How Black tech entrepreneurs are tackling health care’s race gap

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entrepreneurs photo: (from left) Kevin Dedner founded Hurdle, a mental health startup that pairs patients with therapists. Ashlee Wisdom's company, Health in Her Hue, connects women of color with culturally sensitive medical providers. Nathan Pelzer's Clinify Health analyzes data to help doctors identify at-risk patients in underserved areas. Erica Plybeah's firm, MedHaul, arranges transport to medical appointments.

By Cara Anthony, NPR

When Ashlee Wisdom launched an early version of her health and wellness website, more than 34,000 users — most of them Black — visited the platform in the first two weeks. “It wasn’t the most fully functioning platform,” recalls Wisdom, 31. “It was not sexy.” But the launch was successful. Now, more than a year later, Wisdom’s company, Health in Her Hue, connects Black women and other women of color to culturally sensitive doctors, doulas, nurses and therapists nationally.

As more patients seek culturally competent care — the acknowledgment of a patient’s heritage, beliefs and values during treatment — a new wave of Black tech founders like Wisdom want to help. In the same way Uber Eats and Grubhub revolutionized food delivery, Black tech health startups across the United States want to change how people exercise, how they eat and also how they communicate with doctors.

Inspired by their own experiences, plus those of their parents and grandparents, Black entrepreneurs are launching startups that aim to close the cultural gap in health care with technology — and create profitable businesses at the same time.

Seeing problems and solutions others miss
“One of the most exciting growth opportunities across health innovation is to back underrepresented founders building health companies focusing on underserved markets,” says Unity Stoakes, president and co-founder of StartUp Health, a company headquartered in San Francisco that has invested in a number of health companies led by people of color. He says those leaders have “an essential and powerful understanding of how to solve some of the biggest challenges in health care.”

Platforms created by Black founders for Black people and communities of color continue to blossom because those entrepreneurs often see problems and solutions others might miss. Without diverse voices, entire categories and products simply would not exist in critical areas like health care, experts in business say.

“We’re really speaking to a need,” says Kevin Dedner, 45, founder of the mental health startup Hurdle. “Mission alone is not enough. You have to solve a problem.”

Dedner’s company, headquartered in Washington, D.C., pairs patients with therapists who “honor culture instead of ignoring it,” he says. He started the company three years ago, but more people turned to Hurdle after the killing of George Floyd.

In Memphis, Tenn., Erica Plybeah, 33, is focused on providing transportation. Her company, MedHaul, works with providers and patients to secure low-cost rides to get people to and from their medical appointments. Caregivers, patients or providers fill out a form on MedHaul’s website, then Plybeah’s team helps them schedule a ride.

While MedHaul is for everyone, Plybeah knows people of color, anyone with a low income and residents of rural areas are more likely to face transportation hurdles. She founded the company in 2017 after years of watching her mother take care of her grandmother, who’d had to have both legs amputated because of complications from Type 2 diabetes. They lived in the Mississippi Delta, where transportation options were scarce.

“For years, my family struggled with our transportation because my mom was her primary transporter,” Plybeah says. “Trying to schedule all of her doctor’s appointments around her work schedule was just a nightmare.”

Plybeah’s company recently received funding from Citi, the banking giant.

“I’m more than proud of her,” says Plybeah’s mother, Annie Steele. “Every step amazes me. What she is doing is going to help people for many years to come.”

Click here to read the full article on NPR.

This Afro-Latina Never Saw Herself Represented Growing Up — Here’s How She’s Working To Change That

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Afro Latina - Bianca Kea sitting behind a table of jack and green apples

By Refinery 29

Growing up in the suburbs of Detroit, Bianca Kea was acutely aware that outside of her family, there were no other Afro-Latinxs that looked like her. No one she could relate to or look up to. But that all changed when she moved to New York City.

“Moving to New York City was such an eye-opening experience,” she recalls. “And it was the first time somebody actually identified me as Afro-Latina — I had never heard the term before, and I was able to learn about my heritage, my history as an Afro-Mexicana.” Her experience — the realization and recognition of being Afro-Latina, of being both Black and Mexican, and not feeling like she had to choose one or the other — led to her launching Yo Soy AfroLatina, an online platform and lifestyle brand that celebrates “Afro-Latinidad in the Americas and validates our hermanas’ experience.” It was born out of not seeing herself represented and wanting to create something that would not only make an impact on the culture, but also cultivate a community. “We all have different experiences — we’re not a monolith — and it’s important for people to understand what it means to be at the intersection of two beautiful cultures,” Kea says. “I hope we’re able to break down stereotypes, empower people, and allow them to be Afro-Latina. Just be yourself.”

That’s why Refinery29 is partnering with Jack Daniel’s Tennessee Apple to produce Valiente Y Fuerte — a video campaign designed to amplify the voices of Latinx creatives like Kea who inspire us every day. Watch the video above for more information about Yo Soy AfroLatina — and how Kea is turning her passion into a legacy.

Click here to read the full article on Refinery 29.

Chance the Rapper says the idea to ‘man up’ is harmful to Black men’s mental health

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Chance the Rapper is not holding back when it comes speaking about the benefits of prioritizing mental health.

By David Artavia, Yahoo! Life

Chance the Rapper is not holding back when it comes speaking about the benefits of prioritizing mental health.

In a new interview with Taraji P. Henson and her best friend Tracie Jade on Facebook Watch’s Peace of Mind with Taraji, the rapper opened up about dealing with the “dark days” of his mental health and how it inspired him to fight for better mental health services in Black communities.

“I think Black men are naturally guarded,” he said when asked about the pressure many Black men face to “man up” and not show their emotions. “You kind of have to be [because] your weakness is preyed upon. So, I think it’s a defense mechanism. You go to a funeral, like, you kind of don’t want to cry. You know what I mean? You don’t want to subject yourself to the feeling of like, that weakness, of like, you know, it just takes a lot to be cathartic, to cry, to empty yourself.”

“I saw my friend killed in front of me when I was 19,” he continued. “I’ve seen people I didn’t know get killed too, and you become kind of like numb to it. Somebody else died last week. But it stays with you, you know what I mean? And you don’t realize until later [that] it could have lasting effects.”

It was these types of discoveries that led him to donate $1 million in 2019 to mental health services in his hometown of Chicago through SocialWorks, his nonprofit organization.

“A couple of years ago, I, for the first time experienced a friend, somebody that I knew from growing up, that was having a mental health crisis,” he said. “His family and his friends had exhausted their efforts over years and years of trying to help. I didn’t really know that much about this stuff. There’s probably a ton of situations where people, you know, we just wrote them off as like, ‘crazy,’ or like, ‘they was tweaking.’ But they were actually going through a chronic mental health disorder.”

After realizing “the kind of care” his friend needed “wasn’t available in the city” for those who can’t afford it, he decided to team up with local advocates to help build the change.

“We basically found every possible mental health initiative within the city of Chicago, and then within Cook County, and then eventually through the entire state of Illinois,” he explained. “[We] created this app that allows people to get in contact, whether it’s an in-person meeting or tele-health, with a mental health service provider, and get the help that they need, instantly from their phone. And it’s free.”

While Chance acknowledges it’s great that celebrities are starting to drive the message that “health is beyond just our physical state,” he argues that equal access to mental health services isn’t going to happen until those in power, particularly “our lawmakers and the billion-dollar companies,” rise to meet the community’s need.

“We’re talented people, but we’re not the people that make the big decisions,” he said. “We’re not the people that write the biggest checks. Those kind of things have to happen.”

Click here to read the full article on Yahoo! Life.

5 Minutes With MDee Beauty’s Deidra Smith

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Diedre Smith of MDee BEauty looking strong and wearing tee-shirt with company name across it

We often think of inclusion as only existing within professional or social circles, forgetting that it must also go a step further. In that spirit, the Black EOE Journal spent five minutes with Deidra Smith of MDee Beauty, a makeup company that is passionate about diversity without giving up on quality.

Black EOE Journal (BEOEJ): Where did your inspiration for MDee Beauty come from and what makes it stand out from the crowd?

Deidra Smith (DS): As a child I used to watch my mother put on her makeup, I dreamed of the day when I could do the same. From there my passion for skin care and the way I look took on a whole new meaning. It was more than just the way it made me feel, it was who I became once I became an adult. Skin care, the importance of lipstick all touched parts of me and what I deemed important. It was from that background the inspiration for MDee Beauty was born. I have used many products, never finding one with sustainability. There were many that became my favorite until later finding out that something in the formula had changed to make it no longer fit my needs. So, it was then that I started researching and later developing a formula that fit not only my needs but also that of other women who felt the same as me.

What makes us stand out from the crowd is basically the love that we put into the products. We have addressed issues of sustainability and longevity. Our ingredients are natural and good for the health of your lips. To enhance the lip care, we have subtle and bold colors that make this the perfect product that women who feel the same as I do, would want to consider.

BEOEJ: You’ve shared your views previously on the import of diversity and inclusion reform in the workforce. Why should businesses and business owners want to consider diversity, equity and inclusion when thinking in terms of their workforce, supply chain or mastermind group?

DS: I’ve been on both sides of this question as an employee and employer. I have been overlooked as a female and as a black female. I’ve been made to think that my ideas and what I had to say didn’t matter. It was kind of like when they tell kids, just be seen and not heard. Everyone’s voice needs and should be heard especially in the workforce on your team. Everyone’s background, experience and culture creates a product of inclusiveness, not only in the office but also for the market we are trying to reach. As the employer, I know that I don’t know everything, that’s why I surround myself with motivated, opinionated and diversity in thought. If you continue to do things the way they were done in the past, how do we get to the future?

BEOEJ: What can entrepreneurs or solopreneurs do to be a part of the change?

DS: Listen to the ideas of all. Decisions on what ethic groups like and don’t like can’t be made without those ethic groups being part of the conversation. Get it right the first time with inclusion of thought.

BEOEJ: Why, is not only the quality of your products, but also their sustainability, important to your company? What does sustainability mean to you as a business owner?

DS: There’s lot of good products out there but most don’t last. As women when we leave our homes, we want to look good all day. Looking and feeling a certain way we should expect it to last all day, maybe with a little touch up. We want you to be confident that your look can last all day. We did that. Our product is built on healthiness, vibrant colors and sustainability. It is our goal to keep you looking good all day long. Sustainability means that I stand behind my products. If you read the reviews MDee Beauty should be a staple in your beauty regimen. With the glowing reviews we have received thus far, it is evident that our company has sustainably, as the MDee Beauty roots continue to grow in the cosmetic industry. My goal is to continue to provide a quality product that people will purchase without reservation.

To learn more about Deidre and MDee Beauty, you can visit their website at mdeebeauty.com.

Photo Credit: Anthony Sealey

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.

Groundbreaking Study of Black Business Owners in the Wine Industry Reveals the Immediate Need for Inclusion & Equity

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Flyer that states

By Press Release, Advisor

Marketing professor and wine business researcher, Monique Bell, Ph.D., has released an inaugural study of Black wine entrepreneurs that captures survey data collected in the aftermath of the global pandemic and civil unrest in 2020. Survey participants, who represent a diverse spectrum of businesses and professional expertise, completed the online survey in late 2020 amidst pandemic-related losses and renewed civil rights and “buy Black” movements.

The Terroir Noir: 2020 Study of Black Wine Entrepreneurs survey respondents answered multiple questions related to their motivations for wine entrepreneurship, experiences with racism and other challenges, perceptions of the wine industry’s inclusion efforts, business strategies and practices, and the impacts of COVID-19. Black-owned wineries account for less than 1 percent of all U.S. wineries, while Black people typically make up more than 10 percent of American wine consumers. A majority of survey participants (43%), which represent wineries and other wine businesses, report that financial capital is the primary business roadblock to their business. Bias/racism was cited by 20% as the number one challenge, in general, for Black wine businesses. Further, more than half of respondents (58%) are neutral or disagree that the wine industry is taking meaningful action to be more inclusive of underrepresented groups.

“I am grateful to the Black wine business community for welcoming me during a very trying time and sharing their valuable insights for this important study,” says Bell, who performed the research during a sabbatical at the Fresno State Craig School of Business and subsequently founded Wyne Belle Enterprises. “The opportunity to connect with wine entrepreneurs inspires me to pursue further research and has opened pathways to increase exposure to and awareness about underrepresented groups in traditionally exclusive industries.”

The survey is the first of its kind among trade reports and academic examinations, and it will be followed by studies of Black wine professionals and consumers, respectively. Bell and her California State University colleagues, including Liz Thach, Ph.D., M.W., of Sonoma State, are currently analyzing more than 40 in-depth interviews with Black wine entrepreneurs.

“In illuminating Black entrepreneurs in the wine industry, Dr. Bell has identified an important gap in the global wine industry and in our collective knowledge about wine entrepreneurship,” says Liz Thach, Distinguished Professor of Wine and Professor of Management, Sonoma State. “As a wine business educator, writer, and consultant, I’ve sought to bring diversity, equity, and inclusion issues to the forefront, and the Terroir Noir study will help further the industry’s progress.”

It was through Bell’s research that she met Angela McCrae, founder of Uncorked & Cultured, and joined the media platform centered on wine, wellness, culture, and adventure as Chief of Cultural Insights and Partnerships. McCrae and Bell, both graduates of Morgan State University, launched the Sip Consciously Directory, a comprehensive resource of more than 100 Black entrepreneurs in the three-tier wine distribution chain. Importantly, the directory enhances Black visibility in the $70 billion wine industry where less than 1% of wineries are Black-owned. The evolving resource connects wine lovers with Black-owned brands, distributors, and retailers, and is complemented by the growing Sip Consciously YouTube video series.

“With knowledge there is power, so it’s important for Uncorked & Cultured to be a destination and resource for consumers and the greater wine industry to understand Black wine entrepreneurs exist and the challenges we face in the industry,’ says Angela McCrae. “We’re filling a void and creating solutions to connect, not just Black winemakers and entrepreneurs with consumers, but also with mainstream brands and major distributors for an opportunity to tap into a far too often overlooked demographic.”

Click here to read the full article on the Advisor.

Should Your Company Invest in Supplier Diversity Programs? The Answer is Yes.

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Young African man folding arms in factory

By Yvette Montoya

When we consider the state of the United States in 2022 both socially and economically, it’s clear that our demographic is shifting and that Americans believe that social responsibility is more important than ever.

Companies that want to stay relevant in this economy need to prioritize diversity, equity and inclusion (DEI) programs and initiatives. A 2017 Cone Communications CSR study stated that 87 percent of consumers would purchase a product that aligned with their own values, and 76 percent would boycott a brand if it supported an issue that went against their beliefs. So, it’s a good time for companies to evaluate what their corporate social responsibility (CSR) looks like and where it needs improvement.

There are four types of corporate social responsibility: Environmental, philanthropic, ethical and economic responsibility– and supplier diversity programs have the potential to achieve all four categories. In a world that’s increasingly looking to employers to create stability and treat employees fairly, supplier diversity programs not only give companies a competitive edge but also make them more likely to maintain high standards of ethics. Implementing diversity, equity and inclusion (DEI) positions businesses to create a positive experience for employees, vendors and the community at large.

Here are three reasons why every company should take supplier diversity programs seriously:

  1. You Get to Be a Leader in Social Responsibility

Companies that choose to focus intentionally on investing in Black and Latinx, women-owned, and LGBTQ+ businesses build trust with their customer base and inspire other business leaders to examine their own company practices. When we create transparency related to how products are sourced and/or hiring and management practices, we put our money where our mouth is, and so will your customers. According to Cone Communications, three out of five Americans believe that companies should spearhead social and environmental change. And eighty-seven percent of Americans said they’d buy a product because a company advocated for an issue they care about.

Although there may be some challenges in finding minority-owned vendors that comply with a buyer’s procurement requirements, there are two solutions to this. One being creating mentoring and training programs for diverse suppliers to help them meet the standards of the certification process. The other is to partner with relevant councils and chambers of commerce that provide these support systems. When value is created through tangible solutions, everyone wins.

  1. Investing in DEI will Foster Innovation and Sales

Treating DEI like an option or something that isn’t deserving of attention means that customers will see that you’re not taking your CSR seriously. Corporate social responsibility initiatives can be the best public relations — as well as marketing — tool. Gen Z and Millennials are experts at spotting inauthenticity. A company that positions authentically with real company-wide efforts and accountability will be viewed favorably in the eyes of consumers, investors and regulators. Honest initiatives attract opportunities and employees that match an organization’s convictions.

CSR initiatives can also improve employee engagement and satisfaction — key measures that drive retention. Finally, corporate social responsibility initiatives by nature force business leaders to examine practices related to how they hire and manage employees, source products or components and deliver value to customers. All of these things create happy employees and customers, which lead to innovation, sales and a good reputation.

  1. You Get to Make an Impact on Structural Inequality in America

Supplier diversity programs are a catalyst for true social impact because thriving small businesses are the lifeblood of the American economy. Strong local businesses create jobs and higher wages, which put money back into the community and drive economic growth. Another plus of supplier diversity is the impact it will have on the company at large and the economy overall. Supplier diversity promotes healthy competition by increasing the pool of possible suppliers. This can lead to potentially lower costs and a better product quality. Not only that, bringing in people from different backgrounds or from backgrounds that reflect the community your company serves can result in better marketing, unique solutions to old problems, as well as innovative ways to meet your customer’s needs.

With midterm elections underway, it’s a good idea for businesses to be on the right side of key issues, including racial and gender equality and environmental sustainability. This gives corporations the opportunity to work collaboratively with businesses in a way that combats racial discrimination, all while empowering the public, creating economic opportunity and enhancing their business.

Yvette Montoya is a Los Angeles native and journalist who is equal parts content creator and writer. She covers everything from issues of spirituality and politics to beauty and entertainment. Her journalistic work has been featured on Refinery29, Teen Vogue, ArtBound, HipLatina, Mitu, and she’s a regular contributor for POPSUGAR.

Meet The Woman Behind Google’s Multi-Million Dollar Partnerships With Black Founders Around The Globe

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Rachael Palmer, the Woman Behind Google’s Multi-Million Dollar Partnerships With Black Founders Around The Globe

By Alexa Imani Spencer, Yahoo! Finance

Rachael Palmer is behind Google’s partnership strategy with venture capitalists and startups throughout Europe, the Middle East, and Africa.

Her track record includes the launch of a $2 million fund for Black founders in Europe and a $3 million scheme in Africa, Business Insider reported.

“My role focuses on driving partnerships with the region’s top VCs and startup but also working on initiatives to transform the ecosystem for the better,” Palmer told Insider.

Before she joined Google, she worked at Microsoft and American Express. She spent plenty of time working with small businesses at the latter. As an internal consultant at Google, she “quickly found my back to working within the startup ecosystem”

Every day is different and far from typical, she told Insider.

“I spend some days working closely with founders to understand their business and how we can help them, or with internal product teams discussing opportunities to engage the VC and startup ecosystem,” she said. “Another day might be spent with a VC learning more about their portfolio companies, how we can partner and also what they look for in investments.”

Palmer shared her top five tips for businesses seeking to work with Google.

1. Keep Google’s users in mind

For startup founders hoping to secure an investment from Google, Palmer’s main tip is to ensure you have something to offer the company’s users.

“I meet many startups that want to get their content or product built into Search,” she said. “However, they often fail to step back and think about what’s in it for our users and how it enhances the product. For a partnership to work, it has to be mutually beneficial to both sides.”

2. Do your company values align with Google’s?

For Palmer, it’s important for her to get to know what’s in “the DNA of a company.”

“I really care about its values and how closely it meshes with Google,” she said. “In a pre-COVID world, I used to enjoy a visit to the offices as you can tell a lot about a company through seeing where and how they work.”

3. Think seriously about diversity

Palmer said about picking venture capitalist business partners, “I obviously care deeply about their ability to pick winners but I also care about their perspective on diversity.”

4. Think locally and globally

Palmer said she’s always been impressed by the go-to market strategies of EMEA-based startups.

“They often establish themselves in their home country then quickly create the blueprint for expansion by becoming really good at localization, developing local partnerships and navigating regulatory situations in different markets.”

5. Expect competition

Large companies like Google have rival founders and interested venture capitalists in numbers. This year’s Black founder initiative is one example.

Click here to read the full article on Yahoo! Finance.

3 Ways to Conquer Imposter Syndrome

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By Lori Pugh

I’ve spent most of my professional career in the high-tech field, surrounded by predominantly male leadership. While I will always be appreciative of the mentorship and guidance I have received over the years, I’ve often found self-comparison leading the way for me.

In the STEAM fields, you’re expected to be very innovative and forward-looking. While those around me exuded confidence and self-assurance, I have often felt like I was faking it. For the longest time, I became risk-averse for fear of looking stupid. As I climbed the corporate ladder, I was sure these feelings would leave me and was disappointed to find that they would intensify.

Then, one day, many years ago, an employee reached out to me asking for advice about overcoming “imposter syndrome.” Never having heard of this affliction, my interest was piqued. After reading more about it, I realized this term describes me. Discovering that others felt these feelings flooded me with relief. In my research, I found that this “syndrome” was felt mainly by women and people of color.

Instead of being stressed, I felt challenged to learn how to conquer it. I sought coaching to help me do so, which inspired me to help others with my newfound knowledge. It has been a monumental privilege to help others learn to conquer this debilitating condition. If you can relate to these feelings, then I know you can conquer them, too. Here are three ways to do so.

1. Build self-confidence. Nobody is born with confidence. That means it can be built! Self-confidence is an emotion guided by our thoughts. If we become aware of our thoughts and identify the driving factor of negative emotions, then we have the power to target and change them. We can alter beliefs about ourselves, our career, our relationships, our lives. It’s natural for fear to crop up. That’s just the primitive part of our brains trying to protect us. With practice, all of us can rise above those natural, fear-driven thoughts and create self-confidence in every area of our lives.

2. Recognize that failing is a crucial part of success. We’ve all been taught in some way that failure must be avoided. However, when I was surrounded by software engineers, I learned that we all need to fail to improve. They call it “failing fast.” When developing software, failures or “bugs” are a normal and natural part of the testing process. It helps developers improve what isn’t working in the coding. Rather than fearing failure, look at it as a sign that you’re learning and moving forward.

3. Stop agonizing over what others may think. It’s natural for us to ponder what others think about us, but it’s the worrying that paralyzes us because there’s nothing we can do about it. Worried thoughts, however, are notoriously inaccurate. In the end, you cannot control others’ thoughts, feelings or expectations. While you may still face times of worry, you also face a choice in those moments to have courage and move forward despite any discomfort. And in doing so, you will continue to build confidence in yourself.

The journey of creating self-confidence and conquering imposter syndrome can be a long and challenging process. But if you choose to be your authentic self and have confidence in your abilities, you’ve taken the first important step.

Lori Pugh is the Chief People Officer for the nonprofit, Waterford.org. She is also a certified life coach specializing in helping women build their self-confidence and recognize their inherent brilliance. You can find more information on her website, loripugh.com, or by joining her Facebook group, “Women Walking Tall.”

Answers to 8 Commonly Asked Questions About Business Credit

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By Sharita Humphrey

Like many business owners, you may wonder the purpose of business credit. Why is your business credit a big part of your evaluation to know if your business is good? I get a lot of questions and thoughts about business credit from time to time. Starting from what is business credit? And how do I find one? To what lengths can you apply to get a positive rating score?

Here, I answer eight commonly asked questions about business credit.

What is business credit?

Business credit is a part of your business profile and a tool used to know the ability to pay back a loan. To keep it simple, business credit will help you buy something now and pay it later. You need to have a good credit score to prove to creditors that your business is worthy.

How can I get business credit?

You need your business to be established. Make it an LLC, partnership, corporation, sole proprietorship, etc. then your business credit profile will be created. Parts of the business profile are informed about your business included in the public record. The business credit is public. So, anyone can look at it. Meanwhile, your personal credit score can’t be viewed by anyone, but several things from it could affect your business credit positively or negatively.

How to make a strong business credit profile?

It should be a priority to build a strong business credit profile. Even if you’re a new business entrepreneur, you must have it like it’s a credit card for business. Start small and build your business credit from that stage.

Here’s a tip: Vendor credit is a smart way many new businesses establish with their credit profile. Trade credit is probably one of the easiest ways to establish your business credit profile and a fantastic way to build a solid business credit score. You use these two tips to increase your score at the start of your business because these tips won’t last long as business time goes.

Where can you go and see your business credit profile?

There are a lot of places you can go to view your business credit profile. All credit bureaus will give you access to view your score. They also want to ensure that your information and their records have the same accuracy. So, it makes sense to review your profile regularly. There’s no penalty for inquiring about your business credit profile, which is a nice perk to have.

What are the main business credit bureaus?

The top business credit bureaus in the country are Experian, Equifax and Dunn & Bradstreet. These three credit bureaus have a slight difference in creditworthiness evaluation. So, I recommend that you do good research on these three and decide which one is best for your business.

How often should you check your business credit profile?

If you’re a conservative person, check your profile monthly. It’s the best way to find errors and fix the minor issues before it goes on too long. We pay the most attention to things that give impact, and checking your profile monthly is not that frequent.

How can you improve your business credit profile?

If you don’t like your business credit score right now, don’t worry. There are ways to improve it, but it takes effort. Pay off your business credit often to keep the debt ratio low. Don’t wait for monthly statements to come; pay them off each week. You can pay online or on your phone for easy convenience. Do you owe money to a creditor? Pay in full, and pay it off as quickly as possible. Don’t close your credit accounts. The length of your credit history matters.

Does your time in business affect the score of your business credit profile?

It doesn’t necessarily impact your credit profile, but if the business is in the early stage, it will be hard to find a small business loan. Strong profiles that show histories of credit and service debt can positively impact your profile. The longer your credit history, the more information your creditors can have in your profile to prove your creditworthiness, and they can determine if you have a good track record.

In closing, there are a lot of commonly asked questions to be answered, but I believe these are the most common questions you’ll find in other searches as well, and this is the most direct and informative answer we can give for new business entrepreneurs. Once you understand your business credit score, you’ll never feel helpless, and this will remind you about the status of your business.

Source: Score

The NMSDC Equity Honors 2023–Applications Now Open

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The National Minority Supplier Development Council (NMSDC) Equity Honors awards are presented to corporate chief officers who have been recognized by their peers as the true leaders at the vanguard of economic equity and minority business integration.

Submit an application for your CEO, COO, CFO, CIO, CMO, CDO, and CPO of the Year. All applications* must be started** by Dec. 20 to be considered.

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*Qualified applications submitted for The Equity Honors in 2022 have been cloned for consideration for the 2023 Equity Honors. Simply log into the NMSDC Awards Portal and update your application, then submit. Previous winners of The Equity Honors are ineligible to apply again for a minimum of 3 years.

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Understanding the Emotional Tax on Black Professionals In the Workplace

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Corporate hiring managers no longer need to argue the case for diversity. Data from the Pew Research Center suggests that eight-in-ten Americans value racial and ethnic diversity in the workplace, with 45% of survey respondents citing diverse perspectives and equal opportunity as grounds for increasing diversity. Another 34% see a clear business case for diversity, too, as it leads to a larger pool of potential workers.

Yet, diversity is only a starting point. Inclusion, the behavior that welcomes and supports diversity in corporate culture, goes beyond the obvious missed opportunities for great talent. Inclusion is a necessary tool for growth and competitiveness.

For people of color, coping with discrimination can create the burden of an “emotional tax” in the workplace. This emotional tax is defined as ‘the heightened experience of being treated differently from peers due to race/ethnicity or gender, triggering adverse effects on health and feelings of isolation and making it difficult to thrive at work.’ Nearly 60% of women and men of color have experienced this burden, according to a survey by Catalyst. When employees of any background don’t feel that their perspectives are welcomed and included, the company bottom line can suffer, too.

The Black tax

This emotional tax is often referred to as the “Black Tax,” because of its particular impact on Black people.

Data indicates that, while a majority of Black survey respondents reported facing discrimination, those with college or higher education experience were even more likely to say they have been affected. As many as 62% of Black workers in STEM fields—as compared to 44% of Asians, 42% of Hispanics and 13% of whites—revealed they have experienced various forms of racial or ethnic discrimination at work, including earning less than a coworker with the same role and receiving less support than their peers from managers. When Black workers face racial discrimination, bias, and microaggressions in their daily professional environment, their emotional and financial wellbeing can be affected.

When faced with bias and discrimination, Black workers may feel obligated to code-switch, a method of alternating between ways of self-expression, appearance, and behavior in the workplace, to downplay racial differences and connect with colleagues. This suppression of one’s racial identity can come at the cost of authenticity and self-confidence, and thus, decrease a sense of belonging in a work environment.

This discrimination also forces Black employees to contend with hypervisibility, the feeling of being overly visible for one’s race or ethnicity, while their unique skills and personalities seem invisible to others. While this phenomenon has been an issue for years, its effect is being felt now more than ever in the aftermath of the murders of Black Americans like George Floyd, Breonna Taylor, and Tony McDade, as well as the global Black Lives Matter protests that followed.

Intersectionality of multiple challenges

Facing the intersectional pressures of race and gender bias, Black women, especially, may need to navigate situations of gender bias more carefully, including things like being asked to do office housework or being interrupted while communicating in the workplace. Other situations that stem from racial bias, such as having their hair touched without consent or being told that they are exceptionally articulate or not like others of their race, can also take a toll. A common solution offered to women to thrive in the workplace is to “lean in” or be “more assertive.” However, due to pervasive stereotypes, Black women may be labeled as “angry,” or subjected to racially biased reprisals when speaking up for themselves.

Since the burden to stay vigilant against bias can impact an employee’s self-confidence, career path, and retention within an organization, it’s no surprise that professional and financial repercussions follow. This constant attention can become a job within a job, or, at the very least, an energy-draining distraction. Black employees in non-diverse and non-inclusive workplaces may lack access to the senior leaders and spheres of influence that could provide paths for career progression. The racial wage gap embedded in the corporate system, combined with the diminished opportunity to connect and move forward, can impact earning potential throughout a career.

The Black tax, being pervasive, also threatens the ability of Black families to build generational wealth. When Black employees earn fewer wages than their white counterparts, they have access to fewer opportunities for building net worth—via savings and investing—and ultimately, less to provide for and pass onto their families. As many Black professionals may be the first in their families and communities to have college degrees (along with the access to white-collar income), they often support extended families during their earning years. Thus, the burden of the Black tax can cast a far-reaching shadow over the economic health of Black communities.

The company bottom line takes a hit

Lack of diversity and inclusiveness can weaken the path to management for internal talent and make attracting innovative new stars a challenge. Unspoken pressure on people of color to be more qualified, more professional, and harder working than their colleagues just to be valued on par, can lead to reduced productivity, costly health struggles, and high turnover for this group. Data also indicates that employees who are not carrying that emotional tax burden may also become disenchanted with their organization’s intolerance for diverse POVs and will subsequently leave, as confirmed by 72% percent of respondents surveyed in a Deloitte Poll. Nearly two-thirds (65%) of employees surveyed in an SHRM study felt that the respectful treatment of all employees was a very important factor in their job satisfaction.

Companies that optimize productivity from a wide variety of people tend to perform better than companies that don’t. Exposure to diverse colleagues helps everyone learn to adopt inclusive practices. The results can include increased retention and employee engagement, broader attraction of top talent, better brand image within the community, stronger financial performance, and greater innovation.

Attracting the best talent and connecting with one’s customer base requires acknowledging women of color as an integral part of the available hiring pool. Women and people of color comprise 63% of the population, but account for less than 30% of senior business decision-makers. Women of color also make up the majority of the global female population. While strides toward gender inclusion show that approximately “1 in 5 C-suite executives is a woman,” still “only 1 in 25 C-suite executives is a woman of color.”

Click here to read the full article on Bloomberg.

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