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Concerns about the future have intensified as Donald Trump prepares to be sworn in as the 47th U.S. president. The Washington Post reports minority- and women-owned businesses have looming concerns over contracts, citing a potential loss of $70 billion in annual contracts amid legal disputes affecting government programs for “disadvantaged” firms. Within the Black community, legal issues were prevalent amid Fearless Fund’s ongoing litigation, which has now been settled. As AFROTECH™ previously reported, the firm, led by founding partner Arian Simone, was sued by Edward Blum and his American Alliance for Equal Rights group in August 2023 over its Strivers Grant program. The $20,000 grant backed by JPMorgan Chase & Co. and Mastercard had been aimed at small businesses primarily owned by Black women, and the activist group accused the investment firm of “explicit racial exclusion.” The group had already been victorious in the Supreme Court over race-based affirmative action policies....
Paris Wallace saw an opportunity and he went for it. Now, he’s making history with the first majority women- and minority-owned cycling league alongside his co-founder David Mulugheta. “I saw an opportunity to reinvent the sport I love; to bring the passion and excitement of cycling to the next generation of fans,” said Wallace, the co-founder and CEO of the National Cycling League, according to the league’s website. “I wanted to reduce the knowledge barrier of becoming a fan by adding a scoreboard and creating a league structure that mimics most other professional sports. I also wanted to reduce the time investment by making it shorter, faster, and more action-packed. And that is how the NCL was born.”
Uber and Visa have linked up to support small businesses as the new year continues to unfold. The company has announced its Grants For Growth program which will provide small businesses in 10 U.S. cities with $1 million in funding, according to a press release. The program will be led by Local Initiatives Support Corporation (LISC) with a focus on restaurant recovery and entrepreneurship. “We know that this year has been trying for many and that independently-owned businesses continue to face significant business challenges,” said Sarfraz Maredia, VP of the US and Canada Delivery at Uber in an official press release. “Uber and Visa are committed to supporting SMBs, especially through unexpected events, when they may need us most.”
McDonald’s is setting new diversity goals with its largest suppliers. According to a report from Bloomberg, the world’s biggest restaurant chain by sales is making a pledge to diversify its supply chain by committing roughly 25 percent — or $3.5 billion — of the company’s annual domestic supply-chain spending to minority and women-owned suppliers by the year 2025. “Throughout my career, I have historically seen supplier diversity viewed as a social program grounded in doing ‘the right thing,'” Reggie Miller — Chief Diversity, Inclusion, & Equity Officer at McDonald’s — said in a statement. “Today, however, consumers have greater access to information about the brands they purchase from. They want to support brands they can trust.” “When we refreshed our global DEI strategy last year, we knew supplier diversity needed to be a central principle,” he continued. “We knew this was key to ensuring we generate innovative products and services, increase competition, and build economic...
Uncle Nearest Premium Whiskey , the fastest-growing and best-selling Black-owned spirit brand in all of U.S. history, has just announced a multi-million dollar initiative to give back to its fellow spirits brands. According to a press release, the award-winning whiskey brand has launched a $50 million venture fund designed specifically to invest in rapidly growing, minority-founded and owned spirit brands. The announcement was deliberately timed to commemorate the 100th anniversary of the destruction done to Black Wall Street in Tulsa, OK. “On June 1, 1921, an entire community of wealthy and successful African Americans was wiped out in a matter of hours. We are talking about 35 square blocks known as Black Wall Street,” Uncle Nearest founder/ CEO Fawn Weaver said in a statement. “As an African American, learning about that history broke my heart because we, as a people, were really onto something in Tulsa, Oklahoma. We were lifting one another up and creating wealth within our own...
Things aren’t looking good for minority-owned small businesses — yet. According to a new report released by Alignable, 53 percent of all minority-owned small businesses couldn’t afford to pay their April 2021 rent. The poll was conducted by Alignable, and surveyed 8,943 small businesses from March 27 to April 5. What they revealed, was that covering the rent remains a major obstacle for nearly one-third (31 percent) of all small business owners in the United States. But for minorities, that percentage is much higher: 53 percent of minority-owned SMBs could not afford to pay their full rent on time. Last month, 67 percent of all minority-owned small businesses couldn’t afford to pay their rent on time. So, while the number has certainly improved, it hasn’t done so by much, and once again, Black business owners are getting the short end of the proverbial stick. The fact that more than half of minority-owned businesses can’t pay their rent also indicates that the PPP (Payment...
Alcohol beverage company, Constellation Brands, Inc. has announced they will be investing $10 million into the Clear Vision Impact Fund, an investment fund for minority-owned businesses. According to Global News Wire, this newly-formed investment vehicle was founded by the only U.S. investment bank certified as a women and minority-owned enterprise, Siebert Williams Shank & Co., LLC. Constellation Brands’ president and CEO, Bill Newlands says the underrepresentation and barriers within the alcoholic beverage industry have existed for far too long. “We remain committed to doing our part to help remove such barriers and we’re proud to partner with Siebert Williams Shank & Co. and other companies that have joined this effort,” he said. “Working together, we can provide greater access to capital and opportunity for minority-owned businesses as well as the employees and communities they support.” The mission of the Clear Vision Impact Fund is to foster inclusive growth for businesses...
NBA legend-turned-financial powerhouse Russell Westbrook doesn’t seem to be slowing down anytime soon. Just last week, it was announced that he was joining Varo Bank’s advisory board. Now, he’s adding another arrow to his financial quiver. In a press release announcement, it was revealed that the Washington Wizards point guard has joined forces with Acrisure — the top 10 global insurance broker — to form Evolution Advisors, LLC, in a joint venture. Westbrook, who is a founding partner of this new venture, will be focused on providing greater access to insurance products and financial services to minority-owned enterprises, including Minority Business Enterprise (MBE) certified businesses. “Access to insurance is crucial to the success of any business,” said Russell Westbrook, in the press release announcement. “Unfortunately, minority-owned businesses don’t always have the same opportunities as everyone else, so I am thrilled to partner with Acrisure on this endeavor where we can...
John W. Rogers Jr. made headlines when he formed Ariel Investments back in the 1980s. The company is a Black-owned mutual fund giant that is one of the first — and only — of its kind. Now, he’s making headlines again. Forbes is reporting that the firm launched a private fund business called Ariel Alternatives, with the backing of a to invest and scale sustainable minority-owned businesses. The endeavor is called “Project Black,” and it will be co-chaired by Ariel Investments co-CEO Mellody Hobson and Leslie A. Brun, the founder and former head of Hamilton Lane, a powerhouse alternative investment firm with $500 billion in assets. The fund was formed with the intent to close the racial inequality gap. “Through Project Black, we plan to ultimately disperse opportunity throughout underrepresented communities. We want to change the narrative and foster true action and demonstrable change,” said Hobson. “While we have been encouraged and inspired by the supply chain diversity commitments...
Jay-Z may be best known for his raps, for his various business ventures, and for being Beyoncé’s husband. However, today, he’s putting on his “investor” hat. The Brooklyn-born Shawn Corey Carter has started an investment fund — totalling $10 million — that, he says, will help budding entrepreneurs in the cannabis industry. Specifically, he says, these funds are earmarked for Black men and women who are, statistically, shut out of the “legal” pot market. “We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions,” Jay-Z said to The Wall Street Journal. “I wanted to do something in a real, concrete way, where I do my part.” The fund, itself, was formed thanks to what’s known as a “blank check” deal from Subversive Capital Acquisition Corp. This blank check deal allowed the “Big Pimpin'” rapper to acquire two companies — Left Coast Ventures and CMG Partners — and this “joint venture” of sorts is who...