguson states the U.S economy could be six percent bigger than it is today if policy makers narrowed the country’s wealth gap
  • Unemployment Claims Rise as Economic Worries Grow (New York Times)
  • The Democrats’ Push to ‘Cancel’ $50k in Student Loan Debt Completely Ignores the Real Reason College Is So Expensive (Foundation for Economic Education)
  • Nearly 2/3 of older Black Americans can’t afford to live alone without help (The Business Journal)

Category Stories

Sports / Media / Entertainment

  • Obama says ‘the bling, the women, the money’ in rap music could explain Trump’s increased appeal to some rappers and Black male voters (Business Insider) – Obama says America’s caste system of the rich and the poor has saturated most of today’s rap music, which can explain why Trump secured more Black voters.

Alcohol / Marijuana

  • Basketball star Hughes opens Missouri’s only black-owned cannabis shops (St. Louis American) – Hughes to make history with the opening of the only Black-owned cannabis businesses in Missouri.
  • Al Harrington & ‘Smoke: Marijuana + Black America’ (EUR Exclusive/Watch) (Eurweb) – Al Harrington is aiming to create a voice for people of color in the cannabis industry.
  • BET’s ‘Smoke’ shows how Black Americans deserve a piece of marijuana’s growing fortunes (Washington Post) – Black-owned businesses underrepresented by marijuana industry, despite facing heavy criminalization before its widespread legalization.
  • Discussing cannabis, death, and social justice with a death doula (Weed Maps) – Well aware of the role cannabis plays in the criminalization of Blackness, Casey says we need to support Black businesses and Black and brown people first.

Technology / Apps / Innovation

  • Can We Make Our Robots Less Biased Than We Are? (NY Times)
  • World Wide Technology Chairman Dave Steward on Founding the Largest Black-Owned Company in America (Time)
  • African-American astronaut pilots SpaceX capsule to International Space Station (Richmond Free Press)
  • $2.1 million investment to drive Black tech (The Miami Times). The Knight Foundation, Surdna Foundation, and Comcast NBCUniversal have made contributions to this investment.

Finance / Investing

  • A Black-founder used this unusual pitch deck to raise $17 million from Ashton Kutcher, Sean ‘Diddy’ Combs, and the CEO of Qualtrics (Business Insider) – Black entrepreneur secures major investors with creative pitch.
  • Black Billionaire (Robert Smith) Has to Pay Back $140M After Admitting to Tax Evasion (EURweb.Com)
  • Modernizing the Social Contract With Investment Fiduciaries (Center for American Progress) – ESG –Long, boring but important

Real Estate / Finance / Housing / Development / Segregation

  • Hill District residents, firms tapped to guide $1B redevelopment of former Civic Arena in Pittsburgh (Pittsburgh Tribune)
  • Black leaders call on Panama City to ‘scrap’ Glenwood plans over gentrification worries (Panama City News Herald)
  • Is Your City Planning for Black-Owned Businesses? (Next City) – BLCK SPCES focusing on helping Black and Hispanic communities get their ideas and designs through the planning and zoning process.

Politics / Government / State and Local

Education / Healthcare

  • Guest column: Social and economic mobility are the higher calling for higher education (The Business Journals)
  • DSU, Bank of America announce $1 million employment initiative (Delaware Business Now). This initiative will help students of color successfully complete their education and provide training necessary to enter the workforce.
  • Walmart and North Carolina A&T State University Team up to Launch ‘Equity in Education Initiative’ (Business Wire)
  • Many US business schools are enrolling record numbers of ethnic minority students (Find MBA) – Since 2009, the percentage of GMAT exams taken by Black citizens was 8%. Business schools looking to curb this trend by enrolling more Black students and offering support.

Farming / Agriculture

  • Black Farmers Have Been Robbed of Land. A New Bill Would Give Them a “Quantum Leap” Toward Justice. (Mother Jones)

Science / Math / Statistics / STEM

  • P&G’s Royal Oils and Gold Series Announce Ongoing Commitment to Support Black Women in STEM (Valdosta Daily Times) – P&G brands working to grant $200,000 in scholarships to Black women in STEM

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • To jump-start America’s economy, invest in women entrepreneurs of color (Fortune)

People / Motivation / Leadership / Success Stories / Ideas

  • World Wide Technology Chairman Dave Steward on Founding the Largest Black-Owned Company in America (Time)
  • An astonishing number of Black women are running their own small businesses (NJ.Com)
  • Black Restaurant Week Features NYC Eateries to Boost Business Amid COVID (NBC New York) – Tilly’s one of the Black restaurants highlighted during Black Restaurant week in New York.
  • Former slave followed his life’s path to politics and wealth (Arkansas Democrat Gazette) –Havis’s rise from a plantation to riches shows his resilience and spirit despite difficult circumstances
  • Little Haiti’s COOL Creative Gets a Boost From Beyoncé and the NAACP (Miami New Times) – Wilson receives $10,000 funding from BeyGood, says her business stood out because she is actually contributing to the community.
  • Only One Eatery East Of The River Is Participating In DMV Black Restaurant Week (WAMU) – Weeklong event supporting visibility of Black-owned restaurants features only one business from city’s area with largest population of Black residents.
  • ‘One-in-a-million chance.’ How Beyoncé helped this Black-owned hotel during COVID (Miami Herald) – Beyoncé and NAACP team up to provide $10,000 grant for Ross and West’s Bed & Breakfast
  • Barbara Turner to become next president and CEO of Ohio National Financial Services (Yahoo News)

All Other

Caribbean / Africa / International

Travel / History

  • Life after the ‘Green Book’: What is the future for Black travelers in America? (National Geographic)

Opinion

Black Business and Economic Stories for the Week of November 9th to 15th 2020

This was a light week for stories, probably due to the election. A couple of real estate and mortgage stories and that’s it.

Top Stories

  • Post-protest boom for Black-owned businesses loses steam (Colorado Springs Independent)
  • The Impact Of Covid-19 On Black And Latino Small Businesses (Forbes). Areas with higher concentrations of Black-owned businesses were not well served by PPP in comparison to others.
  • Chan Zuckerberg Initiative faces racial discrimination allegations from former employee (Tech Crunch)
  • Record Low Mortgage Rates Widen Historic U.S. Economic Divides (Bloomberg). The homeownership rate among Black Americans was 46% as of Sept. 30, compared with 67.4% for all U.S. households and 75.8% for White people.
  • The racial wealth gap in real estate is growing. Here are 3 ways housing has been harder for Black Americans in 2020 (Business Insider)
  • Elayne Arrington, the first Black female engineer to graduate from University of Pittsburgh (Pitt Magazine)
  • Former San Francisco Mayor Willie L. Brown, Jr. will head new California African American Chamber of Commerce (Black Voices News)
  • Ten leading Black spirits industry executives (The Spirits Business) — Drinks firms have unveiled new programs and roles to support its Black employees, including the creation of diversity and inclusion officers.

Protest / Social Justice

Coronavirus / Covid-19 / Paycheck Protection Program

  • The Impact Of Covid-19 On Black And Latino Small Businesses (Forbes). Areas with higher concentrations of Black-owned businesses were not well served by PPP in comparison to others.
  • Researchers work to diversify clinical trials of COVID-19 vaccine (Marketplace). Nearly half of Black adults and 37% of Latinx adults said they wouldn’t take a coronavirus vaccine.
  • Flagstar Bank grants $150,000 for minority-owned small businesses in West Michigan (MiBiz) — $75,000 allocated to support Black businesses who have been hardest hit by the pandemic.
  • Chicago Businesses Struggle as COVID-19 Shutdown Appears Imminent (WTTW)

Jobs / Workers / Unemployment / Gig

  • The Federation of Black & Minority Businesses aims to bring economic change to urban community (6ABC) – The Federation of Black & Minority Businesses aims to raise awareness in the African-American community and create jobs and resources.
  • Cybersecurity industry in Detroit is growing and mentors are starting with young people (Detroit Free Press) – Detroit nonprofit helps create a pipeline to bring in more Black professionals.

Black Business General / Interesting Businesses Stories

  • Businesses Trying to Rebound After Unrest Face a Challenge: Not Enough Insurance (New York Times). Small businesses are struggling to recover from the damages caused by lootings in racial justice protests.
  • Michigan small businesses receive nearly $100M in CARES Act grants, state says (Detroit Free Press). Of the 14,000 grants, 4,617 went to businesses that reported they were minority-owned and 6,314 reported as woman-owned.
  • Shop local: Here are 5 holiday gift ideas from Black-owned businesses in Louisville (Courier Journal) – A list of Black businesses that could use support during the Holiday season
  • Post-protest boom for Black-owned businesses loses steam (CS Indy) – Communications director for the Colorado Black Chamber of Commerce says as time passed, phone calls in support of Black businesses have died down.
  • Change Today, Change Tomorrow opening store on Story Avenue (Biz Journal) – Pocket Change is a new multi-business retail space that is offering exposure to Black Businesses
  • Black Owned Maine partners with Portland Buy Local, asks shoppers to allocate 10% of spending to Black-owned businesses (New Center Maine) – The Maine Black Business Pledge asks consumers and retailers to shift focus to Black businesses
  • Why We Funded Over 50 Black-Owned Bars & Restaurants (Chicago Crusader) – Funding given in wake of systemic neglect of minority business owners.

Black Business Specific

  • 10 Black-Owned Vegan Food Ventures in Greater Phoenix (Phoenix New Times)
  • Henrico County to welcome Black-owned supermarket in east end (WRIC.Com)

Big Business / Corporate

  • BMO Commits $5 Billion to Advance Inclusive Economic Recovery in the U.S. (BMO). BMO Financial pledges $5 billion to tackle U.S. racial wealth gap (American Banker) — BMO Financial Group in Toronto is committing $5.1 billion over the next five years to advance a more inclusive economic recovery.
  • Citi has since launched Action for Racial Equality, a $1 billion initiative aimed at closing the wealth gap through investments in Black businesses (Cheddar) – Another story and link to Citibank racial equity report.
  • New Voices Foundation & JPMorgan Chase Launch Banking Bootcamp For Black Women Entrepreneurs (Essence). This partnership will help Black women entrepreneurs establish strong business banking relationships and expand their access to capital.
  • Dick’s Sporting Goods to invest $12.5 million in Black Economic Development Fund (Biz Journals) — Dick’s Sporting Goods Inc. is partnering with a long-established national nonprofit in an effort to help revolve America’s racial wealth gap.
  • Knight Foundation, Comcast NBCUniversal, Surdna Foundation invest $2M in Miami’s Center for Black Innovation (Biz Journal) — The John S. James L. Knight Foundation is investing $1.5 million in the newly formed Center for Black Innovation in Miami.
  • Target rebuilt riot-hit store with Black input (Arkansas Democrat Gazette) – Target aims to improve its image with Black customers.

Discrimination

  • Chan Zuckerberg Initiative faces racial discrimination allegations from former employee (Tech Crunch)

Reparations / Affirmative Action / Diversity / Inclusion

  • Why California Rejected Racial Preferences, Again (The Atlantic). A majority voted against repealing the state’s ban on affirmative action.
  • YBNB Magazine releases ‘Black Faces in High Places’ nomination process and poster (Kusi) — “Young Black And In Business” that has been helping entrepreneurs build their professional network for the last five years.
  • NJ business leaders: Diversity isn’t just right, it’s good for business (NJ 1015) — The New Jersey Chamber of Commerce is joining forces with the African American Chamber of Commerce of New Jersey to address economic inequities that exist for Black citizens and business owners.
  • Black Bank Fund to Invest $250 Million in Black-Owned Banks (Black Bank Fund) – Black Bank Fund looks to fund Black Banks to help close the racial wealth gap.
  • UPS to Allow Natural Black Hairstyles and Facial Hair (NY Times)
  • Vivek Ramaswamy: Affirmative action should focus on economics, not race (Fox Wilmington) — Conservative

Economics

Black Economics

  • The US is closer than ever to a $15 federal minimum wage after Biden win (CNBC)

Straight up Econ / The economy

  • Is another Progressive Era coming? (Brookings Institute). The book The Upswing by Robert Putnam and Shaylyn Romney Garrett talk about the economic and political polarization within our current economy. Biden said he’d forgive $10,000 in student debt for all borrowers. Will it actually happen? (CNBC)

Category Stories

Sports / Media / Entertainment

  • Streaming TV Service, Philo, Donates $1 Million Dollars in Ad Impressions to 20+ Black-owned Businesses and Social Justice Organizations (Philo)  — Philo’s Ad campaign to help Black businesses is featured on several TV networks.
  • “Built to Last” American Express Podcast Features Detroit Lip Bar CEO Melissa Butler (Detroit Is It) – Video podcast “Built To Last” hopes to inspire listeners to make the conscious choice to shop at Black-owned small businesses.

Alcohol / Marijuana / CBD

  • Arizona’s only Black-owned brewery launches this week. Say hello to Kitsune Brewing (AZ Central)
  • Ten leading Black spirits industry executives (The Spirits Business) — Drinks firms have unveiled new programs and roles to support its Black employees, including the creation of diversity and inclusion officers.

Beauty / Fashion / Retail

  • Black women entrepreneurs sell the medical wigs other companies won’t (Boston Globe) – Black women entrepreneurs look to address lack of curly and kinky wigs
  • The Business of Blackfishing (BOF) – Appearing Black or racially ambiguous has become brand-building exercise for white influencers.

Technology / Apps / Innovation

  • Black Entrepreneur Creates App to Help Film Police Brutality and Alert Family Members (Urban Trendsetters)

Finance / Investing

  • Flagstar Bank Commits $1 Million in Grants to Local Communities for Black, Indigenous and People of Color-Owned Businesses (Flagstar).
  • Black-owned banks under the Biden adminstration (American Banker).
  • Black NC funeral home owner Scarborough, Hayti historian, ‘son of Durham,’ dies at 83
  • JPMorgan and the New Voices Foundation launch business bootcamp for WOC (The Grio) – JP Morgan to launch business banking education program for 15 business-savvy female entrepreneurs of color.

Real Estate / Housing / Segregation

  • Record Low Mortgage Rates Widen Historic U.S. Economic Divides (Bloomberg). The homeownership rate among Black Americans was 46% as of Sept. 30, compared with 67.4% for all U.S. households and 75.8% for White people.
  • The racial wealth gap in real estate is growing. Here are 3 ways housing has been harder for Black Americans in 2020 (Business Insider)

Cities / Urban Planning / Local Government

  • 1921 Commission Receives $1 Million Grant from Bank of America for Greenwood Rising (The Black Wall Street). This art history will tell the story of the original “Black Wall Street”.
  • Disinvested: How Government And Private Industry Let The Main Street Of A Black Neighborhood Crumble (Block Club Chicago)

Politics / Government / State and Local

  • Black Americans Largely Rebuked Trump’s Overtures, Helped Lift Biden (Wall Street Journal)
  • Biden Video Uses Artist’s Vision to Project a Unified Country (New York Times). Lorraine O’Grady’s concept of placing people inside frames to promote images of an inclusive, diverse America.
  • US Black Lives Matter leader believes Joe Biden will do the bare minimum for African Americans (News Hub). Can’t really find original source RNZ article
  • A Key Voting Issue – The Black American Economy Needs a Real Agenda Now (Affluent Blacks of Dallas)

Education / Healthcare

  • Historically Black colleges and universities are remaking American politics (Washington Post). HBCUs are important producers of Black female leaders.

People and Careers

Career / Professions / Entrepreneurship / Businesses You Can Start

  • Building wealth as a Black woman is an uphill battle, but 3 tricks have helped me save money even when my income is low (Business Insider)
  • Knight Foundation donates $2 Million for Black entrepreneurship center in Miami  (Knight Foundation)
  • Why we need to bring the entrepreneurship narrative back to small-business owners (Fast Company)

People / Motivation / Leadership / Success Stories / Ideas

  • Meet Stacey Abrams, the architect of Georgia’s political shift from ‘red’ to ‘purple’ (Business Insider)
  • The Harris Effect: Research Suggests Five Ways That The VP Could Shape Future Generations (Forbes). The “Harris effect” will lead to powerful outcomes for women of color.
  • Kamala Harris shows Black women they have the power to change the world (CNN)
  • ‘GMA’ Deals and Steals on 9 small businesses from Oprah’s favorite things list (GMA) – Oprah’s ‘favorite things’ list includes products from Black-owned businesses.
  • CobblerWorld brings back memories with childhood desserts (The Duquesne Duke) – CobblerWorld’s niche is nostalgic baked goods.
  • Shopping, anyone? Pop-up marketplace to showcase 15 businesses owned by Black women (Click2Houston) – Showcase aims to keep Black dollars within the community.
  • Do you own a Virginia small business? This certification could benefit your bottom line (Progress-Index) – November 20 webinar looks to spotlight woman and minority businesses
  • All the gifts under $50 from Oprah’s Favorite Things list (Business Insider) – Oprah’s yearly list highlights Black-owned businesses.
  • Elayne Arrington, the first Black female engineer to graduate from University of Pittsburgh (Pitt Magazine)
  • Former San Francisco Mayor Willie L. Brown, Jr. will head new California African American Chamber of Commerce (Black Voices News)

Good News

  • Black-owned business vandalized, now ready to reopen after overwhelming support (Fox 26 News) – Strong support system allows vandalized Black business to rebuild.

All Other

Conservative / Alternative

  • 4 Policies Joe Biden Must Rethink if He Actually Wants to Address Racial Disparities (FEE)

Opinion

  • Commentary: Democrats need Black voters in Georgia to seize real power — and Stacey Abrams could deliver (Chicago Tribune)

All Black Business and Economic Stories for the week of October 18th to 25th 2020

We have a record number of stories and some really interesting one in the Top 10 stories for the week.

Top Stories

A company turns millions in profits bringing call-center jobs to Black communities (NBC News). Mark Wilson set a goal of creating 10,000 jobs across 10 cities, with a high African American population, through these call centers.

Being Black lowers the value of my home: The legacy of redlining (The Washington Post) – Michelle Singletary has been writing some great stuff lately.

Public Work Provides Economic Security for Black Families and Communities (Center for American Progress)

It’s a struggle: Black men discuss getting good jobs in Richland County, Ohio (Mansfield News Journal) – About 70% of Black men aged 16 to 64 are not in the labor force according to the report which uses data from the Bureau of Labor Statistics.

Here is report mentioned in the article. Richland County State of the African American Community Report (North End Community Improvement Collaborative)

Black owned coffee shop in Shoreline (South Seattle Emerald) – Shop feature a white mocha drink called the “Karen”

Microsoft’s diversity efforts slow after promise to double Black workforce (Fox Business). Black and Hispanic representation at the company only rose 0.3 percentage points in 2020.

Sonics legend Shawn Kemp to open Seattle’s first Black-owned marijuana dispensary (Cannabis Business Executive)

HBCU Lincoln University to Open Police Academy In Effort to Recruit More Black Officers (Atlanta Black Star)

Joe Biden: My Plan to Lift Every Voice in Black America (Amsterdam News) – Biden’s Lift Every Voice plan wants to give Black-owned businesses access to new capital and government contracts

Coronavirus / Covid-19 / PPP

‘Buy Black’ movement helps Black-owned businesses amid COVID-19 (ABC News)

Many Americans are struggling financially amid the pandemic, but some are finding ways to thrive (CNBC). 

Black-owned businesses headed for disaster without federal aid, poll finds (CBS News) – 600 entrepreneurs were polled, only 40% of Black respondents forecast lasting more than 6 months without aid.

5 charts show just how badly Latino and Black communities have been impacted by the economic fallout from the coronavirus (Business Insider) – BI references a report from the American Staffing Association.

Pandemic Worries Vary by Race, Job Sector, and More (American Staffing Association) – The ASA is the public relations and lobbying arm of the temporary staffing industry. The publish as widely followed ASA temporary staffing index which tracks the economy very closely.  The temporary staffing industry has a long list of ethical violations.  The staffing industry has had so much trouble, they even put and ethics statement on the front page of the web site. “…and the promotion of high standards of legal, ethical, and professional practices.” The other industry with a similar statement is the real-estate industry.

Minority Biz Owners Push for More PPP (New Haven Independent) – Minority-owned businesses ask for more help during roundtable with CT Senator Richard Blumenthal

SC Governor McMaster in Rock Hill, unveils plan that helps small businesses, nonprofits amid COVID (The State) – Governor announces $65 million grants for small businesses, with high priority going to minority-owned businesses.

Jobs / Workers / Unemployment

Public Work Provides Economic Security for Black Families and Communities (Center for American Progress)

Women are hit worse by the recession (Center for American Progress).

It’s a struggle: Black men discuss getting good jobs in Richland County, Ohio (Mansfield News Journal) – About 70% of Black men aged 16 to 64 are not in the labor force according to the report which uses data from the Bureau of Labor Statistics.

Here is report mentioned in the article. Richland County State of the African American Community Report (North End Community Improvement Collaborative)

Inequality

How building wealth in Black communities in Louisiana means going into business (Louisiana Advocate) – Usually list of Black business success and problems.

Economic Pain Persists for Millions in U.S. as Aid Talks Drag On (Bloomberg). More than 34 million U.S. adults live in households that find it very difficult to pay for their usual expenses, with this being intense for minorities.

Black Business General

Quad Cities Empowerment Network: ‘When Black businesses succeed, the Black community succeeds’ (Quad Cities Times)

Black Food and Dessert Expo offers endless culinary delights (Philadelphia Tribune)

Erie Homecoming to focus on diversity and opportunities for investment (Erie Times-News)

NYC Local Initiatives Support Corporation to offer Direct ‘Relief and Recovery’ grants to aid minority-owned small businesses hurt by COVID-19 (NY Daily News) – The program has a budget of only $1 million dollars.

Black Wall Street Reloaded event takes place to highlight African American entrepreneurs in Bakersfield (ABC 23 TV)

‘Shark Tank’ contest raises business funding for women of color (Houston Chronicle)

Black Lives Matter Creates a Boom for Black-Owned Bookstores (Bloomberg Businessweek)

Virtual Summit Aims To Help Beauty Entrepreneurs Launch & Grow Their Businesses (Hype Hair)

15 Meaningful ways to Support Black-Owned Businesses (The Nile List) – Promotional

Retailers, online platforms catch up to shoppers who want to support Black-owned businesses(Pittsburgh Post-Gazette)

Black Entrepreneurs Day shows ‘people want to make a difference,’ FUBU CEO Daymond John says (CNBC) – Chase for Business sponsors Black Entrepreneurs Day, featuring many noticeable Wall Street names.

Big ideas for small business (Philadelphia Citizen) – Black businesses more likely to fold during pandemic because of lack of established banking relationships.

Local Groups Provide Support, Resources for Black-Owned Businesses (WTOC) – The Culturist Union highlights Black creatives and entrepreneurs.

Black-Owned Businesses Hope the Summer Boom Doesn’t Fade (Bloomberg)

Urban One account rewards users for shopping at black-owned merchants (Fin Extra)

A debit account that rewards users for shopping at Black businesses (American Banker)

Stacy’s Rise Project funds $150,000 in grants to Black women business owners (Dallas Morning News)

Black Business Specific

Black owned marketing agency opens in Dauphin County (Penn Live)

Black-Owned Eyewear Company Hopes to Make Industry More Diverse (Network Journal) – Vontélle

Black-Owned Coffee Company Blends Cultures In One Cup (Network Journal) – Golden Made Kafe

Entrepreneur Empowers Business Owners to Get Ahead of Pandemic (Spectrum News High Point)

Black owned coffee shop in Shoreline (South Seattle Emerald) – Shop feature a white mocha drink called the “Karen”

Dubuque Black business owner wants to make Iowa renowned for its barbecue (KCRG TV)

This teen is using her self-made small business to help the homeless (WXII) – Mom and 15 year old daughter operate a successful bakery.

A company turns millions in profits bringing call-center jobs to Black communities (NBC news) – Black-owned Chime Solutions provides outsourcing services for small businesses

Sibling Entrepreneurs Beat Pandemic Odds, Open Black-owned ‘Plenty of Fish Seafood’ in California High Desert (Massachusetts Newswire) – Story reads like a perfect press release: a hook, underdogs and a moral.

Big Business

Nielsen release African American Consumer Report (Cision PR Newswire). Neilsen annual report of Black spending power. You can download the report from Nielsen here.

Local minority-owned business owners receive grant from Fiserv (WTMJ TV Milwaukee)

A company turns millions in profits bringing call-center jobs to Black communities (NBC News). Mark Wilson set a goal of creating 10,000 jobs across 10 cities, with a high African American population, through these call centers.

Microsoft’s diversity efforts slow after promise to double Black workforce (Fox Business). Black and Hispanic representation at the company only rose 0.3 percentage points in 2020.

Netflix staffers who helped design a new curriculum for emerging Black talent share their advice for getting a start in the tech industry (Business Insider). 

Companies start responding to pressure to bolster minority representation (The Hill).

Pepsi, partners offer $10 million grant to Black restaurateurs (The Hill) – Black restaurateurs given access to capital, training, and mentorship through Pepsi.

How Foot Locker Rallied Around Its Purpose (Provoke Media) – Foot locker aims to do more for the Black Community, acknowledges its huge involvement in sneaker culture. So, this one is a little scary.  Foot locker may be the largest expropriator of discretionary Black dollars in the country.

Newark Symphony Hall Creates Black-Led Investment Committee (NJB Magazine) – Black-led committee made up of seven members from Goldman Sachs, Facebook and AllianceBernstein

Amex Launches Program To Support Black Female Entrepreneurs (Fashion Week Daily) – 100 for 100 program to surprise 100 Black Female entrepreneurs with $25,000 each.

Huntington Launches A New $25 Million Lending Program Dedicated To Minority, Women And Veteran-Owned Businesses (CBS Detroit) – Businesses can secure loan up to $150,000 under new program.

Google Plans to Hire Thousands in Chicago to Diversify Its Workforce (Built In Chicago)

Microsoft’s diversity efforts slow after promise to double Black workforce (Fox Business)

Industry

20 Food Cooperatives Building Resilient Communities (FoodTank)

Why Voting Yes to Cannabis Will Help States’ Pandemic-Stricken Economies (Nasdaq) – by By Smoke Wallin, CEO of Vertical Wellness

Discrimination

One of Nielsen’s Top Black Executives Sues Charging Discrimination (RadioFacts)

53 Black Former McDonald’s Owners Sue, Charge Corporate Discrimination (The Davis Vanguard)

McDonald’s urges dismissal of Black former franchisees’ discrimination lawsuit (Reuters)

McDonald’s Denies Racial Allegations Made by Black Former Operators (QSR Magazine)

McDonald’s asks for dismissal of lawsuit by Black former franchisees (NY Daily News)

Vogue Magazine’s Anna Wintour promises to support diversity. (NY Times)

Affirmative Action / Diversity & Inclusion

Walker & Dunlop Commits to Innovative New Black Equity Certification Program (PR Newswire). This company launched a Management Leadership for Tomorrow’s Black Equity at Work Certification, a program dedicated to addressing the inequities that exist for Black people in corporate America.

WMU event charges more for non-Black-owned businesses (Campus Reform) – Black-owned businesses offered discount for WMU student fair.

“Time for Action:” Diversity Training for Louisville  Businesses Kicks Off This Week (Spectrum) – Only three black businesses in upscale eastern market district, Wilson calls for more.  The demands ask businesses to better reflect the 23% of residents who are Black.

3 principles businesses can practice to promote diversity, equity and inclusion (New Hope Network) – Over 2 million Black businesses operate in the US, but BIPOC entrepreneurs still suffer with regard to diversity, equity, and inclusion.

Finance/ Investing / Venture Capital

EnrichHER Raises Over $375,000 to Fund Seven Women-Led and Black-Owned Businesses during COVID-19  (PR.Com) – Press release

A New Push for Diversity in Funding Tech Startups (Wall Street Journal).

Economic / Economy

Trump or Biden, whoever wins has a deeply unequal economy to fix (Al Jazeera)

Real Estate

Healing the racial divide through home ownership (Christian Post)

Being Black lowers the value of my home: The legacy of redlining (The Washington Post) – Michelle Singletary has been writing some great stuff lately.

Hilton Head US 278 project threatens Black shops (The Island Packet)

You’ll pay over $13,000 more for your home mortgage if you’re Black, according to a new MIT study (Business Insider).

Brockton

Brockton is now majority Black, for the first time in city’s 139-year history (The Enterprise News)

Brockton reaches $4.7 million settlement over discrimination claims (The Enterprise News) – Jan 3rd, 2020

Mayhem in Brockton as protest ends in violent clash with police, vandalism (The Enterprise News)

Sports / Media / Entertainment / Fashion

Ice Cube’s CWBA (Contract With Black America): Everything To Know (Hot New Hip Hop)

Economics, subtle new racism making MLB in 2020 poorer, less diverse (Yahoo Sports)

These Fashion Industry Veterans Are Building Coalitions to Sustain Black Talent (The Root)

Marijuana / Alcohol

Sonics legend Shawn Kemp to open Seattle’s first Black-owned marijuana dispensary (Cannabis Business Executive)

Jay Z Launches His Own Cannabis Brand (Vibe)

JAY-Z IS ABOUT TO SHAKE UP THE CANNABIS INDUSTRY, BUT HE CAN’T UNDO THE WAR ON DRUGS (Highsnobiety)

Weed has delivered on some promises so far. One remains unfulfilled (Crain’s Chicago Business)

People

Attorney Denise Lewis on diversity, development and Dan Gilbert (Crain’s Detroit Business) – Real Estate attorney Denise Lewis.

Nicholas Glover, VP, government affairs and advocacy, Tampa Bay Chamber (Tampa Bay Business Journal)

Education

HBCU Lincoln University to Open Police Academy In Effort to Recruit More Black Officers (Atlanta Black Star)

Morgan Stanley Launches Program to Provide Full Scholarships to Spelman College Students (PR Newswire). The Morgan Stanley HBCU Scholars program is designed to eliminate financial barriers to higher education for African American college students.

Human Resource / Human Capital

Howard University president: The pool of Black talent in America is not ‘limited’ at all (CNN) – Response by Howard University president, Dr. Wayne Frederick, to Wells Fargo, CEO’s comment about a lack of Black talent to recruit from.

Black talent exists — if you search for it (HBJ) – Heartford Business Journal. Unconscious biases affect recruiting and hiring practices

Politics / Government

Trump, Biden Make Their Pitch To Black-Owned Businesses, Who Wonder Why It Only Happens Every 4 Years (Pennsylvania Capital Star)

African American Task Force subcommittee focuses on economic issues (Delaware Public Media)

Joe Biden: My Plan to Lift Every Voice in Black America (Amsterdam News) – Biden’s Lift Every Voice plan wants to give Black-owned businesses access to new capital and government contracts

Democratic senators unveil bill to ban discrimination in financial services industry (The Hill).

Trump and Biden make economic appeal to Black businesses (Philadelphia Tribune) – Biden offers his rival approach to Trump’s Platinum Plan for Black businesses

Pinellas County (Tampa Bay) has awarded it’s largest Black owned business contract (Tampa Bay Business Journal)  

Science / Technology / Innovation

Black-Owned Businesses Accepting Cryptocurrency: Guapcoin (The Media Bullitin) – Press release. Caution: Website may download malware. The idea that you could precisely track black spending with a crypto currency is interesting.  We could find out how many Black dollars are recycled in the community.

UC Berkeley co-launches program to increase Black venture capitalists (Daily Californian) – Two week program starting November 2 aims to help double number of Black venture capital investors over next three years.

Food service groups offer local alternatives to major delivery apps (The Hill)

Black and Mobile restaurant delivery app mentioned in the story.

Google has a program to support Black and minority startups (Google Black Founders Fund) – Kind of interesting looking at some of the businesses.  

Career / Professions / Entrepreneurship / Businesses You Can Start

Black entrepreneurs ‘see worse outcomes despite investing more money and time’ (Yahoo Finance) – 50% of Black entrepreneurs meet their non-financial aims compared to 70% of white entrepreneurs, report says.

People / Motivation / Leadership / Success Stories / Ideas

One-on-One with Theresa Carson (Albuquerque Journal) – Carson helps organize Chamber for African American Commerce.

Meet The Black Woman Entrepreneur On A Mission To Build A Community Of ‘Milky Mamas’ (Birmingham Times) – The business will encourage breast feeding which has proven health benefits. Black women have the lowest incidence of breast feeding among all groups.

Black contractor braves threats in removing Richmond statues (Beaumont Enterprise)

This restaurant is paying homage to Baltimore’s iconic lake trout — and helping other Black female chefs in the process (Baltimore Sun) – Owner Keyia Yalcin also owns a real estate development company and teaches at Georgetown University.

Financial Crusader Inez Long Receives Ned Gramlich Award for Advocacy of Black-owned Businesses (Cision PR Newswire)

Caribbean / International

Nigeria holds out on Africa free trade pact (Bloomberg). 

Bank reveals challenges facing ethnic minority business owners (SME). Black business owners face disparities in business outcomes, with systemic disadvantage playing a key role.

London Chamber of Commerce launches Black Business Association (City AM) – New program aims to discuss barriers to equality in London’s economy

Researchers investigate impact of COVID-19 on BAME businesses (Phys) – BAME businesses (Black, Asian and Minority Ethnic) impacted because of higher mortality rates.

How Black Businesses in the UK Are Bearing The Brunt Of The Pandemic (Huffpost UK)

Google Gives $2.3M To Support African Tech Firms (Technology Times) — Pakistan

Black construction businesses sidelined (Mail & Guardian) – South Africa. Construction sector particularly impacted by the lockdown period

Unpicking The Disadvantages Faced By Britain’s Black Entrepreneurs (Forbes)

Travel / History

One year after breaking ground, Charleston’s African American Museum taking shape (Charlestown Post and Courier)

The ABC Travel Green Book is the Ultimate Resource for Black Travelers (Globe trender) – An avid traveler calls for better representation, takes action to spotlight Black-owned businesses

Opinion

Editorial: A vote for school sales tax is a vote for Duval’s future (Florida Times Union)

Opinion: S&P 500 corporate boards lack diversity, but these top companies are leading change — and the stock market rewards them (MarketWatch)

SBA Paycheck Protection Program Loan Level Data

Paycheck Protection Program Loan Level Data

North American Industry Classification System Files

This PPP data is an amazing snap shot of business in the US.


I see four quick trends without doing a lot of deep analysis.


1. They were handing out money left and right. The shoveled out $4.4 billion in NJ in three months. It looks like anyone who applied for money got money.  

2. The number of self-identified Asian businesses is huge in NJ. Black businesses are minuscule and the number of Hispanic business is small.

3. I looked at my town, Teaneck, and a lot of doctors and doctors offices applied and got money.  In Teaneck, only one Black business got any money.  A barber ship got $25,000.

4. There were a lot of restaurants and beauty salons on the list

5. It’s not clear how many jobs were saved because of self-reporting data inaccuracies.


It also really shows how poorly Black people have done in terms of starting businesses. I looked at the list and we are pretty pitiful. 


The data is dominated by unclassified (white) businesses but some self-identify.  

Editor’s Note: To make the analysis easy, you have to assume people self-identify (or don’t) at a consistant ratio. In other words, people who don’t self report can be split by the same ratios as people who do self report.

The number of Asian businesses in NJ is amazing.  We are probably number # behind CA and NY. 


You will need the NAICS code description to see what the business actually does.