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Black Americans own 2.2 percent of the nation’s 5.7 million employer businesses, according to U.S. Census data. Yet, many lack the proper financial tools, guidance, and resources to succeed. States like Georgia saw a big jump in business growth last year with a 57 percent increase in new business formations. While this may seem exciting, Black businesses historically bring in less revenue because they face challenges related to funding, business models, financial understanding, and leadership. McKinsey & Company reported that while approximately 15 percent of white Americans hold some business equity, only five percent of Black Americans do. Octavia Conner, a virtual CFO and founder of Say Yes to Profits, told AfroTech that for Black business owners to succeed, they’ll also need more support from corporate America. She said corporate America needs to stop limiting opportunities for entrepreneurs based on the color of their skin, offer more programs and financial resources, and grant...
One way to get consumers to become more financially literate? Add a little hip hop. Inspired by the pandemic, financial educator Ash “Ash Cash” Exantus launched “ The Ash Cash Show ,” a daily digital finance show that empowers people to achieve financial freedom and build wealth, reports Black News . The culturally relevant feature also focuses on business news. In each episode, Exantus uses a culturally responsive approach to teaching financial literacy and entrepreneurship. “I once heard, when the country catches a cold, black folks get pneumonia and with the current coronavirus pandemic, this has been nothing but facts,” Exantus, also known as the Hip Hop Financial Motivator, said. The aggressive spread of COVID-19 has disproportionately affected Black communities. Despite the overall drop in the unemployment rate, the rate for Black workers has increased . Exantus—who has been featured on “Sway in the Morning,” CNNMoney and The New York Times — wants to be the financial voice...
Many Americans have found themselves in compromising financial situations brought on as a result of COVID-19 and may be facing financial burdens with long-lasting effects. Black communities, in particular, are feeling the weight of COVID-19’s wrath on their finances. In response, Black people are turning toward financial influencers to get sound advice on how to rebuild their finances for the future. From advice on how to improve your credit and money management to a breakdown of financial literacy, our list of Black money experts below have all the information you need to make better financial decisions. The Finance Bar View this post on Instagram A post shared by The Finance Bar®️ (@thefinancebar) Financial expert and founder Marsha Barnes started The Finance Bar to close financial gaps in the Black community and help women strive to reach their personal financial goals. Barnes’ committed effort to meet individuals on their financial journeys and emphasize the value of being...