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)

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

Top Stories

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

Protest / Social Justice

Coronavirus / Covid-19 /  Paycheck Protection Program

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

Jobs / Workers / Unemployment / Gig

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

Inequality / Systemic Racism / Economic Justice / UBI

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

Black Business General / Interesting Businesses Stories

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

Black Business Specific

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

Big Business / Corporate

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

Discrimination

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

Reparations / Affirmative Action / Diversity / Inclusion

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

Black Economics

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

Straight up Econ / Economics / The economy

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

Industry Watch / Spotlight

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

Sports / Media / Entertainment

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

Alcohol / Marijuana / CBD

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

Beauty / Fashion / Retail

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

Technology / Apps / Innovation

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

Finance / Investing / Banking

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

Real Estate / Finance / Development / Housing / Segregation

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

Cities / Urban Planning / Local Government

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

Politics / Government / State and Local

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

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

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

Education / Healthcare

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

Science / Math / Statistics / STEM

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

Career / Professions / Entrepreneurship / Businesses You Can Start

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

People / Motivation / Leadership / Success Stories / Ideas

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

Caribbean / Canada / Africa / Europe / International

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

Travel / History

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

Classic / Old stories but good stories

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

Opinion

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

Other

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

All Black business and economics stories for the week of Oct. 26 to Nov. 1st

Top Stories

  • US Postal Service provides life-changing path forward for Black employees in Maryland (Baltimore Sun)
  • U.S. Black-Owned Firms Make Surprise Comeback to Pre-Covid Level (Bloomberg)
  • Yes, Black Americans are entitled to reparations. We’ve earned them. (Washington Post) – Michelle Singletary, Yeah !!!
  • McDonald’s hit with new lawsuit alleging racial discrimination against Black franchisees (Herald Review) – Two Black owners of McDonald’s franchises accuse McDonald’s of a predatory growth strategy.
  • CBS Studios, NAACP Venture Appoints Sheila Ducksworth President, Opening Doors For Black People In TV (Forbes) – Story has links to two other interesting related studies:
  • Media Representations and Impact on the Lives of Black Men and Boys
  • Hollywood Diversity Report 2020
  • He Was Arrested for Weed at 13, and He’s Selling It Legally at 27 (Bloomberg). Seun Adedeji is among Black entrepreneurs pushing for a share of a $16 billion legal marijuana industry dominated by Big Business
  • Black CEO And Founder Of Marijuana Businesses Breaks Boundaries In the Cannabis Industry (Baller Alert). His brand Elev8 Cannabis is here.
  • Shawn’s Hemp: Former NBA All-Star Kemp enters pot business (AP)
  • The Minority Cannabis Business Association link.
  • Meet the First Black Woman to Launch a Community Solar Company (Vogue). Kristal Hansley is the CEO of WeSolar, a community solar company providing affordable energy to low- and moderate-income families. 
  • Campaign launched to create 10,000 Black internships across business, education sectors (Financial News). Businesses, politicians and education groups have launched a program to create 10,000 internship opportunities for young Black people across the UK.

Protest / Social Justice

  • America’s biggest unions are bungling the current racial justice moment and failing their workers of color (Business Insider)

Coronavirus / Covid-19 / Paycheck Protection Program

  • Black Women Were Among The Fastest-Growing Entrepreneurs—Then Covid Arrived (Forbes).
  • The Pandemic Has Exacerbated Housing Instability for Renters of Color (Center for American Progress)

Jobs / Workers / Unemployment / Gig

  • Black and Hispanic workers, especially women, lag in the U.S. economic recovery. (New York Times) — Black and Hispanic adults were more likely to have lost jobs or income since March
  • Campaign launched to create 10,000 Black internships across business, education sectors (Financial News). Businesses, politicians and education groups have launched a program to create 10,000 internship opportunities for young Black people across the UK.
  • US Postal Service provides life-changing path forward for Black employees in Maryland (Baltimore Sun)

Inequality / Systemic Racism / Economic Justice / UBI

Black Business Specific

  • Urban One: The Most Undervalued Black-Owned Stock In America (Seeking Alpha). Urban One generated over $387 million in revenue over the last 12 months, making them one of the most undervalued stocks on the NASDAQ.
  • This entrepreneur is competing with DoorDash — by delivering only from Black-owned restaurants (Vox) – Black and Mobile is a Black-owned food that delivers exclusively from Black-owned restaurants.
  • Indiana University student Kadiatou Diallo launches eco-friendly hair care line: Crowned Helix (IDS)
  • Confectionately Yours among small Milwaukee businesses awarded $10K from Fiserv Inc. (Milwaukee Business Journal) – Confectionately Yours awarded $10,000 through Back2Business initiative.
  • Pope’s Florist has been part of Waukegan community for decades, hopes to bring joy with flowers (ABC Chicago) – Florist of 30 years responds to relocation, among other things, brought by 2020.

Black Business General / Interesting Businesses Stories

  • U.S. Black-Owned Firms Make Surprise Comeback to Pre-Covid Level (Bloomberg)
  • Black Business Friday to Launch Online Nov. 27 (Womans Wear Daily)
  • We Rise Black Business Accelerator Program (Sedona Biz) – Applications for WE Rise’s culturally responsive entrepreneurial environment end November 20.
  • Jackson Ward Collective aims to help and uplift Black business owners (Richmond Times Dispatch) – Jackson Ward Collective aids Black businesses through sharing of lived experiences.
  • Jacksonville Targeted For Black Restaurant Accelerator Program (WJCT) – Jacksonville one of 12 cities to get boost for Black-owned restaurants.
  • Black Female-Led Venture Fund is Leading The Way to Increasing a New Generation Focused on Investing in Women of Color Entrepreneurs (PR Newswire).
  • 5 Ways You Can Help Black Female Founders Build Their Legacy Right Now (Forbes).
  • How one Kansas City group is building up Black-owned businesses (Kansas City Starentre)

Big Business / Corporate

  • PayPal Invests in Racial Equality (New York Times) – Paypal’s pledge includes $530 million allocated to Black-owned businesses
  • PayPal Invests in Local Black, Latino VCs (Los Angeles Business Journal) – PayPal invests $50 million across eight Black and Latino venture capital funds
  • Apple Growth Partners Introduces Initiative to Grow Black-Owned Businesses (Yahoo Finance) — IMPACT’s goal is to increase Black business owners’ financial network while creating traction for change
  • Bank of America invests in three more minority-focused lenders (American Banker).
  • Barclays launches accelerator for black-founded tech firms (Finextra) – 25 black-led technology firms will work in 12 week virtual accelerator program.
  • American Express Launches ‘Built to Last’ to Celebrate Black-owned Small Businesses (WWD) – New podcast focuses on supporting the recovery and development of small Black-owned businesses.
  • Facebook is expanding an upskilling program aimed at helping Black and Latinx small business owners who have been hardest hit by the pandemic (Business Insider) – Facebook’s focus on Black and Brown businesses part of $1.1 billion commitment to reduce racial inequality in the US
  • Building Black Financial Wealth (Chicago Crusader) – The Crusader partners with JP Morgan Chase to close the racial wealth gap.
  • Facebook, Uber Reveal New Initiatives in Support Of Black Entrepreneurs (Betakit) – CBCC president hopes grants can strengthen Black entrepreneurs’ online reach and capacity.
  • Goldman Sachs Foundation President Asahi Pompey: Black businesses are over-mentored and under capitalized (Yahoo Finance).

Discrimination

  • McDonald’s hit with new lawsuit alleging racial discrimination against Black franchisees (Herald Review) – Two Black owners of McDonald’s franchises accuse McDonald’s of a predatory growth strategy.
  • McDonalds is facing another discrimination lawsuit (Restaurant Business)
  • Black man kicked out of restaurant for wearing sneakers blames racism (Business Insider) – A White customer wearing sneakers was already in the restaurant.

Reparations / Affirmative Action / Diversity / Inclusion

  • Yes, Black Americans are entitled to reparations. We’ve earned them. (Washington Post) – Michelle Singletary, Yeah !!!
  • The Number of Black Board Members Surged After George Floyd’s Death (Barron’s). In the five months since Floyd’s death, Russell 3000 companies (P&G, Target, Pinterest, Pepisco, etc.) appointed 130 Black board members.
  • In a Bid to Diversify, Firms Expand Business-School Recruiting (Wall Street Journal). Companies are recruiting more business students at historically Black colleges and universities this year in an attempt to diversify their talent pipelines.
  • Reasons Why Corporate Organizations Should Pay Black Experts In Black History Month (Forbes). 
  • At San Francisco’s Lowell High School, Leftists Turn Against Merit(Independent Institute) — Conservative

Straight Up Econ / The Economy

  • The re-privatization of Fannie and Freddie will blunt improvement of racial wealth gap (CT Mirror)

Sports / Media / Entertainment

  • CBS Studios, NAACP Venture Appoints Sheila Ducksworth President, Opening Doors For Black People In TV (Forbes) – Story has links to two other interesting studies:
  • Media Representations and Impact on the Lives of Black Men and Boys
  • Hollywood Diversity Report 2020
  • This Founder Is CEO Of The First Black-Owned Anime Studio In Japan (Forbes). Arthell Isom is the CEO and art director of D’Art Shtajio. 
  • BET presents the ‘2020 Soul Train Awards’ on Sunday, November 29 at 8 p.m. (WCLK)
  • Instagram row over plus-size model forces change to nudity policy (The Guardian). Facebook and Instagram amends their code based on a discriminatory flaw.
  • Nas produces and narrates new doc ‘Smoke: Marijuana + Black America’ (The Grio)

Marketing / Advertising / Consumer Behavior

  • Is Your Marketing ‘Thoughtfully Inclusive’ of African Americans? (CMS Wire) – Cheryl Grace calls for thought inclusivity in marketing to Black consumers.

Alcohol / Cannabis

  • He Was Arrested for Weed at 13, and He’s Selling It Legally at 27 (Bloomberg). Seun Adedeji is among Black entrepreneurs pushing for a share of a $16 billion legal marijuana industry dominated by Big Business
  • Black CEO And Founder Of Marijuana Businesses Breaks Boundaries In the Cannabis Industry (Baller Alert)
  • His brand Elev8 Cannabis is here.
  • The Minority Cannabis Business Association link.
  • Shawn’s Hemp: Former NBA All-Star Kemp enters pot business (AP)
  • NBA legend Shawn Kemp to open Seattle’s first Black-owned cannabis store(Leafy) – Story from industry trade magazine
  • Courvoisier® Cognac Partners With National Urban League To Support Black Small Business Owners And Entrepreneurs (PR Newswire)
  • Nas produces and narrates new doc ‘Smoke: Marijuana + Black America’ (The Grio)
  • The Beginner’s Guide to Social Equity in Cannabis (Healthline)—References report below:
  • Women & Minorities in the Cannabis Industry

Technology / Apps / Innovation

  • Forethought Raised $17 Million From Investors Like Ashton Kutcher And Diddy To Take On Customer Service With AI (Forbes) – Forethough.ai
  • EatOkra app helps users find 150 Chicago-area Black-owned restaurants, bars (ABC) —  EatOkra app is the first smartphone app to curate over 3400 Black-owned restaurants throughout the US.

Finance / Investing / Venture Capital

  • LISC leads institutional VC commitments to first-time Fearless Fund investing in women of color (PR Newswire). LISC invests in the Fearless Fund, a $20 million venture capital fund in Atlanta launched by women of color that invests exclusively in early-stage startups led by women of color. 
  • Impact America Fund closes $55M to invest in startups targeting the world’s overlooked (Tech Crunch). Kesha Cash, one of the few Black female general partners in venture capital, says she wants to invest in companies that work on solutions for the world’s overlooked and underserved.

Real Estate / Housing / Segregation

  • Why homeownership costs for Blacks are disproportionately high and what can be done about it (Bankrate.com)
  • Bank programs seek to widen the path to Black homeownership (Washington Post) – Program will repair damage from sub-prime mortgage problems. Great long article with lots of good references to mortgage discrimination problems.

Real Estate / Finance / Development / Segregation

  • 100 new homes being built for Black homeowners in west Louisville (Wave 3 News)

Real Estate / Construction / Development / Discrimination

  • Supporting minority construction businesses will strengthen New York City (Real Estate Weekly)

Politics / Government / Federal, State And Local

  • Black Small Business Grants Up To $15K In ATL, Apply By Nov. 4 (Yahoo News) – Grants up to $15000 available through the Atlanta Well-Being Initiative
  • Wicker’s bipartisan bill establishes more minority business centers (Ripon Advance) – Bill looks to extend resources to rural or underserved minority populations.
  • Rock Hill’s Black economic leaders want equity in city’s growth (Q City Metro) — Black Economic Leadership League is pushing for inclusion with jobs and business opportunities.
  • Pennacchio & Kean Bill to Review Effectiveness of Programs Supporting Businesses Owned by Minorities and Women Clears Senate (Insider NJ) – Kean and Pennacchio hope to improve SAVI database, which aids in matching buyers and vendors for private contracting opportunities.
  • Wicker, Kaine, Colleagues Introduce Legislation to Expand Minority Business Support to Rural Areas (Y’all Politics). Three senators introduced the “Reaching America’s Rural Minority Businesses Act of 2020”  which would authorize the establishment of 10 business centers at historically black colleges and universities (HBCUs).
  • Black leaders discuss unrest, path to economic recovery for Philly (Philadelphia Tribune)

Law / Legal / Non-Profits / Philanthropy

  • Ressler Gertz Family Foundation and Hawks Investing $40 Million in Atlanta, Bolstering Economic Empowerment in Black Community and Expanding Community/D&I Commitment (NBA). A $5 million commitment will be made to the Herman J. Russell Center for Innovation and Entrepreneurship (RCIE), the largest non-profit center for Black entrepreneurs in the nation.
  • Business leaders in Des Moines helped me build Urban Dreams, and we’re poised to grow more leaders (Des Moines Register)

Arts / Music / Culture

  • As museums face racial and economic problems, smaller institutions are showing progress (KCRW Public Radio)

Education / Healthcare

  • Fresno State honors professor who helped launch Black and ethnic studies programs in ’60s (Fresno Bee)

Rehab / Re-Entry / Corrections / Police

  • Critics say Blacks, Hispanics unfairly targeted in marijuana enforcement (WFAA). Dallas DA, judge among those who say ‘cite and release’ program, aimed at saving money and keeping people out of jail, disproportionately snares minorities.

Career / Professions / Entrepreneurship / Businesses You Can Start

  • This old school in Port Richmond is a new, diverse hub for Philly’s young entrepreneurs, artists, and creators (Philadelphia Inquirer) –Young black entrepreneurs attracted to Port Richmond hub.
  • “Born for This”: Meet the First Black Woman to Launch a Community Solar Company (Vogue). Kristal Hansley is the CEO of WeSolar, a community solar company providing affordable energy to low- and moderate-income families. 
  • Black-Owned Tech Start Up Revolutionizes Home Inspection Industry (Black Wall Street Times). A tech start-up called AfterrHome is using Artificial Intelligence to help prospective buyers and sellers book and facilitate home inspections.
  • AMEX adds Diversity and Technology Expertise with Charles Phillips – former Marine and current Technology Superstar(The Street)
  • Opinion: America should bet its chips on entrepreneurs (Dallas Morning News) – Not sure what to make of this since big business has been crushing small business for years.

People / Motivation / Leadership / Success Stories / Ideas

  • Meet the First Black Woman to Launch a Community Solar Company (Vogue). Kristal Hansley is the CEO of WeSolar, a community solar company providing affordable energy to low- and moderate-income families. 
  • York (City College)’s National Association of Black Accountants talks business (York Pandor’s Box)
  • Forethought Raised $17 Million From Investors Like Ashton Kutcher And Diddy To Take On Customer Service With AI (Forbes) – Forethough.ai
  • Chef Marcus Samuelsson has a new book: “The Rise” (Salon)
  • Cox CIO Greg Morrison led and inspired (Atlanta Business Chronicle)

Good News

  • Black-Owned Tea Company Lands Investment From Kevin Hart (Newsone)

Caribbean / Africa / International

  • Jamii Founder Khalia Ismain Proves There’s Power In Being A Doer (Bustle) – Jamii is a discovery platform for Black-owned businesses
  • As they wait for promised help from Justin Trudeau, ‘Black businesses are dying’ (The Standard) – Black businesses suffer as federal government funding anticipated to come in 2021
  • Adapt, endure and expand: How Black entrepreneurs are handling the challenges posed by the pandemic (Financial Post) – Addai’s African print business soars despite pushback.
  • City charter pushes business to bring through senior black executives (Financial Times) – Charter’s goal is to have more black people in senior positions in financial and professional services companies in the UK.
  • Campaign launched to create 10,000 Black internships across business, education sectors (Financial News). Businesses, politicians and education groups have launched a program to create 10,000 internship opportunities for young Black people across the UK.
  • ‘The Black Pages’ Will Be Canada’s First Digital Directory Of Black-Owned Businesses (Narcity)
  • Black British Business Awards announces 2020 winners (City AM) – UK

Travel / History

  • BOSS: The Black Experience in Business (WNET)

Conservative / Alternative

  • Jared Kushner Says African-Americans Must ‘Want to Be Successful’ (Bloomberg). Trump’s advisor asks if Black people want to become successful and thinks that the Trump Administration will help them do that.
  • Kushner, Employing Racist Stereotype, Questions if Black Americans ‘Want to Be Successful’ (New York Times). Same story as above, different perspective.

Opinion

  • Supporting minority construction businesses will strengthen New York City (Real Estate Weekly)

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)

Black Business and Economics Stories for Oct. 12 to 18th 2020

We have a large number of stories about Black businesses this week.

Top Stories

Racism has cost the US economy $16 trillion in the last 20 years — and will keep costing the country money if things don’t change (Business Insider).

A Black Chicago Bar Owner wants more than fake support from his industry (Chicago Eater) – White bar owners decline to participate in protests, Johnson is left with feelings of performative ally-ship.

Fighting Climate Change, One Building At A Time (NPR)

Killer Mike wants to revolutionize banking (Vanity Fair)

With Greenwood, Black Lives Matter Brings its Powerful Message to Online Banking (Triple Pundit) – Using Killer Mikes celebrity status is a good strategy for Greenwood bank.

Business Groups Urge Trump to Withdraw Order on Diversity Training (Wall Street Journal) – Black people hold 3% of executive or senior-level roles at US companies with 100 or more employees.

Yelp Users Can Now Flag Businesses For Racist Behavior (Grit Daily) – Reviews for Black-owned businesses up 617% this summer on Yelp

Disparity In Bank Lending To Black Business Owners (Northern California Public Media) – There has been an 84% drop in lending to African American owned businesses in SBA program since 2007

Can Prop. 16 boost California’s Latino-, Black-, Asian- and women-owned companies? (LA Times)

Investopedia adds entry on Reparations for Slavery (Investopedia)

New Study Highlights $34 Billion Tourism Opportunity and Strong Traveler Interest in Black History and Culture (GlobeNewswire). 

Investing in Black-owned banks key to ending racial disparities (CNBC) – Investing in Black banks can help fight the inequity in the disbursement of loans to the Black community.

Coronavirus / PPP

Income shocks hit Black and Hispanic families twice as much (Chicago Booth Review).  Black and Hispanic households are 20–50 percent more sensitive to income volatility than their white counterparts.

‘A tale of two Americas’: How the pandemic is widening the financial health gap (Fortune).

Big Banks Prioritized Billions In PPP Funds For Wealthy Clients At The Expense Of Struggling Small Businesses, House Report Finds (Forbes)

Business group offers pandemic grants to Seattle-area Black-owned businesses (Seattle Times)

Protest / Social Justice / Racism

Black Lives Matter provokes change on Wall Street (Financial Times). Protestors are challenging asset managers to do more on racial injustice issues.

Racism has cost the US economy $16 trillion in the last 20 years — and will keep costing the country money if things don’t change (Business Insider).

Jobs / Workers / Unemployment

Mass Unemployment Is a Crisis — But We’re Not Treating It as One (Jacobin Magazine)

More than 865,000 women left the U.S. workforce in September (Business Record). Of those women, 324,000 were Latina and 58,000 were Black. 

Black Business General

Black Business Expo in Lancaster PA hopes to create economic support system (ABC 27 TV)

Black Restaurant Week Establishes ‘Feed The Soul Foundation’ (Cision PR Newswire) –The foundation will support small business with developmental help and mentorship support.

Loan program looks to support businesses that are owned by and help communities of color (WFMY) — $100,000 given to Piedmont Business Capital to distribute to business owners of color.

Barefoot and New Voices Foundation Award Grants to Black-owned Beauty Businesses (Cision PR Newswire) — $60,000 in grant money given to Black businesses specializing in highlighting the beauty of women of color.

In Texas, some Black-owned barbecue restaurants saw an uptick in business during summer protests (Marketplace) – Pandemic would have posed insurmountable challenges for many Black businesses had there not been an uptick of support due to summer protests.

Black Entrepreneur’s Guide To The Rest Of 2020 (Forbes) – Tips for Black entrepreneurs looking to seize the rest of 2020.

We must support Black businesses, especially now (The Daily Targum) – A small list of unique Black Businesses. Rutgers University

Black business owners, city leaders discuss proposals to close wealth gap in Big Bend area (WTXL) – Black business owners call for a fair chance of success regardless of skin color.

Blaktober aims to put a spotlight on Chicago’s Black-owned restaurants (Chicago Sun Times) – 70 Black-owned to be highlighted in Chicago’s Blaktober

Black-owned businesses receive $250k from Kaiser Permanente Northwest (KGW). This investment is part of a national effort to uplift communities of color and improve public health.

Week-long event highlights the Black-owned restaurants in NOLA (The Louisiana Weekly)

Black Restaurant Week kicks off in Philly (Philly Metro)

These 15 Black Owned Plant Companies will Help You Find Your Green Thumb (Cosmopolitan)

Black Business Specific

A Black Chicago Bar Owner wants more than fake support from his industry (Chicago Eater) – White bar owners decline to participate in protests, Johnson is left with feelings of performative ally-ship.

Even During a Pandemic, LA’s Black-Owned Bars Offer a Ray of Hope (LA Eater) – Gentrification put a limit on Black-owned spaces, establishments like the Living Room keep hope alive.

Fighting Climate Change, One Building At A Time (NPR)

Killer Mike wants to revolutionize banking (Vanity Fair)

With Greenwood, Black Lives Matter Brings its Powerful Message to Online Banking (Triple Pundit) – Using Killer Mikes celebrity status is a good strategy for Greenwood bank.

Space City Shows Drive-In Celebrates Black-Owned Businesses (Houstonia Magazine) – EaDo, the first Black-owned drive-in theater, hosts venue featuring Black-led films and serviced by Black-owned food trucks.

Mastercard / Stride Partnership includes MoCaFi, a Black financial technology company (Pymnts Magazine)

Black Business Spotlight: Just Turkey (MSR) – New restaurant ‘Just Turkey’ targets niche market in Minneapolis.

Virginia Black Business Directory Expo Coming To Fredericksburg (Patch) – Expo to serve as a place for Black business owners to promote their products and services.

How a McDonald’s Father-Daughter Duo Inspires Positive Change (QSR Magazine)

Columbus Welcomes First Black-Owned Grocery Store in 25 Years (Spectrum News 1 Columbus)

Big Business

Google To Provide Digital Skills Training At HBCUs As Part Of $15 Million Pledge (Forbes) – Press Release

Merck CEO calls on private industry to ‘stabilize society’ amid racial injustice, economic downturn (Fierce Pharma) – Ken Frazier is one of four Black CEOs.

TD Bank Investments in International African American Museum (Monitor Daily) – Interesting story coming from a web site devoted to equipment leasing and financing.

Business Groups Urge Trump to Withdraw Order on Diversity Training (Wall Street Journal) – Black people hold 3% of executive or senior-level roles at US companies with 100 or more employees.

USAA launches $50M initiative to advance racial equality (The Business Journals).

Yelp Users Can Now Flag Businesses For Racist Behavior (Grit Daily) – Reviews for Black-owned businesses up 617% this summer on Yelp

Business Roundtable CEOs Announce Corporate Initiatives on Racial Justice (Industry Week) – One initiative of Business Roundtable is better service to underbanked populations.

New initiative goes beyond survival to assist small Black businesses with sustainable growth (Chicago Crusader) – The Comcast RISE program will offer media campaigns, computer and voice equipment, and free marketing insights to all applicants.

YouTube debuts a new platform to ‘amplify Black voices’ in new shows (Today). Youtube announced the $100 million Black Voices Fund.

JPMorgan commits billions to build Black and Latinx wealth (ImpactAlpha). 

Facebook’s #BuyBlackFriday initiative promotes holiday shopping at Black-owned businesses (The Business Journals). Facebook is working with the U.S. Black Chambers on the initiative to encourage consumers to consider purchasing from Black-owned small businesses.

Corporate America Is Tackling Diversity Issues. Here’s What CEOs and Money Managers Say Will Turn Talk Into Action. (Barrons)

More than 150 business groups tell Trump to reverse executive order banning diversity training (The Hill)

Discrimination

Black businesses get fewer loan opportunities, study shows (The Grio)

Disparity In Bank Lending To Black Business Owners (Northern California Public Media) – There has been an 84% drop in lending to African American owned businesses in SBA program since 2007

Reparations / Affirmative Action

Can Prop. 16 boost California’s Latino-, Black-, Asian- and women-owned companies? (LA Times)

San Diego protest calls for reparations for Black Americans (San Diego Union-Tribune)

Will County Democrats want Black residents to decide how to spend revenue from cannabis tax as reparations for slavery (Chicago Tribune)

How much is owed to Afro-descendants in the Americas? (GQ UK)

Investopedia adds entry on Reparations for Slavery (Investopedia)

Real Estate / RE Finance / Residential Segregation / Gentrification

Black Americans are paying more to own a home and falling further behind (CNN). Black homeowners on average pay more in mortgage interest, mortgage insurance, and property taxes than other homeowners.

Why highways were designed to run through Black communities. SC faces historic dilemma again (Charleston Post & Courier) – In the old days, there was little community input.  Planners looked for the least expensive land.

Why Are There So Few Black Farmers in The Midwest? (WVIK Public Radio)

Miami Gardens: Dade’s Black middle class city (Miami Hearld)

Pittsburgh Unveils ‘Avenues Of Hope’ Project To Revitalize Historically Black Neighborhood Business Districts (CBS Pittsburg)

ABC Nightline features family who says home appraisal value increased after removing ‘Blackness’ from home (First Coast News)

A community investment trust for Portland, Ore. residents to ‘buy back the block’ (Brookings)

Why accessing real estate capital is tougher for Black entrepreneurs (National Mortgage News)

Finance / Investments

Stocks are soaring, and most Black people are missing out (The Detroit News). Black households are less likely to own stock, missing out on “roughly 260% returns for S&P 500 funds over the last decade.”

New Report Finds Just 31 Black Founders Raised Venture Capital In Q3 2020 (Yahoo Finance). 31 Black venture capitalists raised $5.8 Billion with only 115 Million being invested in black founder-led startups.

LA Black Investors Club Pitch Competition (LABIC)

Economics

William Darity wins 2020 Leaders in Diversity Awards Lifetime Achievement Award winner (Triangle Business Journal)

Nobel problem: Economists want to see their profession diversify (Aljazeera). Paul Milgrom and Robert Wilson speak about diversity within the field.

People / Careers / Motivation

Kristen Noel Crawley on spurring diversity in beauty: ‘We could be molding the next billion-dollar company’ (Glossy) – Crawley, a Black female founder, notes challenges she has overcome

Black CEOs Thrives Where Big Banks Fled (Bloomberg) — Darrin Williams of Southern Bancorp is pitching traditional banking to the untrusting and the unbanked.

Black Professionals News Publisher Earl Harvey, 65, remembered as an innovator (Philadelphia Tribune) – Earl Harvey, champion of Black entrepreneurs and organizer of innovative community-building events, dead at 65.

NFL superstar Malcolm Jenkins just created a venture capital fund focused on empowering black founders and investors (Business Insider).

Destiny Payton-Williams is Shaking up the Beauty Industry (Global News Wire)

Career / Industry

U.S. Space Force sends recruiting envoy to North Carolina A&T (Triad Business Journal)

Sports / Media / Entertainment

Oakland Businesses Propose $92 Million to Create First Black-Owned NFL Team (Oakland Post)

Viola launches cannabis business incubator program with Gold Standard Farms (Greenway). The ultimate goal of the incubator program will be to create 100 Black millionaires within cannabis.

Politics / Government

Experts testify about systemic racism in Illinois home loan, banking industries; Lawmakers look for answers from banking executives, community advocates, researchers (Quad-City Times) – Illinois

Experts Testify About Systemic Racism in Illinois Home Loan, Banking Industries (Northern Public Radio)

Black Super PAC Urges Candidates and Parties to Spend Millions with Black Businesses (Dallas Weekly)

Diddy Announces Launch Of Our Black Party PAC (Vibe)

OKC approves more funds for small minority businesses hurt by pandemic (The Oklahoman)

Has Trump failed Black Americans? (Brookings) – Trump’s Platinum Plan is too little, too late when it comes to addressing the neglect faced by members of the Black community.

Black business leaders bring policy proposals to City and County Commissions in Tallahassee, FL (WCTV) – Policies aimed to aid minority-owned businesses include breaking up large contracts for professional services.

Black Democrats demand minority lead Treasury under Biden (Axios)

Metro East senator says black businesses deserve fair share in state contracts (Illinois Business Journal)

Non-Profit

Wes Moore, CEO of the Robinhood Foundation talks about Race and Poverty in America (Washington Post) – Wes Moore, CEO of the Robin Hood Foundation, seeks to aid in the eradication of poverty and the uplifting of Black and Latino communities

Caribbean / UK / Canada / Africa / International

Atlantic Council hosts session on investment in Africa (Atlantic Council)

Simply Noir Marketplace for black independent businesses launches in UK (Tamebay) – Simply Noir works to make black & ethnic products more accessible to all.

Black and Indigenous entrepreneurs struggle for traction in Canada’s cannabis industry (CBC)

6 Canadians on How They’d Elevate Their Businesses Through the Black Entrepreneurship Program (Flare) — Canada

Travel

New Study Highlights $34 Billion Tourism Opportunity and Strong Traveler Interest in Black History and Culture (GlobeNewswire). 

Local ‘Green Book’ motel was a haven for Black travelers during Jim Crow. An affordable housing project seeks to honor that history (Chesterfield Observer)

Opinion

The Oakland Coliseum Should be Developed by and with Blacks (Post News Group)

Investing in Black-owned banks key to ending racial disparities (CNBC) – Investing in Black banks can help fight the inequity in the disbursement of loans to the Black community.

No one has done more for Black people than Black people (News Press). The focus on which president has done the most for Black people diminishes the contributions Black people made to their own history.

Black Business and Economic Stories for the week of Oct. 5th to 11th

We have over 120 stories this week. We have twelve inspirational “people” stories about successful Black entrepreneurs plus 25 Black business stories.

Top Stories

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

Killer Mike and Andrew Young start Black-owned bank called Greenwood Bank. (CNN) — Greenwood Bank website.  Greenwood closes $3 million seed round to build online banking solution for Blacks and Latinx (Cision PR Newswire)

The dark truth behind the million-dollar imported Black hair business (CNN)

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

California to study, consider reparations for Black residents after landmark law passed (USA Today)

A bike company offers Black customers reparations in the form of a discount (Yahoo Finance). Rivendell Bicycle Works created a direct approach in reparations that provides a 45% discount for their Black customers

Philadelphia Examining Whether Public Deposits Can Close Racial Disparities in Small Business (NextCity). Council member Derek Green wants to use the city’s own deposits to help close disparities.

Canadian business leaders launch national initiative to fight anti-Black systemic racism (CBC)

‘I altered my personality to fit in at work’ (BBC)

Covid-19 / Coronavirus / PPP

COVID-19 is increasing multiple kinds of inequality. Here’s what we can do about it (World Economic Forum)

COVID-19 Laid Bare Inequities, Racism, Cleveland Mayor Frank Jackson Says (WOSU Public Radio)

Racism is the most significant underlying condition in the COVID-19 pandemic (Poynter Institute)

Hundreds of Black-owned businesses in San Francisco asked for help amid Covid-19. There’s not enough money to help them all (San Francisco Business Times)

The Paycheck Protection Program failed many Black-owned businesses (Vox) – Only 1 in 10 Black-owned non-employer firms had a recent borrowing relationship with a bank, which hurt PPP chances.

Why are we letting America’s smallest businesses die? (Fortune). Orv Kimbrough argues that Black-owned small businesses have been hit especially hard by COVID-19, and need adequate loans and relief.

Black Small Businesses Significantly Impacted by COVID-19; Less Likely to Receive Financial Assistance (PR Newswire) – According to the report, by SCORE, Black small business owners are 90.7% more likely to have a direct relationship with someone with COVID-19 infection than their white counterparts

House Passes $2.2 Trillion Dollar Second Stimulus Bill, Is Racial Equity Lacking For African Americans? (Forbes) – New bill may still fail to address racial disparities daces by Black and Brown individuals.

Workers / Unemployment / Labor

The U.S. is still ‘missing’ more jobs than it did at the worst point of prior postwar recessions (Washington Post)

Black Business General

Economics in Brief: Report Illuminates How Wide the Funding Gap is for Black and Latinx Americans (Next City)

New council wants to bring opportunities to Black businesses in Marion OH (Marion Star)

Urban Black farmers try to diversify Kalamazoo farmers market (Michigan Live)

My Black Receipt report over $7 million in spend from 22,750 consumers (MyBlackReceipt)

Austin natives, Black clean energy entrepreneurs say industry needs people of color (Austin Weekly News)

Want to grow more Black businesses in Philadelphia? Start with advocacy, funding and social capital (Technically)

3 Austin Black-owned startups secure $200,000 in funding from tech giant (CultureMap Austin)

NAACP and Hello Alice partnership create grants and resources for Black-owned businesses (ABC News).

Black Businesses Matter workshops seek to reach minority entrepreneurs in Western NY (Biz Journals) – Virtual workshop gives black and minority businesses exposure to advertising and marketing techniques.

Black entrepreneur get funds from Black Business Investment Fund for construction company expansion (Biz Journals)

Small Business Credit Survey: Report on Minority owned firms (Atlanta Fed) – December 2019.  28% of Black-owned firms need to rely on personal funding compared to 16% of white-owned firms, says Federal Reserve Bank of Atlanta Study.

Black Business Specific / Business Ideas / Entrepreneurs

Killer Mike and Andrew Young start Black-owned bank called Greenwood Bank. (CNN) — Greenwood Bank website

Greenwood closes $3 million seed round to build online banking solution for Blacks and Latinx (Cision PR Newswire)

OneUnited: The Nation’s Largest Black-Owned Bank Is Unapologetically Black And Activist (Forbes)

Photojournalism Project Profiles 9 Black Women Business Owners in Newark (WBGO)

Brown Sugar Bakery buying 84-year-old Cupid Candies on Chicago’s Southwest Side (Chicago Tribune)

Author Latoya Nicole Launches Black-Owned Coloring Pencils Brand (MadameNoire)

Brooklyn teen opens beauty supply store amid pandemic to ‘inspire others’ (The Grio)

New Black business in St. Paul, MN: Taste of Rondo (St. Paul Spokesman-Recorder)

Charlotte graduate donating $1 million in web services to Black businesses (WSOCTV) – Jeremiah Chapman aims to amplify the voices of the Black community with Black Culture Weekly.

From coffee to salad, new Louisville event showcases Black chefs (WLKY) – Black Eats Week added to Louisville’s Black business week that takes place in June.

FishScale, A Black-Owned Seafood Restaurant In Washington, D.C., Rebounds For The Community (Forbes) – Innovative Black-owned seafood restaurant able to bounce back with PPP loan

At Inglewood’s Sip & Sonder, Community And Personal Well-Being Take Focus (Sprudge) – City in the middle of a transformation still holding on to its Black culture.

Big Business

JPMorgan puts $30B toward fixing banking’s ‘systemic racism’ (AP)

JP Morgan Chase to spend $30 billion to close the racial wealth gap (USA Today). JP Morgan Chase says it will dedicate $30 billion to closing the racial wealth gap, from granting loans that help Black and Latino Americans purchase homes to helping the unbanked open checking and savings accounts.

Black LinkedIn Is Thriving. Does LinkedIn Have a Problem With That? (New York Times). Black users are speaking up and are saying the site is limiting their voice.

How Bank of America’s CEO Is Combating Economic Inequality (Barrons)

Wells Fargo faces criticism over diversity, forbearance efforts (Triad Business Journal)

Sustainability Investors Shift Their Focus to Social Issues (Wall Street Journal)

Facebook launches initiative called #BuyBlackFriday to support Black-owned businesses (WRAL TechWire)

Bank of America buy 5% of Black-owned Unity bank of Houston (BlackBusiness.com)

Southern California Edison Strengthens Commitment to Black Employees by Joining AABE Energy Equity Initiative (Black Chronicle)

Citi pledges more than $1B to help close racial wealth gap: Action for Racial Equity commitments planned over next three year (St. Louis American). Citi is hoping to increase economic mobility in the United States by providing homeownership, business suppliers, capital, and other opportunities.

Labor Department Questions Microsoft and Wells Fargo Over Pledges to Hire More Black Employees (Wall Street Journal). The U.S. Department of Labor is concerned that these companies are engaging in discriminatory practices to accomplish those goals.

Google gives black Atlanta tech companies $2.35 million (Atlanta Journal-Constitution

Google for Startups Black Founders Fund gives $100K to Newark’s MindRight Health (NJBiz).

Four Black-owned DFW startups land funding from Google (Biz Journals) – Four Black startups receive $300,000 from Google

Macy’s will commit 15% of its shelf space to Black-owned brands, joining a pledge adopted by Sephora, Vogue, and Rent the Runway (Business Insider). The 15% pledge reflects the fact that Black people make up about 15% of the country’s population but are underrepresented on stores’ shelves

Meet the Black woman advocating for greater disability visibility (NBC News) – Black business owner with muscular dystrophy seeking to change the way brands portray disability

Industry News

The dark truth behind the million-dollar imported Black hair business (CNN)

Thirteen-ton shipment of human hair, likely from Chinese prisoners, seized at import (CNN)

Black cigar smokers find community — and business opportunities — amid the pandemic (NBC News) – Black cigar smokers find solace in supporting Black-owned cigar lines during pandemic

Discrimination

Dillard’s agrees to pay $900,000 to settle claim of denying promotions based on race (Arkansas Online)  — This is the first race based EEOC lawsuit we found, but it was started under Obama.

McDonald’s Partners With Rappers as Black Ex-Employees Sue for Discrimination (Vice News)

Yelp will flag businesses accused of racist conduct (San Jose Mercury News)

Yelp Is Warning For Racist Businesses & People Are Mad (Refinery29)

Reparations / Affirmative Action / Diversity

California to study, consider reparations for Black residents after landmark law passed (USA Today)

California task force will consider paying reparations for slavery (LA Times)

Could African Americans in California receive reparations for slavery, discrimination? (ABC 10). Gov. Gavin Newsom signed a bill to create a task force to study and develop reparation proposals for African Americans.

Ignoring current problems, California comes up with illogical reparations bill (Southeast Missourian) – Conservative

Considering reparations for Black people (Danville / SanRamon Blog)

Hanson: Ignoring current problems, California comes up with illogical reparations bill (Casper Star-Tribune) – Conservative

Trump administration targets diversity hiring by contractors (TheDay.Com)

A bike company offers Black customers reparations in the form of a discount (Yahoo Finance). Rivendell Bicycle Works created a direct approach in reparations that provides a 45% discount for their Black customers

Durham, Washington, D.C., Become Latest Cities to Call for Reparations for Black Residents (The Root). Federal and local governments are calling for reparations.

Diversity Program Consortium: A National Program to get more African Americans and other Minorities to be Doctors in Health Science Careers is Coordinated locally at UCLA. (Los Angeles Sentinel). 

Reparations for African Americans, Alameda County supervisors say (East Bay Times).

Inequality / Wealth Gap / Structural Racism

States can pave the way on closing the racial wealth gap (Brookings)

‘We need to step forward’: Fed leaders call for new focus on race in the economy (politico)

The Federal Reserve Has A Role To Play In Reducing Racism In The American Economy (Forbes)

Racism and the Economy (Federal Reserve Bank of Minneapolis)

Racism is hurting the economic well-being of the US and its workforce — including white workers (Institute for Urban Research)

What racism costs us all (IMF)

The debt US companies owe Black Americans (Quartz) — 9.5% of private or closely held public US businesses are Black-owned, and together they make 1% of the income of white-owned businesses.

Finance / Investing

Roger Ferguson, CEO of TIAA, on Why You Shouldn’t Watch the Wild Stock Market All Day (Time) – Ferguson is one of four Black Fortune 500 CEOs

Stocks are soaring, and most Black people are missing out(TheDay.Com)

Access to capital is biggest hurdle for Philadelphia’s Black-owned businesses, leaders say (Biz Journals) – Black business owners face increased need for affordable access to capital.

Real Estate / RE Finance / Housing

Redlining was outlawed in 1968. Here’s how the practice is still hurting Black Americans. (CBS News)

Prop 21 Denies the American Housing Dream for Black, Latino Families (Fox & Hound) – Conservative

Prop. 21 modernizes rent control while incentivizing new housing construction (CAL Matters)

Black-owned real estate companies create the first public REIT for ‘affordable housing’ (The Business Journals) — Real Estate Investors Inc. intends to invest in, develop, redevelop and manage a portfolio of multifamily properties located in Opportunity Zones.

Here are the Black recipients of the MacArthur genius grants  (Becauseofthemwecan.Com) – Thomas Wilson Mitchell who helped draft Uniform Partition of Heirs Property Act of 2010 which amended laws that forced the court ordered sale of Black property.

Black Americans are paying more to own a home and falling further behind (CNN )

Building that houses iconic Tacoma clothing store, barbershop to be razed for apartments (KIRO TV Seattle)

$6.5 million aid proposal will improve Milwaukee homeownership. But those efforts need to go beyond 2021. (Milwaukee Journal Sentinel). Milwaukee has the second-lowest Black homeownership rate at 27.2%.

Charlotte’s gentrification problem transcends homes. Can businesses be saved? (Charlotte Observer) –Closing of City North Business Center forced many businesses to relocate

Agriculture

Momentum to protect Black-owned land  (LimaOhio.Com) – Blacks lose land to tax and partition sales.

Sports / Media / Entertainment

Effort to bring African American owned NFL team to Oakland takes step forward (KCBS)

African American Sports and Entertainment Group (AASEG) – Official website mention in the article.

Philadelphia Inquirer to sell printing facility and lay off 500 plant employees (Philadelphia Inquirer) – The paper I grew up with.

Byron Allen prepares to host an occasion on economic justice and equality for the Los Angeles Urban League (News US) – Press release site

Philadelphia 76ers, African American Chamber of Commerce partner on boosting Black-owned businesses (The Business Journals). The Chamber will create a program that will donate marketing assets to black businesses and increase the amount of business.

Retail / Fashion

23 Sustainable, Black-owned Businesses to Support Online (EcoEnclose)

People / Motivation / Success

NEA Women in Business Arkansas: Tamika Jenkins (Talk Business and Politics) — first African American woman in Arkansas to obtain a certified economic developer designation.

Elayne Arrington, first female Black graduate of Piit’s Engineering school. (Pitt Magazine)

Melody Hobson, Ariel Investments, donates money for residence hall. (Daily Princetonian) – She will give more than $20 million but the exact figure was not revealed.

Columbus tech CEO, Dwight Smith, of Sophisticated Systems, tries to use position for good as Black businessman (Columbus Dispatch)

Clifton Taulbert, Famed Mississippi Author,  to Deliver Talk on Black Wall Street (Hotty Toddy)

Tim Baylor, a North Minneapolis business owner,  moves forward with apartment/retail development (Minneapolis Star Tribune)

Bernard Kinsey, A pioneer of corporate diversity remains unimpressed (Fast Company)

Future looks good for graphic design business started by Lee Green (Rochester Post Bulletin)

Melissa Bradley wants to help people of color jump start their businesses. Here’s her advice (CNBC)

Chicago’s Museum of Science and Industry names Chevy Humphrey CEO (The Biz Journals)

Chevy Humphrey is the first Black and first woman president and CEO of the Chicago Museum of Science and Industry (Because of Them We Can)

Alniesha Carter,  Founder of TaxPrep Evolution Inc. (TPE), a franchise tax preparation service is expanding.  (BlackBusiness.com) – Tax Prep Evolution

Government / Politics

Alabama has many pressing needs; new prisons are not one of them (AL.Com) – Alabama wants to spend two billion on 3 private prisons.

Madison area education referendum includes “Black Excellence” program (Madison State Journal)

Legislative Black Caucus addresses issues facing Black business owners, entrepreneurs (WSIL TV)

‘This is Real Meat’: Black Businessman Encourages African-Americans to Embrace Trump’s Economic ‘Platinum Plan’ (CBN) – Conservative

Black Leaders: State Can Do More to Include Black Firms in Small Biz Support Plans (Sac Observer) – Only 30 of the 259 I-Bank loans in the fiscal year 2018-19 given to Black-owned businesses in California.

$300,000 grant aims to help Twin Cities businesses hit by pandemic, unrest after George Floyd’s death get back on their feet (Twin Cities) — $200,000 grant awarded to Black and Brown business owners.

Jail / Prison / Re-entry

Tom Gores Has Resigned From LA Art Museum’s Board After Activists complain about Prison Investments (ArtnetNews)

Legislators hear about barriers Black businesses face such as access to capital and in state contracting (Illinois Times)

Philadelphia Examining Whether Public Deposits Can Close Racial Disparities in Small Business (NextCity). Council member, and chair of the council’s finance committee, Derek Green wants to use the power of the city’s own deposits to help close disparities.

Economics

United States hit by $2 Trillion dollar drop in GDP (Visual Capitalist) – Map shows states a sectors hit by the fall in output.

Targeting Black Unemployment Would Keep Fed Rate Near Zero to 2025 (Bloomberg). 

Education

Harvard Business School Launches Action Plan for Racial Equity (Diverse in  Education)

Human Resources / Career Advice

20 ‘guiding principles’ to ensure a diverse and equitable corporate culture (Fast Company)

Technology / Innovation / Apps

Google To Provide Digital Skills Training At HBCUs As Part Of $15 Million Pledge (Forbes)

Justice Dept. Sues Yale, Citing Illegal Race Discrimination (NY Times)

Caribbean / Africa / International

Canadian business leaders launch national initiative to fight anti-Black systemic racism (CBC)

It’s time to talk about black tax in South Africa (Mail & Guardian)

Brazilian Retail Company Sued for All-Black Trainee Program, Accused of Limiting Opportunities to Non-Minorities (Atlanta Black Star)

Black Owned: Marie Farmer, founder of Mini Mealtimes (Metro UK)

Timing is everything with federal supports for Canada’s Black-owned businesses (Yahoo Finance) – Loans from $25,000 to $250,000 available for Black business owners.

New online marketplace for black businesses launches (Voice) –Wakuda is a new online UK marketplace for Black businesses

Black Owned: Marie Farmer, founder of Mini Mealtimes (Metro UK )

Career / Motivation

‘I altered my personality to fit in at work’ (BBC)

‘Let’s Build Instead Of Burn’: Daymond John Launches Black Entrepreneurs Day To Inspire Black Business Owners To Persevere (Forbes) – Daymond John aims to give Black Entrepreneurs support from industry peers with Black Entrepreneurs Day.

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

Top Stories

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

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

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

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

Illinois and Newark seem to be on top of things

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

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

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

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

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

Coronavirus / PPP / Recession

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

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

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

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

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

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

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

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

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

Protest / BLM

No protest or BLM stories related to business or the economy

Black Business General

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

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

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

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

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

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

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

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

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

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

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

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

Black Business Specific

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

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

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

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

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

Jobs / Workers / Unemployment

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

September Jobs Report Shows Slowdown in Recovery (NY Times)

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

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

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

Big Business / Corporate

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

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

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

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

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

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

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

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

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

Inequality

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

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

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

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

Discrimination / Racism

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

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

Reparations

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

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

Banking / Finance / Investing

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

Sports / Media / Entertainment / Fashion

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

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

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

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

Real Estate / Finance / Segregation / Redlining

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

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

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

Economics

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

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

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

Government / Politics / Election

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

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

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

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

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

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

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

Education

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

Taxes / Government Policy

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

Education

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

Science / Technology / Apps / Innovation

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

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

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

Caribbean / International

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

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

History

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