Top Black Business Stories for the week of June 22nd to June 28th

Top Stories

  • Reparations: Evanston, Illinois is developing a Home Buyer Assistance Benefit as First Reparations Program (Evanston Roundtable).  The city has set aside $10 million from marijuana sales.  It will make $25,000 home buyer assistant grants to any Black resident of Evanston between 1919 and 1969 and their descendants.
  • How Don Peebles Became One of the Wealthiest African-American Real Estate Developers(C Suite Quarterly)
  • The movement for Black Lives has updated it’s policy platforms (M4BL) — It includes many economic proposals.
  • Fact check: Ghana is not offering money or land to lure Black Americans (USA Today)
  • “Black Business” trended up on google, as people searched for Black Businesses to support. Searches increase by 600% during the week of May 31st to June 6th.

Protest

  • The movement for Black Lives has updated it’s policy platforms (M4BL) — It includes many economic proposals.
  • What’s life like in Baltimore right now (Christian Science Monitor)
  • How did companies respond to the killing of George Floyd? (Bloomberg)

Coronavirus / Paycheck Protection Program

  • Black Workers More Likely to Face Retaliation for Raising Coronavirus Concerns (BlackPressUSA)(NELP)
  • Pandemic continues to hurt Black business (Spectrum News One – Cincinnati, Ohio)
  • In Moore County, Black and Hispanic Residents Disproportionately Affected by COVID-19 (The Pilot)
  • Kent County defends hiring Chamber to distribute $25M to businesses after minority groups raise concerns (Michigan Live) – Grand Rapids Black businesses are concerned they will be shut out.

Unemployment / Employment / Wages

  • Coronavirus layoffs have not been equal. Here are the workers that have been hit hardest (Business Insider)
  • Black Professionals Miss Out on Recent Job Gains (Pew)
  • Why Do We Pay So Many People So Little Money? (NY Times)

Big Business / Corporate Misbehavior

  • The Black Lives Matter movement is driving customers to Black-owned businesses. Owners worry it won’t last. (CNN)
  • National Association of Real estate Brokers (here) has some proposal to improve Black home ownership. – Funny and hypocritical coming from the single industry most responsible for limiting Black wealth.
  • AT&T claims $3 billion in Black business spending over five year (PR Newswire)
  • Bank discrimination summary by Bloomberg (Bloomberg)
  • Microsoft promises $573 million in investment with Black suppliers, banks, and partners (Microsoft)
  • Corporations pledge millions for Black-owned businesses. But are they missing the point? (CNBC)
  • SECU supports the African-American Credit Union Coalition with $125,000 donation (Winston Salem Chronicle)
  • Donor list for Racial Justice (Chronical of Philanthropy). Another donor list from World Economic Forum.
  • Uncle Nearest and Jack Daniel’s Join Forces to Launch,  “The Nearest & Jack Advancement Initiative” to Increase Diversity in American Whiskey Industry (BlackPressUSA)
  • Women in Banking A purpose-driven CD and other ideas for advancing economic justice and diversity. (American Banker)

Black Business / Interesting Businesses Stories

  • How Don Peebles Became One of the Wealthiest African-American Real Estate Developer(C Suite Quarterly)
  • Black Business Boom – Entrepreneur creates coupon program for Black-Owned businesses (Chicago Defender) — Black Groupon ?
  • Black-owned businesses in Berkeley demonstrate the city’s economic resilience (Berkeleyside)
  • Black run Founders First Capital in San Diego announces $100 Million social investment fund (NBC News)
  • Maurice “Arkansas Mo” Fayne, who stars in Love & Hip Hop: Atlanta, has been indicted by a federal grand jury.  (US Attorney Northern GA)
  • Black-owned businesses in Baton Rouge see a surge in customers (The Advocate)

Retail

  • The Importance Of Shopping & Supporting Black-Owned Businesses Can’t Be Overstated (Zoe Report)

Small Business

  • L.A.’s ‘social equity’ program for cannabis licenses under scrutiny (LA Times)

Black Technology /Apps / Innovation / Startups

  • Update on Atlanta Black Tech (Atlanta Business Journal)
  • Black woman leads healthcare block chain company (Patientory)
  • Piegon.ly – inmate communications service (Pigeonly) – They are trying to reduce the cost of telephone calls. If you have ever tried to call in or out of a prison, you know how expensive a call is and poor the quality is.
  • Shear Share (ShearShare) is a hair stylist booth rental app.
  • Black, Latino angel fund backed by Rutgers is ready to hear entrepreneurs’ pitches (ROI-NJ)

Racism and Discrimination

  • Fed’s Bullard: U.S. needs ‘structural’ responses to lack of Black economic progress (Reuters)
  • Systemic Racism in Alamance County, NC (The Times News) – Including economic racism
  • Economic disparities in Atlanta (Atlanta Business Journal) — Atlanta show how difficult it is to solve racial economic justice problems. Black incomes remain low.
  • Federal Reserve System makes little progress on diversity (WSJ – Pay wall)
  • How the Democrat-Backed GI Bill Left a Million Black WWII Veterans Behind (CBN News)
  • The Disparate Racial Impact of Requiring a College Degree (Wall Street Journal)

Slavery / Reparations / Affirmative Action

  • Home Buyer Assistance Benefit Being Developed as First Reparations Program (Evanston Roundtable).  The city has set aside $10 million from Marijuana sales.  It will make $25,000 home buyer assistant grants to any Black resident of Evanston between 1919 and 1969 or a descendant of said person.
  • Calls for reparations gain steam as US reckons with racial justice (Reuters)
  • Public more aware of racial inequality but rejects reparations (Union Leader)
  • Reparations (Big Easy Magazine) – good summary of where we are and how and why we got there.
  • “What is Owed” Nikole Hannah-Jones (NY Times) — Reparations
  • Dr. William Darity discusses reparations in his new book and on the radio (WBUR)

People are cataloging the actual economic impact of slavery.

  • Examining the slave trade — ‘Britain has a debt to repay’ (Financial Times – Pay Wall)
  • There are British businesses built on slavery. This is how we make amends (Guardian)
  • Legacies of British Slave-ownership (UCL – University College London) – A database of slaveholder and firms from the UK with holdings in Jamaica, Grenada and Barbados.

Inequality of Income and Wealth

  • Which states have economies with the most racial equality (WalletHub) and racial inequality. They have a points system for calculating the score. It is interesting to see the weightings.
  • Dr. Manual Pastor discusses what and equitable economy might look like. (Forbes)

Housing / Real Estate

  • HBCU graduate buying property in Houston’s Fifth Ward to curb gentrification (We Buy Black)
  • The segregationist history of Palo Alto (Palo Alto Online)
  • Black homeowners pay more than ‘fair share’ in property taxes (CT Mirror)
  • Connecticut has an opportunity to tackle housing segregation. It appears to be taking a pass. (CT Mirror) – Wealthy Whites protest then take a pass on affordable housing and desegregating suburbs.
  • Segregated by design: How the suburbs work (CT Mirror) – An excellent series on how suburban communities keep the poor and minorities out.
  • Home ownership gap among many economic disparities facing Black Arizonans (AZCentral)
  • Black Home ownership gets a Boost in Los Angeles (Hollywood Reporter)

Straight Up Econ

Education

  • Show that black lives matter by funding Maryland’s HBCUs (Baltimore Sun)

Food

Music

  • How to play the rap game while destroying young men (Raprehab)

Investing / Financial Markets

  • Don’t Let Blackwashing Save the Investor Class (Jacobin)
  • Financial education could help bridge America’s wealth gap (CNBC) – Ahhh. No. The real problem is low paying jobs.  When you are in survival mode, you don’t care about saving and investing.  Nice job of compiling financial literacy resources though.

Politics / Government / State and Local

  • Federal Senior Executive Service vows to become more diverse (Federal News Network)
  • Fort Worth spent less than 3% of city contracts with Black businesses in past 5 years. (FW Star-Telegram)

There was No Good News this week

NYT / WAPO – Stories from the dominant news duopoly

Note: We always try to source from Black press, local print, original documents or magazines, but the Times and Post got the newspaper game in a choke hold.

  • Are you willing to give up your privilege? (NY Times) — Which asks if your willing to make a sacrifice to make the country better.

Interesting People

Immigration

Africa

  • Coronavirus accelerates in Africa as economic damage deepens(Axios)
  • Fact check: Ghana is not offering money, land to lure Black Americans (USA Today)

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