How African-American Olympian ANITA L. DEFRANTZ Helped Change the World

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Anita DeFrantz

LOS ANGELES (October 2, 2017) – Anita L. DeFrantz is a Bronze medal-winning Olympic rower; Attorney; Activist; Vice President of the International Olympic Committee; Multiple Sclerosis fighter;Speaker; and Humanitarian.

She has been a trailblazer as an Olympic athlete, during a time when women – especially women of color – were invisible.

Today, DeFrantz unveils her fascinating life and significant accomplishments in her new book My Olympic Life: A Memoir. Readers will find this modern-day heroine provides a wealth of inspiration and encouragement in these pages, and not just for current and aspiring athletes, women and minorities.

Gloria Steinem said, “Just reading My Olympic Life will make your heart race, your mind expand, and your hopes rise. That’s the kind of life Anita DeFrantz has lived, as a child in an activist family, an Olympic champion fighting for fairness, and a leader challenging limits of race and sex. Everyone needs her story…”

With unwavering tenacity, Anita L. DeFrantz has fought against sexual harassment, helped to change outdated gender verification rules, cracked down on doping, influenced new eligibility requirements, and helped maintain the integrity of the Olympic Movement. She even took on President Jimmy Carter when he tried to use the Olympics as a political forum during the Cold War.

Surely, it is DeFrantz’s boldness, clarity of vision and personal courage that has led this exemplary woman to rise to become the seventh-ranking member in seniority of the International Olympic Committee (IOC). She currently serves on the IOC Executive Board, and as one of the IOC’s four Vice Presidents.

In this riveting book, co-authored with five-time New York Times bestselling author Josh Young, DeFrantz reveals how she emerged from racist threats during her Indiana childhood to exhibiting unwavering leadership and ever-growing influence in Olympic circles to fight sexual harassment and racism, grow women’s Olympic sports, influence new eligibility requirements, change outdated gender verification rules, and more. She even delves into hot-button Olympic issues like doping and political scandals.

Reading My Olympic Life will reveal why DeFrantz has been named one of the “150 Women Who Shake the World” by Newsweek and one of the “101 Most Influential Minorities in Sports” by Sports Illustrated.

Much more than a celebration of advancements in women’s or civil rights, more than a tale of her Olympic victories, My Olympic Life reveals how one motivated, courageous, and passionate person can truly help change the world.

For media inquiries and interview opportunities contact:
Tracy McCormick
310.766.7560 mobile

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The number of Black women mayors leading major cities to reach historic high. Here is why they are winning

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Kim Janey and Tishaura Jones giving speeches while looking off camera

By Nicquel Terry Ellis, CNN

A new wave of Black women are breaking barriers as they ascend to mayoral seats in cities with deeply rooted histories of racism and inequality.

On Tuesday, Tishaura Jones will be sworn in as the first Black female mayor of St. Louis after winning the election earlier this month.

Her victory came just two weeks after Kim Janey was appointed Boston’s first Black female mayor following the resignation of Marty Walsh, who is now the US Labor Secretary. Janey recently announced she would run for a full term in this year’s mayoral election.

With the ascension of Jones and Janey, there will be a historic high of nine Black women serving as mayors of the nation’s 100 largest cities. Other major cities led by Black women include Atlanta, San Francisco; Chicago; Baton Rouge, Louisiana; New Orleans; Washington, DC; and Charlotte, North Carolina.
Political observers say the growing number of Black female mayors signals they are gaining electoral strength and appealing to voters in races that have been historically won by White men. They say Black women have proven they are relatable with an ability to lead, organize and engage new voters. Black women are also speaking out against the racial disparities in their communities at a time when the nation is having to reckon with systemic racism and police violence against Black people.
Kimberly Peeler-Allen, a visiting practitioner at the Center for American Women in Politics at Rutgers University, said as more Black women rise to political power, the electorate is seeing the importance of having diverse voices making decisions.

“Black and brown women are running with a message that is a totality of their life experiences, which transcends race or gender,” Peeler-Allen said. “And there are people who are saying ‘she may not look like me but I know we share the same experience, because she is wrestling with credit card debt, or she has a family member with addiction or she’s a small business owner, she’s a veteran.'”
Peeler-Allen said she believes the advancement of Black women in all levels of government could also be inspiring more to run for office.
In the last few years, Kamala Harris became the first Black female vice president, Ayanna Pressley became Massachusetts’ first Black woman elected to Congress, and Tish James was elected New York’s first Black female attorney general.

Stacey Abrams narrowly lost her bid to become the nation’s first Black woman governor in 2018, but is now a powerful advocate for voting rights for people of color. Some political analysts view Abrams as a viable candidate for Georgia’s gubernatorial election in 2022.

Creating equity in St. Louis

Both Jones and Janey have vowed to make racial equity a priority while reflecting on their own lived experiences as Black women.

Jones said during her victory speech that she would not stay silent or ignore the racism that has held St. Louis back.
She told CNN she wants to address the exodus of Black residents in recent years and why they don’t feel welcome in St. Louis. The city’s Black population dropped from 51% to 45% in the last 10 years.

Jones said she wants to revitalize the northern part of the city where she grew up because the neighborhoods have been neglected.

“I am ready for St. Louis to thrive instead of just survive,” Jones said on CNN “New Day” earlier this month. “We need to provide opportunities for everyone to succeed, no matter their zip code, the color of their skin, who they love or how they worship.”

Kayla Reed, executive director of the grassroots racial justice group St. Louis Action, said she believes Jones can relate to the plight of Black people in St. Louis because of her lived experience as a single mother from a marginalized neighborhood.
The city, Reed said, struggles with segregation, disparities in education, employment and housing, overpolicing and violence in the Black community.

Reed said Jones has embraced the demands of a racial justice movement that started in 2014 when unrest broke out in nearby Ferguson following the police killing of Michael Brown. Ferguson elected its first Black woman mayor Ella Jones last year.

Jones is listening to the concerns of organizers and giving them a seat at the table, Reed said.
“She understands the unique inequality that our communities face,” said Reed, who campaigned for Jones and sits on her transition team. “And it gives her an advantage to think through creative, innovative solutions to shift outcomes and conditions.”

Click here to read the full article on CNN.

Kimberly Godwin Named President of ABC News

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Headshot of Kimberly Godwin

The Walt Disney Co. has named Kimberly Godwin president of ABC News.

Godwin, a longtime producer and executive at CBS News, will become the first Black woman to lead a broadcast news division. She succeeds James Goldston, who stepped down as president of ABC News earlier this year.

Godwin will start at ABC in early May and report to Peter Rice, chairman of Disney General Entertainment Content.

A top deputy to CBS News president Susan Zirinsky, Godwin was most recently executive vp news at CBS, overseeing all newsgathering worldwide for the venerable broadcast news division. She also had oversight of newsrooms at all the CBS-owned and operated TV stations.

Godwin also stepped in as ep of the CBS Evening News, helping to launch the revamped newscast under anchor Norah O’Donnell. She also served as executive director for development and diversity at CBS News, and as a senior broadcast producer for the Evening News. Before joining CBS News in 2007, she spent more than 20 years working in local TV newsrooms across the country, including leadership roles at WCBS New York, KNBC Los Angeles and KXAS in Dallas.

“Kim is an instinctive and admired executive whose unique experiences, strengths and strategic vision made her the ideal choice to lead the outstanding team at ABC News and build on their incredible success,” said Rice in a statement announcing the hire. “Throughout Kim’s career in global news organizations and local newsrooms, she has distinguished herself as a fierce advocate for excellence, collaboration, inclusion and the vital role of accurate and transparent news reporting.”

“I have immense respect and admiration for ABC News,” added Godwin in a statement. “As the most trusted brand in news, they are to be commended for the extraordinary work and dedication of the journalists, producers, executives and their teams across the organization. I am honored to take on this stewardship and excited for what we will achieve together.”

Photo Credit: The Hollywood Reporter via ABC/ Heidi Gutman

Continue reading the full article at The Hollywood Reporter

Meet the Founder of a Thriving Black-Owned, Vegan-Friendly Beauty Brand

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Nynoka Grant facing the camera in a white shirt while holding up the packaging for one of her products

By Black News

Meet Nynoka Grant, founder and CEO of Akoyn Beauty, an Atlanta-based Black-owned company that manufactures vegan-friendly personal care specialty products that are especially for women. Their premium soaps, skin creams, and body butter are handmade from the finest all-natural ingredients. Now, more than ever, taking care of yourself and remaining stress-free is a priority.

Nynoka comments, “Women are indeed running the world, wielding political power but also facing unfair burdens during the global pandemic. Some women are working from home while homeschooling children. Others are essential workers. Women across the world are remaining indoors for safety reasons. Pandemic life is different, and everyone has adjusted. However, self-care is not optional.”
She continues, “This is not the time to abandon everyday beauty routines. Caring for your skin must be part of a twice-daily ritual, and the right all-over-body products can keep every inch of your skin nourished.”

Her company’s Hydrating Body Balm and Moisturizer help to improve and maintain skin tone and texture, naturally, without harsh ingredients. Aside from aesthetics, healthy skin signals overall health. Women must take time for themselves. Women are so bogged down with responsibilities, bath time may be the only private time, but caring for others requires that you make yourself a priority.

Nynoka says she wants every woman tasked with taking care of someone else to make themselves a priority. “You need to because they need you,” she says. “Our products are invigorating. Lift your spirits. Lavish your skin with much-needed attention. Refresh twice a day to experience softer, smoother skin, and enjoy the delicate signature fragrance you’ll be glad to call your own.”

Akoyn Beauty’s products are created for every skin complexion, skin tone, and skin type—dry skin and sensitive skin. Available in Elegant Lavender, Pink Cranberry, Tropical Fruit, and Minty Lime, these signature fragrances are designed and infused with essential oils to make women feel wonderful.

Click here to read the full article on Black News.

Actor Hill Harper launches The Black Wall Street platform aimed at empowering investors of color

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Hill Harper wearing a blue coat jacket and smiling at the camera while he attends the Netflix Golden Globe Weekend Cocktail Party at Cecconi’s Restaurant

By Frank Holland, CNBC

Nearly a century after Black Wall Street — a center of Black business in the Greenwood district of Tulsa, Oklahoma, that was destroyed in a racial attack — “The Good Doctor” actor Hill Harper is launching a fintech app of the same name to empower investors of color.

The Black Wall Street app goes live on June 1 and will offer a digital wallet for peer-to-peer payment and the ability to trade cryptocurrencies like bitcoin and ether.

“What the Black Wall Street was in Tulsa and the Greenwood district is just very empowering,” Harper told CNBC about the once thriving Black business district.

“There were three pillars that created the wealth that was created in the Black Wall Street [in Tulsa],” he said, with the first two being institutional ownership and institutional trust by the community. “Pillar number three was the movement of money or capital within the ecosystem where dollars changed hands 60 to 100 times within a year before it left that Black community.”

Harper, who plays Dr. Marcus Andrews on the ABC medical show, said that dollars now leave the Black community within about seven hours. “I truly believe that unless we start owning our own fintech platforms, our own digital wallets, the dollar will leave within six to seven seconds.” said Harper, who also played Dr. Sheldon Hawkes on CBS’ “CSI: NY.”

The goal of The Black Wall Street app is to give Black and Latinx investors a gateway into the digital transformation of investing and provide financial education to customers on cryptocurrency.

Harper, a Harvard Law School graduate, said he began working with Black web developers last year before the Covid pandemic to build the app, which aims to capitalize on mobile device trends in communities of color.

According to a 2019 report from Pew Research Center, 23% of Black Americans and 25% of Latinx Americans are “smart phone only” internet users compared with 12% of white Americans. The Pew study also showed Black Americans use a smartphone for mobile banking more than any other group.

Harper said he’s hoping to attract “unbanked” consumers and more sophisticated investors looking for a Black-owned site for cryptocurrency purchasing. “It’s not just about transferring money to folks, it’s about transferring information, ideas, and building community, and we see that that is the real value and the real differentiator.”

Najah Roberts, a cryptocurrency expert and owner of Crypto Blockchain Plug — a brick-and-mortar location in Inglewood, California, for cryptocurrency education and purchasing — will serve as the chief visionary officer for the app. As part of the launch, The Black Wall Street is planning a 30-city financial literacy tour that begins on April 30 in Los Angeles, with stops in Tulsa on May 31, a century since the original Black Wall Street was destroyed in a riot by white residents. Roberts will lead the tour and give fractional bitcoin shares to people who sign up.

The Black Wall Street offering enters a growing industry of fintech apps that allow peer-to-peer transfers including Square’s Cash App from PayPal’s Venmo. Visa estimates there is $4 trillion market for apps that replace the use of cash and checks in the United States. Rapper Killer Mike also launched this year the Greenwood app, another digital platform for investors of color.

Click here to read the full article on CNBC.

Target says it will spend more than $2 billion with Black-owned businesses by 2025

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People stand in line at Target in Kips Bay during the coronavirus pandemic on April 14, 2020 in New York City.

By Melissa Repko, CNBC

Target said it will hire more Black-owned companies, launch a program to identify and support promising minority entrepreneurs and add products from more than 500 Black-owned brands to its shelves or website.

Altogether, the discounter said Wednesday, it will spend more than $2 billion with Black-owned businesses by 2025.

“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target,” chief growth officer Christina Hennington said in a news release.

The killings of George Floyd, Breonna Taylor, Ahmaud Arbery and protests across the country have ratcheted up pressure on corporate leaders to advance racial equity and do more than simply cut a check — or risk losing business. The uneven death toll of the coronavirus pandemic and financial toll of the recession also spotlighted the country’s sharp racial disparities with health care and economic opportunity.

Floyd was killed in Target’s hometown of Minneapolis, now the site of the murder trial for the police officer who kneeled on Floyd’s neck. One Target store, located near the site of Floyd’s death, had to be completely rebuilt and some of its other stores were damaged during rioting.

Companies have spoken out about diversity and inclusion as consumers pay attention and some direct their dollars toward businesses that align with their values. Generation Z — the group of teens and early 20-somethings who are aging into shopping and establishing relationships with brands — care more about social justice compared with former generations, according to an annual survey of teens by Piper Sandler released Wednesday. Teens surveyed by the firm ranked racial equity as their most important political and social issue, followed by the environment and Black Lives Matter.

Over the past year, major retailers like Nike, Walmart and Ulta Beauty have rolled out their own pledges, such as devoting more shelf space to Black-owned products, evaluating how they hire and promote employees, featuring more Black people in their ads and reducing the number of police or security in stores to prevent racial profiling. A growing number of retailers, including Macy’s, Sephora and Gap, have signed on to the 15 Percent Pledge, which aims to make Black-owned products on store shelves proportional to the country’s Black population.

Among Target’s changes, the retailer said it will more actively seek out advertising firms, suppliers, construction companies and other kinds of businesses that are Black-owned. It said it will create a program called Forward Founders for early-stage start-ups led by Black entrepreneurs to help them develop, test and scale products to sell at mass retailers like Target. It will be modeled off of Target Accelerators, a program for start-ups that the retailer uses to foster up-and-coming brands and ultimately, to sell fresh and exclusive products that attract customers and help it differentiate from competitors.

In some categories, such as beauty, Target said it already has 50 Black-owned and Black-founded brands — but would like to add more for other kinds of merchandise.

Click here to read the full article on CNBC.

Hennessy Announces $1MM Acceleration Fund to Champion Next Generation of Black Entrepreneurs

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Narrated by legendary recording artist, philanthropist and venture capitalist Nas, new “Dear Destiny” focuses on Black excellence, referencing the vision, ambition, creation and evolution of Black Wall Street from Tulsa 1921 into the year 2021.

SOURCE Hennessy

NEW YORKMarch 29, 2021 /PRNewswire/ — Hennessy, the world’s best-selling cognac, today unveils the “Never Stop Never Settle Society,” a comprehensive growth accelerator co-created with the Marcus Graham Project (MGP) to ensure a more equitable landscape for Black entrepreneurship. To introduce the initiative, new “Dear Destiny” creative produced by UNINTERRUPTED and featuring hip-hop legend Nas debuted on March 27th during the 52nd NAACP Image Awards on BET, placing the spotlight on the legacy of Black Wall Street.

“The ‘Never Stop Never Settle Society’ builds on Hennessy’s long-standing commitment to Black communities and ongoing mission to champion cultural diversity by pushing the limits of potential for Black entrepreneurs,” says Jasmin Allen, Senior Vice President, Hennessy US. “We aim to expand on that legacy in the most impactful and meaningful ways by providing access to capital and resources to those demonstrating the ability to reshape Black communities through social impact.”

PHOTO : PRNewswire

With respect to past models of community-built success including Tulsa’s Greenwood District, the “Never Stop Never Settle Society” was instituted to provide Black entrepreneurs with high-impact funding, resources, and infrastructure to further their journeys and ultimately transform communities.

Hennessy will accept applications starting Tuesday, April 6th, awarding a number of member benefits to qualified applicants:

  • Lump sum funds in the amount of $50K will be administered to selected ventures with potential to reshape the world through social impact
  • Access to The Gathering Spot Connect, a Black-owned digital hub offering networking, education, and business development resources
  • Growth opportunities at the program’s physical footprint and state-of-the-art office at Moët Hennessy’s headquarters in New York City. Debuting late 2021, the space will offer scheduled access to a content studio, along with a compelling slate of educational programming and leadership engagement for business mentorship

Moët Hennessy USA executives and partners including the Marcus Graham Project will co-create program elements, evaluate proposals, and select the curated group of Black entrepreneurs whose visions will be accelerated. Leadership will also further aid member journeys, helping to evolve early business ventures over time.

“Some of the most powerful leaders and creators in the Black community are entrepreneurs creating jobs, rich legacies, and taking ownership of new paths. Access to capital resources to allow for authentic growth has traditionally been a barrier,” says Lincoln Stephens, Co-Founder and CEO of the Marcus Graham Project (MGP). “For over a century now, Hennessy’s participation in the Black community has transcended typical corporate action, and I’m excited to be part of this next chapter that substantively uplifts entrepreneurship as a means towards closing the wealth disparity.”

As one of the first corporate sponsors of the NAACP, Hennessy unveiled the program during the 52nd NAACP Image Awards, bringing its history with the organization full circle. Legendary recording artist, philanthropist, and venture capitalist Nas presented the first-ever “Never Stop, Never Settle” Award, a celebration of Black entrepreneurship, to former WNBA player-turned-owner and executive, Renee Montgomery. The evening also kicked off a cross-platform rollout for “Dear Destiny,” Hennessy’s new creative featuring the Grammy Award Winning artist and created and produced by UNINTERRUPTED, referencing the vision, ambition, creation, and evolution of Black Wall Street from Tulsa 1921 into the year 2021.

“A narrative about family, legacy, entrepreneurship and empowerment, Dear Destiny is a message to my daughter Destiny, and in many ways, the entire Black community. Inspired by Tulsa’s hub of cultural activity and community-built success, it pays homage to the Black creativity and wealth that thrived during this time in history,” says voiceover artist and Hennessy Ambassador, Nas. “Nearing the 100-year anniversary of the Tulsa Massacre, I believe the powerful spirit of Black Wall Street is still strong and can be revived with programs like Hennessy’s “Never Stop Never Settle Society.”

Applications for Hennessy’s “Never Stop Never Settle Society” will open on Tuesday, April 6th. For additional information on eligibility and membership benefits, please visit NeverStopNeverSettle.org.

ABOUT HENNESSY
The leader in Cognac, the Maison Hennessy has shined around the world with its exceptional blends for more than 250 years. Built on founder Richard Hennessy’s spirit of conquest, the brand is present in more than 160 countries. Based in the heart of the Charente region, Hennessy is also a steadfast pillar of the regional economy, the standard-bearer for a sector rich in expertise. The House’s success and longevity are rooted in the excellence of its cognacs, each of which is born of a unique process of transmission from generation to generation. The first wine and spirits house to be certified ISO 14001, Hennessy unites its capacity for innovation and the support of all of its partners to protect this exceptional area. As the crown jewel of the LVMH Group, Hennessy is a major contributor to French international trade, with 99% of production sold in export, and a worldwide ambassador for the French art de vivre.

Hennessy is imported and distributed in the U.S. by Moët Hennessy USA. Hennessy distills, ages and blends spanning a full range: Hennessy V.S, V.S.O.P Privilège, Hennessy Black, X.O, Privé, Paradis, Paradis Imperial and Richard Hennessy. Imported Cognac Hennessy® 40% Alc./Vol. (80º), ©2021 Imported by Moët Hennessy USA, Inc., New York, NY.

ABOUT MARCUS GRAHAM PROJECT (MGP)
Founded nearly 15 years ago, the Marcus Graham Project (MGP) is a national organization focused on developing the next generation of diverse leaders in the advertising, media, and marketing industries through training, mentorship, and professional development opportunities to ensure the industry is more inclusive to better reflect the diverse world we live in.

ABOUT UNINTERRUPTED, PART OF THE SPRINGHILL COMPANY
The SpringHill Company is a global consumer and entertainment brand created to empower greatness in every individual. The SpringHill Company unites three companies built by LeBron James and Maverick Carter: UNINTERRUPTED, the athlete empowerment media, experiences  and consumer product company, SpringHill Entertainment, the premium scripted and unscripted film and television production company and The Robot Company, the brand and culture consultancy. With a dynamic and diverse team committed to creating the most culturally inspired content, entertainment and products, The SpringHill Company is built to be the defining brand for a new generation.

Two Black women will be head coaches in the same NCAA women’s Final Four for the first time

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South Carolina head coach Dawn Staley celebrates after cutting the last piece of the net during the Elite Eight round of the NCAA Women's Basketball Tournament.

By Matias Grez and Jill Martin

This year’s March Madness might have exposed gaps in gender equity in college sports, but for two Black women, the 2021 NCAA women’s tournament will always represent a moment when history was made.

For the first time in NCAA women’s tournament history, two Black women will be head coaches in the same Final Four.
South Carolina’s Dawn Staley will be appearing in her third Final Four, winning the title back in 2017, while Adia Barnes and her Arizona team will make their debut appearance.
March Madness is the pinnacle of college basketball, where 64 teams — full of the next generation of WNBA and NBA players — duke it out in a single-elimination tournament over two weeks to crown the best team. The event is known for big moments, upsets and great action.
Photo: CNN
Speaking to reporters about the historic feat following South Carolina’s win over Texas, Staley said she was “super proud of Adia” and was “cheering for her to get it done.”
“It was not for any other reason besides us being represented at the biggest stage of women’s college basketball,” she said.
“And that’s because there are so many Black coaches out there that don’t get opportunity because when ADs [Athletics Directors] don’t see it, they don’t see it — and they’re going to see it on the biggest stage of a Friday night, that two Black women are representing two programs in the Final Four, something that has never been done before.
“You know, our history here in women’s basketball is so filled with so many Black bodies that for this to be happening in 2021, to me, is long overdue, but we’re proud. We’re happy.
“I know my phone is probably full of text messages of Black coaches all across the country, just congratulating us on doing that, on being present, being in the moment, being able to take our programs to this place.”
Both Staley and Barnes are former WNBA players — the latter winning a title with the Seattle Storm in 2004 — and Barnes revealed she has been inundated with messages from former teammates.
On Friday, South Carolina will face Stanford, while Arizona will meet UConn.
The two women have guided their respective teams to the Final Four in impressive fashion, with Staley’s South Carolina comfortably swatting Texas aside in a 62-34 win, while Barnes’ Arizona powered past Indiana in a bruising 66-53 victory.
It also means Staley and Barnes are the only former WNBA players to have led teams to the Final Four as head coaches.
“I know Adia utilizes all of her basketball knowledge as a player and she’s been a coach long enough that she’s not just a suit,” Staley said.
“It’s always going to be part player in us and that’s why our players … we are so relatable to them. They understand it because it’s coming from a place of ‘we’ve done that. We’re trying to help you get to that place where we can have longevity in our league.’
“Representation matters. It’s nothing against anybody else that lost to us, but when you see two Black women representing in this way, I hope the decision makers who — because there are a lot of jobs out there that you give Black women an opportunity — not just give them the job.
Read the full article at CNN. 

Supporting an inclusive economy: small businesses, Black and Latinx entrepreneurs, and their intersection

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Business man analyzing investment graph and discussing plan in m

For many of us, connections to small businesses are deeply personal—your local barber shop or family dentist, the spot for the best pizza in town, the small contractor you call to fix your leak.

Businesses like these make up the fabric of our communities—but many don’t realize what a big role they play, collectively, in the U.S. economy.

However, they face unique challenges even in the strongest of times and now, amidst the covid-19 pandemic, many small businesses are struggling to survive.

The situation at hand

JPMorgan Chase Institute research found that prior to the covid-19 pandemic, typical small businesses had only enough cash on hand to keep the lights on for two to three weeks. This was even more pronounced for small businesses in majority-Black and Latinx communities, where the typical business had only one to two weeks of reserves.

Interestingly, researchers found that in the Fall of 2020, many small businesses actually had cash reserves at higher levels than normal. This seems like great news—but when you look under the hood, the situation is more precarious. [3]

There are two factors to explain the elevated reserves: 1) an injection of cash from federal and local policy shored up many of the businesses likely to face a shortfall, and 2) a decision many businesses made to delay or dial back payments on things like upkeep of key assets, limiting wages or employee benefits, or other choices that may not be financially healthy in the months or years ahead.[4]

So, while cash balances are larger than usual, they may not be enough for small businesses to continue to survive in these tumultuous times. Expenses have already begun to outpace revenue. This trend could have a disproportionate impact on Black- and Latinx-owned companies, that tend to experience lower revenues and profit margins compared to white-owned counterparts.[5]

Help in many forms

Many small businesses face similar challenges: lack of access to capital and resources to grow. However, businesses owned by people of color and other underserved groups face these challenges more acutely. For example, according to the JPMorgan Chase Institute, Black, Latinx and women-owned small businesses are underrepresented among firms with substantial external financing. While there are no simple solutions, business, government and nonprofit leaders should work together to support, sustain and grow these critical enterprises.

For example, December’s $900 billion stimulus package included a second infusion of PPP funds, with $12 billion set aside for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).

While the terms might be unfamiliar, you likely already know your local CDFI or MDI. Some local banks or credit unions might fall into this category.

An MDI is a bank whose ownership or leadership is made up of a majority of people of color. CDFIs are community lenders, which primarily finance in low- and moderate-income communities and focus on small businesses, as well as affordable housing and nonprofits. Both MDIs and CDFIs earn these designations from the federal government, due to the vital financial services they provide in communities that are often underserved. CDFIs in particular are designed to meet these needs by offering capital and guidance to help ensure the success of vulnerable businesses. We think that’s a winning combination.

But MDIs and CDFIs need banks to provide additional capital to fund this critical work in communities. Here’s where JPMorgan Chase comes in.

Part of the solution

We believe that business has a role to play in addressing societal issues, along with business and community leaders. JPMorgan Chase is committed to building a more inclusive economy and our support for small business, especially in Black and Latinx communities, is a critical element of this work.

That’s why, in February, the firm announced new initiatives focused on providing MDIs and diverse-led CDFIs with additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects, and mentorship and training opportunities. Initial investments and commitments to minority-owned and Black-led MDIs included Liberty Bank and Trust, M&F Bank, Carver Federal Savings Bank and Broadway Federal Bank. The firm also committed $42.5 million to expand the Entrepreneurs of Color Fund to reach new U.S. cities in 2021, providing loans and technical assistance to minority-owned small businesses in collaboration with LISC and a network of CDFIs. Since its inception in Detroit in 2015, the Entrepreneurs of Color Fund has deployed more than $32 million to Black, Latinx and other underserved entrepreneurs, including Jimmie Williams from Chicago, who received a small business loan to scale his landscaping company. In addition, we continue our direct support for small business, including through PPP.

This work is part of the $30 billion commitment over five years we announced in October 2020 to provide economic opportunity to underserved communities to help close the racial wealth divide. The firm is continuing to put this commitment into practice by combining our business, policy, data and philanthropic expertise.

We are committing $350 million over five years to help grow Black, Latinx, woman-owned and other underserved small businesses. This includes:

Philanthropy, low-cost loans and direct equity investments: Supporting the signature Ascend Program, helping build the capacity of diverse-led nonprofits across the globe to more effectively support entrepreneurs, and investing in early-stage businesses to help companies drive economic opportunity, including in Black and Latinx communities. Last month we made our initial direct equity investment in Bitwise Industries.
Policy: Releasing new data-driven policy solutions such as increasing resources for the Small Business Administration (SBA) Microloan program, which provides loans of up to $50,000 to help small businesses. The firm will support advancing these policy reforms to help address the immediate and long-term challenges small business owners face.
Supplier diversity: Spending an additional $750 million with Black and Latinx suppliers, and co-investing up to $200 million in middle market businesses that are or will be minority owned via a new initiative with Ariel Alternatives.
Wrap-around support: Launching a nationwide Minority Entrepreneurs program to help entrepreneurs in historically underserved areas access 1:1 coaching, technical assistance and capital.

Together, these commitments will help reduce barriers to capital access and support the growth of thousands of additional underserved businesses.

Read the full article on the Washington Post.

Macy’s Celebrates Black Creatives With Icons of Style

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The group of black honorees stand posing fiercely for the camera

-Macy’s celebrates Black creatives with today’s launch of Icons of Style, a collaboration with five Black visionaries to help move the fashion world forward. Featuring exclusive designs across ready-to-wear, men’s, and shoes by Zerina Akers, Misa Hylton, Aminah Abdul Jillil, Allen Onyia and Ouigi Theodore for brands found only at Macy’s, each creative artfully designed a fashion-forward capsule of must-have spring items, inspired by their unique perspective and dynamic style. Icons of Style is available now on macys.com and select store locations nationwide.

Zerina Akers for Bar III is designed with functionality, versatility, and a touch of statement making moments in mind. The capsule consists of mixed media suiting, chain link embellished body suits, strong shoulder knit dresses and a new play on proportion with the classic sweatshirt. True to the Bar lll aesthetic, the capsule is the perfect mix of both feminine and modern components.

Photo: Business Wire

“This collection is probably the most special because it is my first design collaboration. Through my styling work I have designed many things but never something under my own name. This is very special,” said Zerina Akers.

Misa Hylton for I.N.C. International Concepts

Misa Hylton for I.N.C. International Concepts is inspired by her personal style and love for fashion. The collection features bold, vibrant prints that take form in feminine suiting, printed blouses, and her love of the kimono; a symbol of her Black and Japanese heritage. Known for creating iconic looks for some of the music industry’s biggest stars, Misa’s extraordinary vision pairs well with I.N.C.’s focus on representing the most current trends.

“My designs vibrate on a high frequency. They bring happiness and excitement to the people who see them and want to wear them,” said Misa Hylton.

Aminah Abdul Jillil for I.N.C. International Concepts

Extending her love for creative self-expression and bold fashion moments, Aminah Abdul Jillil for I.N.C. International Concepts brings forth the power of the statement heel. Using her performing arts background as inspiration, Aminah mixes unexpected shapes and dramatic details to spark confidence in every step. Using gold hearts and chunky chains as signature details, the collection features a breadth of styles that are timeless, versatile, and collectible.

“This collaboration is exciting to me because it means for me, personally that dreams come true. That hard work pays off. That being different and not like everyone else is ok,” said Aminah Abdul Jillil.

Allen Onyia for I.N.C. International Concepts

Allen Onyia for I.N.C. International Concepts pays homage to Macy’s traditions as a leading department store incorporating iconic details with a modern, trend-forward look. The men’s collection is a nod to his own personal style while focused on accessible design. Allen effortlessly uses his exceptional eye to combine dynamic use of colors, patterns, and silhouettes into instantly covetable items all geared towards statement making style.

“This is a collection that celebrates this amazing opportunity Macy’s has provided me, and I wanted to put that celebration and feeling back into the collection and pay homage,” said Allen Onyia.

Read the full article at businesswire.

 

Milton Jones of Peachtree Providence Partners Named Chair of UNCF Board

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Headshot of Milton H. Jones

Atlanta business and civic leader Milton H. Jones, Jr. has been elected Chair of the UNCF (United Negro College Fund) Board of Directors, becoming the first African American to hold that position.

Jones succeeds William F. Stasior, Sr., retired Chairman and CEO of Booz Allen Hamilton, who served as UNCF’s Chair for 11 years. Former Chairs of the UNCF board include: John D. Rockefeller, III; former Chairman and CEO of PepsiCo’s International Food and Beverage Division Michael H. Jordan and former Revlon President and CEO Jack Stahl.

“Since 1944, UNCF has played an integral role in changing the life trajectory for each student it has served, and l look forward to continuing that legacy,” said Milton Jones. “Our member institutions and students remain the focus of our collective efforts. As we progress each year, we will grow our organization by building upon the strong foundation laid at UNCF’s inception and strengthened throughout its history.”

“All of us at UNCF are excited to have Milton become our new Board Chair,” said UNCF President and CEO Michael L. Lomax, who has known and worked with Jones for more than four decades. “Milton brings a wealth of business knowledge and a thoughtful and collaborative leadership approach that will help us thrive and continue to drive UNCF’s and our HBUCs’ impact and growth.”

Angela Webb, founding member of Peachtree Providence Partners said, “We are incredibly proud of Milton as he assumes this role with UNCF. Milton’s life and career are a testament to his devout commitment to helping others and serving the community. We know he will do excellent things and leave a legacy that inspires others to support and revere our country’s HBCUs.”

Walter Davis, founding member of Peachtree Providence Partners said, “Milton has been an indispensable member of our team at Peachtree Providence Partners, so I am certain his time leading with UNCF will prove to be fruitful and inspiring to the young people the organization serves. I look forward to supporting Milton as he advocates for the students and institutions that change the fabric of our nation.”

In this role, Jones will work to grow the UNCF endowment, benefiting the 37 historically Black colleges and universities (HBCUs) belonging to the UNCF network of member institutions.

Prior to his election as Board Chair, Jones served as Vice Chair of the Board and Chair of the Finance Committee. He has been a member of the UNCF Board since 2005.

Jones is a founding member of Peachtree Providence Partners Holding Company, LLC. In this role, he advises and collaborates with CEOs in key sectors that include financial services, healthcare, technology, government, and higher education. For more than 32 years while at Bank of America, he held a series of senior executive positions with global responsibilities including roles reporting directly to the Chairman and CEO.

Jones is vice chairman of the Meharry Medical College Board of Trustees; treasurer and a board member of 100 Black Men of America; co-chair of the Atlanta Chapter of the National Association of Corporate Directors and serves on the advisory boards of the Metro Atlanta YMCA, Boy Scouts and the Commerce Club. He is a member of the Downtown Atlanta Rotary Club and is a member and past chairman of The Atlanta Business League and of 100 Black Men of Atlanta.

Source: Peachtree Providence Partners

Photo Credit: PRNewswire

‘We Don’t Have The Luxury To Fall Apart’: Black Businesses Get Creative To Survive

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Keitra Bates stands outside of the original location of Marddy's in Atlanta. It's a shared kitchen where home cooks can prepare their goods, and collectively market them.

By Debbie Elliott

Entrepreneur Keitra Bates stands in a gleaming glass-front retail shop in a new development on the south side of Atlanta.

“We’re looking at almost 2,000-sq-ft. of raw space,” she says, pointing out the floor-to-ceiling windows that face onto Atlanta’s popular Beltline, railways converted to trails and parks encircling the city.

Photo Lynsey Weatherspoon for NPR

This will soon be the second location for a business she started called Marddy’s — short for Market Buddies, a shared kitchen where home cooks can prepare their goods, and collectively market them.

Her dream began at a far less glamorous spot in a long-neglected neighborhood west of downtown.

“When I was first standing outside with no keys on Fair Street and a boarded-up door, I would not have guessed this,” Bates says.

“This place is proof that you can save yourself,” she says.

Like many Black-owned businesses, the pandemic had the Atlanta food entrepreneur wondering if her fledgling shared commercial kitchen would survive. Looking back a year later, she says it meant getting creative and doubling-down on her mission of connecting with other Black entrepreneurs in order to thrive, and grow her business.

Creating affordable environment for Black businesses

She acknowledges it’s a big step opening this second location at the new Pittsburgh Yards development.

“There’s no hiding,” she says. “Everything that we say that we are, people can kind of peek in and see, like, are they really making those pies? Yeah, we’re really making the pies.”

Black-owned small businesses have long faced difficult odds whether it’s access to financial capital, or discrimination in contracting. Now, the pandemic has hit them the hardest, according to a study by the National Bureau of Economic Research, which found that Black businesses closed at more than twice the rate of white-owned businesses in early 2020.

Pittsburgh Yards is specifically designed to address the obstacles facing Black entrepreneurs. The public-private project converted an old transportation hub into shared working space.

The idea is to create an affordable environment for African American businesses to nurture one another, says Erika Smith with the Annie E. Casey Foundation, (which also sponsors NPR). Smith says Atlanta’s Beltline is an economic generator, but has also fueled gentrification.

“We are realizing in communities where the Beltline is developed, it’s increased the cost of rents for residents and commercial businesses,” Smith says. “So part of the strategy is how can we leverage a physical space like Pittsburgh Yards to also satisfy that business displacement issue.”

“They have a right to survive”

That’s Keitra Bates story. She ran a pizzeria in west Atlanta until revitalization attracted a new landlord who raised her rent. She couldn’t afford to stay open. And she saw other Black-owned businesses priced out as well, closing what had been venues where local home cooks could sell their breads, sauces and pies. She calls them hidden entrepreneurs in danger of being ghosted, along with the traditional flavors of the neighborhood.

Bates is one of the Americans NPR has been following as part of our Kitchen Table Conversations, which started four years ago.

“These people have created a business with their talent and they have a right to survive,” Bates told NPR in 2019 after she got Marddy’s up and running. “Just because there’s new money coming in doesn’t mean that their business should get snuffed out.”

Bates, who is 47, has worked to grow a catering business, aggregating the products her vendors make. About a dozen now use Marddy’s shared kitchen, making products including spices, flavored nuts, and vegan cheese sauce.

Read the full article at NPR.

This New Agency Is Harnessing Data To Improve Black Women’s Access To Wellness

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Jasmine Marie sits at her lap top smiling at her screen. She is sitting at a desk , aside her computer is a plant and behind her is her bed.

By Anna Haines

“Black women aren’t a monolith, representation isn’t enough,” Jasmine Marie, the CEO and founder of Black Girls Breathing, tells Forbes. “We need the data to craft solutions that meet their unique needs.”

Since the company’s inception in 2018, Black Girls Breathing (bgb) has been going beyond their breathwork circles, strategically collecting feedback from their community. Now their new research and creative agency, House of bgb, will be devoted to the research they’ve collected to fill the gap in data on Black women.

PHOTO : SOLOMAN JONES VIA BLACK GIRLS BREATHING

Black women are disproportionately affected by health issues stemming from chronic stress, yet continue to face disparities in accessing wellness services, like breathwork, which can cost upwards of $300 a session. Even for those with insurance coverage, consistent mental health services remain largely inaccessible, says Marie. COVID-19 has not only heightened the financial barriers facing Black women, but made their need for accessible health care even more urgent.

In response to the pandemic, Black Girls Breathing has offered sliding-scale, virtual breathwork classes, and fundraised to provide over one hundred Black women with free breathwork access for one year. But Marie worries these initiatives are not enough—68% of the bgb community has reported that the bgb breathwork circles are the only consistent mental health practice they have. By strategically collaborating with companies that have Black women’s best interests in mind, House of bgb plans to make Black women’s access to mental health services sustainable.

“We’re keeping it all in the family, building this community and making companies rise to the occasion, not just leeching on our culture but working with us in the right way,” says Marie. She wants to set a new bar for representation, insisting House of bgb will only work with companies who demonstrate a genuine commitment to improving health outcomes for Black women. Whether it’s custom research or developing a brand campaign, clients who want to reach this target audience have an incentive to work with House of bgb’s Black-led team because they’ll be “sowing right back to the community,” says Marie. “Black creatives will have jobs to work on and Black women will be able to continue to access breathwork in a free and accessible manner.”

Given that Black women control a major portion of the African-American community’s spending power—estimated to reach $1.5 trillion this year—house of bgb’s ability to collect real-time data on the needs of Black women gives them a competitive edge. They’ve surveyed the bgb community on a wide range of topics, such as job loss, insurance coverage, occupation, stress levels at home and work, and of course, how breathwork has helped participants specifically. Their first white paper summary, “Impact Of COVID-19 And The State Of Black Women’s Mental Health,” released last month, combines these findings with public research to draw new insights on Black women’s unique needs.

House of bgb is just the latest example of Marie’s creative approach to entrepreneurship. “I love the fact that I don’t have a typical mental health background because that’s where innovation begins,” Marie tells Forbes. The bgb founder was working in global brand development when she discovered the healing benefits of breathwork through a pastor at her church in Harlem. “In 2018, I woke up and it was clear in my spirit that I needed to get trained in it,” she says.

Read the full article at Forbes.

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