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Black-owned businesses will soon have access to billions of dollars, thanks to this latest move by Madam Vice President Kamala Harris. According to Yahoo! News, during the annual Freedman’s Bank Forum on Tuesday, Dec. 14, Vice President Harris, alongside Treasury Secretary Janet Yellen, announced that financial institutions servicing minority and underserved small business owners would reportedly receive $8.7 billion in funding. The move is a part of the $12 billion that Harris locked in during 2020 while she was still a U.S. Senator. Other Senators responsible for the action include Cory Booker, Chuck Schumer, Mark Warner, and U.S. Rep. Maxine Waters, who serves as the House Financial Services Committee chairwoman, theGrio reports.
Having adequate resources is vital to the success of Black-owned businesses across the nation, and ChannelAdvisor wants to make sure Black-owned business owners have them. PR Newswire reports that ChannelAdvisor has pledged a commitment of $3 million to M&F Bank, the nation’s second-oldest Black-owned bank located in Durham, NC. According to the company website, the state-chartered commercial bank was organized in 1907 to fulfill a dream that the nine founders had for their community — to build generational wealth and betterment for the people of the residential district in Durham. Today that commitment continues, thanks to the deposit made by ChannelAdvisor, t he leading provider of cloud-based e-commerce solutions who share the bank’s commitment to supporting the growth of local minority-owned businesses. “We’re committed to doing our part to support and increase economic opportunity in the communities around us, especially underserved entrepreneurs and business owners ,” said...
It’s been 100 years since the Tulsa Race Massacre reshaped the world as we know it. What once was known as The Black Wall Street, the Greenwood District was singlehandedly destroyed at the hands of white rage and today (June 1), OWN is keeping its legacy alive through “The Legacy of Black Wall Street.” The new two-part special OWN Spotlight event will track the rise of Black Wall Street in Oklahoma’s Greenwood District up until it was destroyed through the tragic 1921 Tulsa race massacre. Angela Davis / Photo Courtesy of OWN: Oprah Winfrey Network “We’re proud to tell this powerful story and commemorate the triumphant survivors who worked to rebuild and reclaim Black Wall Street,” said Tina Perry, President, OWN in an official news release. “This is a significant moment in our history that will not be forgotten. We will continue to amplify Black excellence and resilience on OWN as we make strides on the road to healing.” Healing that present-day activist and Tulsa native, Jerica...
Famed actor Hill Harper is getting into the money game by way of financial technology that’s powering a newly-launched digital wallet for investors of color. According to a press release, Harper announced the launch of The Black Wall Street app just in time for Financial Literacy Month as a means to empower Black and Latinx investors and contribute to closing the racial wealth gap in America. This feat marks the first-ever Black-owned digital wallet and cryptocurrency exchange platform to exist in the U.S. Through this digital fintech platform, Harper hopes to create the world’s largest investment and financial literacy curriculum/toolkit for communities of color to use across the diaspora. “Our technology seeks to replicate the brick and mortar Black Wall Street, as a digital ecosystem that will galvanize the financially excluded and directly stimulate the economic growth and spending in marginalized communities everywhere,” Harper shares in a statement. “With the Black Wall Street...
Black and minority-owned businesses nationwide are finally get the support they deserve. The latest region to join in the efforts to bolster Black and brown businesses is Stonecrest, GA, which just announced the development of a new shopping, dining and entertainment center called New Black Wall Street Marketplace, AJC reports. This new development has aims to feature over 100 businesses with a focus on minority owners, and looks to imitate itself after the business model that made Ponce City Market and Krog Street Market such a success. The finished product of the property will also include restaurants, grocery stores, art galleries, music venues and theatrical stages in an effort to provide more opportunities for Black, minority, and women-owned businesses. According to the AJC, the city’s past attempts to make Dekalb County a hotbed for minority-owned businesses hasn’t proved to be very successful, but they’re hopeful for their latest ambitious project. “This is something that’s...
Over the last few months, Black people have proven to be resilient in the face of adversities, especially when it comes to working together to better our communities. The work to improve our economy starts within our own communities as we strive to progress under systems that weren’t initially designed for us to succeed. To rewrite our narratives, 19 Black families banned together to recreate what has the potential to be the new Black Wall Street in Toomsboro, Georgia, according to Because of Them We Can . View this post on Instagram A post shared by The Freedom Georgia Initiative (@freedomga2020) Seeing the lack of safe and secure spaces for Black people inspired these families to develop a viable solution to having more self-sustaining communities where businesses, consumers, and entrepreneurs can all flourish. Reports from BOTWC stated that realtor Ashley Scott — a native of Stonecrest, Georgia — was fed up with the country’s conditions after witnessing the murder of Ahmaud...
The 99th anniversary of the 1921 Tulsa Race Massacre just recently passed and as an ode to what was once the wealthiest Black neighborhood in the country, current residents of the town continue to uphold its legacy. Before the chain of tragic events, Tulsa, Oklahoma was recognized as Black Wall Street, a historic Black and affluent district filled with thriving businesses. Today, current residents have opened their own businesses to keep the name of the neighborhood alive. A few of those residents recently shared their stories of Black Wall Street with Black Enterprise and how they’re preserving the neighborhood’s origin story. “One of the greatest ways to pay homage to those who came before us is to respect their legacy enough to not just commemorate it but to keep it alive,” said Onikah Asamoa-Caesar, owner of Fulton Street Books . “Being a young Black business owner to me is to be one more person keeping the flame lit.” She added, “When I see images of Black Wall Street, I see...
Seasoned industry veteran Dream Hampton — the executive producer behind Lifetime’s Emmy-nominated “Surviving R. Kelly” documentary series — has been tapped to work on a new project to highlight the infamous events of the Tulsa Race Massacre of 1921. Dream Hampton, executive producer of #SurvivingRKelly , will direct 'Black Wall Street,' a documentary series about the Tulsa Race Massacre, a deadly act of racial violence committed 99 years ago https://t.co/KO12nlGiCI — The Hollywood Reporter (@THR) June 1, 2020 According to Variety , Hampton will executively produce and direct the Cineflix Productions documentary series to document one of the worst acts of racial violence in American history. Under the working title “Black Wall Street,” the limited series will weave together past and present events attributed to the 1921 Massacre in Tulsa, Oklahoma, which left hundreds of Black people dead, thousands displaced, and the city on fire. “Black people from Tulsa have refused to let the...
The excellence of Black Wall Street is often overshadowed by the story of The Tulsa Race Riot of 1921 , which lead to the city’s demise. A once flourishing and self-sustained Black community was destroyed by a racist mob that left hundreds of Black citizens dead, and many Black-owned businesses reduced to ashes. However, in the spirit of renewing and celebrating the community’s rich history, The Greenwood Chamber of Commerce has received a $500,000 grant from the National Park Service to renovate the historic city, according to Tulsa World. Although the grant will be used to replace roofs and remodel the exterior of ten buildings in the Greenwood Centre, chamber president, Freeman Culver, hopes the grant will ignite the nostalgic spirit of Black excellence within Tulsa. “We hope that it’s obvious we’re committed to preserving the history our ancestors left us,” Culver told Tulsa World . The most recent renovation of the buildings took place in the 1980s after the block was...
Founded in 1907, the Mechanics and Farmers Bank (M&F Bank) and the second-oldest bank in the nation founded by African Americans has reopened for business after renovations. According to ABC 11 News , the M&F Bank held its 113th-year celebratory ribbon-cutting ceremony honoring the original Mechanics and Farmers Bank building located on West Parrish Street in downtown Durham, the historic Black Wall Street District. The original Mechanics and Farmers Bank was built at a time when African Americans struggled to find a bank to safely deposit money and accumulate interest. In 1975, the building was declared a national historic landmark. “There’s an unbelievable wealth gap, and so, our bank has been able to provide access to capital to business to nonprofits to consumers. And, over the past 113 years, we’ve probably provided about $1.4 billion in loans to the communities where we are located,” M&F Bank President and CEO James Sills told CBS 17 . After decades of survival, its original...
Democratic candidates are gearing up to secure the Black vote in the upcoming 2020 presidential election. Former mayor of New York City and presidential hopeful, Mike Bloomberg is among those rolling out initiatives and reform plans aimed at empowering and supporting Black businesses and entrepreneurship. According to Black Enterprise Bloomberg announced his Greenwood Initiative: Economic Justice For Black America plan during MLK weekend. The plan is named after the Greenwood community located in Tulsa, Oklahoma which was the home of Black WallStreet, a thriving early 20th-century community of Black businesses and entrepreneurs. According to Bloomberg’s official campaign site , the Greenwood plan promises to create 100,000 new Black-owned businesses and one million new Black homeowners over the next decade. The details of the Greenwood plan are to increase Black businesses by providing one-stop shops for entrepreneurs, increasing incubators, strengthening Black-owned banks, and...