Stories Feb 8th to 14th 2021

Top Stories

CT-Based Entrepreneur Creates First Black-Owned Cereal During Pandemic (NBC New York). Nic King is the founder of Proud Puffs, a vegan, gluten free, black owned cereal brand.

Facebook Launches New Platform to Highlight the Work of Black Creators, and a New Guide for Businesses (Social Media Today)

This map shows the last time each state raised its minimum wage (Business Insider). 74 states, counties, and cities have raised their minimum wage to $15 or higher.

Dealing Detroiters into legal marijuana industry won’t be easy (Detroit Free Press). The goal is to introduce recreational marijuana businesses in Detroit.

With New Digital Banking Offerings, Greenwood Aims To Close Racial Wealth Gap (Forbes)

Three ways the Biden administration can promote economic security for Black Americans (Brookings Institute)

Atlanta Beltline

The Atlanta Beltline shows just how difficult it is to make big improvements for a large number of people when a small, vocal group of citizens opposes the change. The value created is immense and the losers are small.  But getting even the small number of losers to give something up is almost impossible, especially land or money (taxes).

Beltline moves to fulfill promise of job creation with loop’s completion in southwest Atlanta (Atlanta Business Chronicle)

Atlanta BeltLine Seeks Funding to Complete Trails Before 2030 (Beltline) – PR release.

New Avenues of Funding to Finish the Project (Beltline)

Stories

Jobs / Workers / Unemployment / Gig

The Congressional Budget Office says raising the minimum wage to $15 will kill jobs. That’s not the whole truth — here’s why. (Business Insider)

Latina and Black women lost jobs in record numbers. Policies designed for all women don’t necessarily help. (Washington Post)

US jobless claims fall slightly to 793,000 with layoffs high (Associated Press)

U.S. State Jobless Claims Ease While Federal Programs Swell (Bloomberg)

This map shows the last time each state raised its minimum wage (Business Insider). 74 states, counties, and cities have raised their minimum wage to $15 or higher.

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

Some Black-Owned Businesses Are Turning To New Banks For Paycheck Protection Loans (NPR)

Second round of PPP promises to prioritize underserved businesses. Is it working? (News & Observer) — The U.S. Small Business Administration (SBA) recognizes Black entrepreneurs face socioeconomic and capital funding obstacles when starting and expanding a business

Jobs / Workers / Unemployment / Gig Economy

Inequality / Systemic Racism / Economic Justice

How Can You Truly Make a Difference for Black History Month? (Entrepreneur) –

CEO of Kanarys wants to see more organizational change during Black History Month

Inequality, discrimination part of Black History (Boston Herald)

Race & Equity: Why tackling inequality is everybody’s problem (San Francisco Business Times) – A universal case to close the racial wealth gap.

Black and Latino-owned businesses facing economic peril get $1.1M in relief from Nonprofit (AMNY)

Black Business

Black Business General / Interesting Businesses Stories

Kamala Harris and Black business leaders collaborate on economic plan (The Grio)

Black-owned businesses, New Era Las Vegas create ‘safe zones’ for those in danger (News 3) — A local community activist is teaming up with Black-owned businesses across the valley to create safe zones for people who find themselves in dangerous situations.

Black businesses are still struggling. This Black S.F. leader says it’s time to change the narrative. (San Francisco Business Times)

Britain’s Minority Businesses Punch Above Their Weight But They Need Help (Forbes)

The Fall And Rise Of Black Businesses In 2020 (Forbes) — Access to capital became a roadblock for the survival of black owned businesses.

Black History Is Our History: Black Business Owners Hope Their Example Inspires Other African Americans To Become Entrepreneurs (CBS New York)

Richland woman creates a new program to help minority-owned businesses (NBC Right Now)

Black Business Specific

CT-Based Entrepreneur Creates First Black-Owned Cereal During Pandemic (NBC New York). Nic King is the founder of Proud Puffs, a vegan, gluten free, black owned cereal brand.

Collier Brothers Auto Body, among the oldest Black-owned businesses in St. Louis, to mark 75 years (STL Today)

Big Business / Corporate America

PepsiCo rebrands Aunt Jemima as Pearl Milling Company, coming June 2021 (Fox Business)

Facebook Launches New Platform to Highlight the Work of Black Creators, and a New Guide for Businesses (Social Media Today)

BET And Facebook Elevate Partner For Fireside Chat Series On Black Entrepreneurship (BET)

During Black History Month, T-Mobile Launches Programs Focused On Driving Opportunity For Students, Tech Workers And Business Owners (KXRO)

Pascale Sykes Foundation commits $1M to help expand opportunities for Black business enterprises (roi-nj.com)

Update on McDonalds: Lawsuits and changes at the company (Business Insider)

Reparations / Affirmative Action / Diversity / Inclusion

Filling The Industry Gap (Orlando Business Journal) — Three local Black executives in tourism, sports and related services share their insight on how to welcome more diversity in the workplace.

SmartSteps microlending program helps minority, women-owned businesses (WTXL)

Black-owned e-tailers are creating a ‘one-stop shop’ for BIPOC-founded beauty (Glossy)

For Black Women Entrepreneurs, Access to Resources is as Crucial as Cash (Triple Pundit) — Companies led by women of color CEOs score far less than 1 percent of all venture capital funding.

Economics

Black Economics

Four ways to help close the racial wealth gap in the U.S. (Axios). JP Morgan Chase is helping to close the racial gap by increasing the Black homeowner rate, Black businesses, and helping with financial goals.

Chandler, Mesa among cities where Black Americans fare best economically (AZ Big Media)

Black-owned metro bank helps communities of color develop financial clout, build Wealth (Fox 4)

Research shows minority businesses have lower loan approval rates compared to their white counterparts (KXXV)

Access to credit for Black and African American small businesses (Chamber

Business News) — More than one third or 35% of Black and African American business owners said they had some level of difficulty accessing credit.

Citi’s $2.5 Billion Bond Issuance Levels Up With Black-Owned Firms (Forbes)

South Africa’s black business lobby hails Tourism Equity Fund as a ‘good start’  (Africa Report) — South Africa’s Tourism Equity Fund (TEF) is a good start to advance black economic empowerment in the sector.

Illinois Black Chamber of Commerce leader Larry Ivory: ‘We have a serious

problem’ (Journal Star) — Ivory estimated less than 1% of the businesses in Peoria are owned and operated by African Americans.

Straight up Econ / The Economy

This map shows the last time each state raised its minimum wage (Business Insider). 74 states, counties, and cities have raised their minimum wage to $15 or higher.

Putting student loan forgiveness in perspective: How costly is it and who benefits? (Brookings Institute)

Industry Stories

Sports / Media / Entertainment

How Black Communities Shaped The Internet (The Verge)

Alta Adams Restaurant Kicks Off LA Clippers’ Promotion Of Local Black-Owned Businesses (Forbes)

Alcohol / Marijuana / CBD / Gambling

Dealing Detroiters into legal marijuana industry won’t be easy | Opinion (Detroit Free Press). The goal is to introduce recreational marijuana businesses in Detroit.

First local Black-owned brewery owner: ‘Set out to make really good beer’ (Dayton)

The Drink Black Movement Must Tap the Source (WineMag) — In the wine and spirits industry, Buy Black soon turned into Drink Black.

Beauty / Fashion / Retail

Sharon Chuter’s “Make It Black”: Here’s All You Need to Know (Teen Vogue) — Brands have repackaged some of their cult products in all-black.

Retailers Pledged Action on Diversity. Delivery Is Proving More Elusive (Business of Fashion)

Technology / Apps / Innovation

The Making Of The First Black-Owned Computer Brand (Forbes)

How Kerin John’s online platform is making it easier to find Black-owned businesses in Toronto (Face2Face Africa) — A Canadian entrepreneur has launched an online store and database to help people easily find Black-owned businesses in the city of Toronto.

African Americans Can Now Find Black-Owned Businesses & Events Nationwide With a Click of a Button (Cision) – Press Release

Finance / Investing / Venture Capital

  • Phyllis Newhouse, founder and CEO of Xtreme Solutions in Atlanta, will lead a $250 Million dollar SPAC, Athena Technology Acquisition Corp., making her one of the few women who serve as SPAC CEOs. (Atlanta Business Chronicle) – Special Purpose Acquisition Corporation is a fund raising tool, like an IPO, without the underlying company.  It is a bet on the owner to buy a company to run.
  • Robert F. Smith, Vista Equity Partners: How some bets on Minnesota companies paid off for investor (Minneapolis Star-Tribune)
  • With New Digital Banking Offerings, Greenwood Aims To Close Racial Wealth Gap (Forbes)

Cities / Urban Planning / Local Government

The Atlanta Beltline shows just how difficult it is to make big improvements for a large number of people when a small, vocal group of citizens opposes the change. The value created is immense and the losers are small.  But getting even the small number of losers to give something up is almost impossible, especially land or money (taxes).

  • Beltline moves to fulfill promise of job creation with loop’s completion in southwest Atlanta (Atlanta Business Chronicle)
  • Atlanta BeltLine Seeks Funding to Complete Trails Before 2030 (Beltline) – PR release.
  • New Avenues of Funding to Finish the Project (Beltline)
  • How city planning broke up a Black business district (News Observer) — The effort to redevelop Rauhut Street was among countless examples of government-sanctioned efforts to relocate Black-owned businesses.

Politics / Government / State and Local

  • Three ways the Biden administration can promote economic security for Black Americans (Brookings Institute)

HR / Personnel / Human Capital

It’s not a Black woman’s job to be less threatening in the workplace. (Business Insider)

Education / Healthcare

9 HBCUs join $130M economic mobility plan to boost South (University Business). IU Kelley School of Business receives $1M donation to support minority recruitment program (Indy Star)

coalition will spread to seven cities and will help Black businesses who are struggling the most during the pandemic.

Farming / Agriculture / Food

  • Black Restaurant Challenge: How MIDA Is Giving Back To The Community (GBH) – Challenges seeks to help Black restaurants gain exposure
  • ‘One of the Best Years of My Life’: New Gainesville Black-Owned Food Businesses Flourishing (WUFT)
  • Chicago Black Restaurant Week Partners With Uber Eats (Chicago Eater)
  • Chicago Black Restaurant Week Starts Sunday (NBC Chicago)

Science / Math / Statistics / STEM

NASA hosts panel celebrating Black leaders at NASA (Click Orlando)

People, Careers and All Other

Career / Professions / Entrepreneurship / Businesses You Can Start

Celebrating Black History: Highlighting Black entrepreneurship in Mississippi (WLBT)

People / Motivation / Leadership / Success Stories / Ideas

CT-Based Entrepreneur Creates First Black-Owned Cereal During Pandemic (NBC New York)

Successful Black women in Jersey City (The Hoboken Girl) – Plus their favorite, local Black business

QueenCare To Open New Location, Seeks To Help Inspire Resurgence In Black Business Development (Seattle Medium)

Black-owned businesses: Stow engineer turns car detailing passion into secondary Income (Akron Beacon Journal) — Mobile Foamzone & Detailing is a mobile interior and exterior vehicle cleaning service that will travel to Akron and surrounding communities.

Caribbean / Africa / International

Businesses led by ethnic minorities contribute £74bn annually to UK economy (Yahoo Finance)

Ethnic minority firms excel ‘against the odds’ in the UK (Reuters) – Ethnic minority entrepreneurs perform strongly in tech, innovation and efforts to combat the coronavirus.

COCA-COLA SA TO TRANSFER AN ADDITIONAL 10% OF SHARES TO EMPLOYEES (Eyewitness News) – South Africa.  Coca-cola transfers share to meet Black ownership goals.

Workers to own 20% of Coca-Cola as part of BEE deal (MoneyWeb) – South Africa. A great model for the United States.

Travel / History

Asheville Black Wall Street: Reflecting on 100 years since the Tulsa Race Massacre (Citizen Times)

Opinion

Opinion: Removing the barriers to local Black economic development (Boston Business Journal)

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