Seven Black Banks Will Provide $25 Million Loan To Major League Soccer In Historic Deal
Seven Black banks—including four of the nation’s largest—will provide $25 million in financing to Major League Soccer (MLS) aimed to help empower the Black community.
According to a news release, the action marks the first time any sports league has taken part in a major commercial transaction solely with Black banks. Organized by the racial justice nonprofit National Black Bank Foundation (NBBF), the partnership is the most recent step in several continuing efforts by MLS in the diversity, equity, and inclusion arena.
Along with closing the Black-White economic disparity in America, the push is reportedly intended to compel others large organizations in the sports and business world to form similar partnerships.
Sola Winley, MLS executive vice president, and chief diversity, equity, and inclusion officer, tells BLACK ENTERPRISE that the money will be used for strategic investments and strategic priorities on behalf of the league.
“It has not been earmarked for a specific initiative or program, but more for our general specific priorities,” she says.
For the Black banks, the accord could help boost revenues. The transaction, along with the MLS’ strong credit rating, will boost the “banks’ capital cushion through fees and interest earned,” according to the news release. That is expected to create more capacity for new lines of credit for home and small business loans in communities of color nationwide.
The syndication team is led by lead arranger Atlanta-based Citizens Trust Bank and co-lead arranger New York-based Carver Federal Savings Bank. The other participating banks include Alamerica Bank of Birmingham, Alabama; Carver State Bank of Savannah, Georgia; Columbia Savings & Loans of Milwaukee; Mechanics & Farmers Bank of Durham, North Carolina; and Houston-based Unity National Bank.
Citizens Trust, Carver Federal, Mechanics & Farmers, and Unity National Bank are on the latestBE Banks list of the nation’s largest Black-owned banks.
The MLS deal is needed. Several Black banks in recent years have faced ongoing obstacles, including capital-raising challenges and uneven profitability. The most recent figures show there are just 19 Black banks in America as of the fourth quarter of 2021, according to the Federal Deposit Insurance Corp. That number is down from a robust 48 in 2001.
“Major League Soccer has raised the bar for corporate America with this transformative partnership,” NBBF co-founder and general counselAshley Bell said .”If other leagues and major corporations follow the MLS model, lives of Black families all across this country will change for the better because their local Black bank will have the capital resources to approve historic numbers of home and small business loans.”
With assets now of about $680 million, the MLS commitment from Citizens Trust comes after the bank celebrated its 100th-anniversary last year.
In email comments from Cynthia Day, Citizens Trust’s president and CEO, to BLACK ENTERPRISE last year the bank accomplished 34% growth in asset size, a digital footprint in 48 states, and residential mortgage representation in 24 states.
“We hope to be a $1 billion bank by 2024,” Day wrote.
Is the Daytime Emmy-Winning Talk Show ‘The Real’ Getting Cancelled?
Amid reports of Wendy Williams and Nick Cannon losing their daytime talk shows, insiders say The Real is next on the chopping block.
After eight long seasons, The Real is set to be canceled, The Jasmine Brand reports. The news hasn’t been officially announced by anyone with the show but it’s said to possibly be due to low ratings.
The all-female talk show has been in full syndication since 2014 after a successful trial run on Fox in the summer of 2013. Co-hosted by actress Adrienne Houghton, comedian Loni Love, fashion stylist Jeannie Mai, and TV star Garcelle Beauvais, the show has seen a number of changes over the year.
Previous co-hosts include Tamera Mowry, singer/reality star Tamar Braxton, and comedian/actress Amanda Seales. With Mowry on the panel, The Real won a Daytime Emmy for Outstanding Entertainment Talk Show Hosts in 2018.
Among the most notable moments on The Real include the 2015 sit down with Rachel Dolezal about her identifying as Black and a 2016 visit to the White House to interview first lady Michelle Obama.
Word of the show’s possible cancellation comes amid reports of Nick Cannon’s daytime talk show getting axed after one season. Cannon’s show ranks as the lowest-rated single-host daytime syndicated talk show this season, according to Deadline.
“It’s never easy to cancel a production with clear potential but, after a great deal of deliberation and examining various options, we have made the difficult business decision to end production on Nick Cannon,” Mort Marcus and Ira Bernstein, co-presidents of Debmar-Mercury, said in a statement.
“We plan to offer viewers original episodes of the daytime talk show through the remainder of this season. Our thanks go to the very talented Nick Cannon and our wonderful production team, and we wish Nick continued success with his many hit ventures.”
Deadline also noted that thought The Real is facing cancellation, but producer-distributor Warner Bros. is denying the reports.
First Black Female Commercial Passenger Airline Captain Inspires Others to Break Barriers
As M’Lis Ward approaches her 30th anniversary with United Airlines, the first Black female captain in the commercial airline industry is being celebrated for her trailblazing strides in aviation.
“In 1998 I became the first Black woman to become captain at United Airlines,” Ward toldDenver CBS.
The veteran captain finds it an honor to represent two minority groups within the aviation industry, 9 Newsreports. With less than 7% of the 14,000 pilots at United Airlines being women, Ward knows her post as a Black female captain is that much more critical.
“First of all, it does not feel like I’ve been at United 30 years; this is the best job you can ever imagine,” Ward said.
“Going to work every day is like going to play, and so, no, it doesn’t feel like it’s been 30 years. I also don’t feel like I’m 30 years older than when I got hired.”
As a minority in aviation, Ward is mindful of how hard women and Black people work to break stigmas. But she says being a high achiever comes naturally to her.
“But it’s not because of what you typically hear, ‘women have to work twice as hard and be twice as good, to get half the opportunities.’ I hold myself to a higher standard because I want to be the best,” she said.
With a background in the military, National Guard, and playing basketball for the University of Southern California, Ward is used to striving to be among the greatest.
“For me every single day I play to win the game,” she said. “I come to be the absolute best pilot, evaluator, instructor that I can be.”
While she enjoys training other pilots to soar the skies, Ward gets the most joy from safely getting passengers to their destinations.
“The best thing about flying, absolutely takeoff and landing. There’s nothing better than those two things,” Ward said.
Black Technology Provider Lands Major Deal With Giant Real Estate Investment Firm
In a major deal, Black-owned technology provider RealBlocks has been chosen by LaSalle Investment Management to distribute and trade the real estate investment giant’s funds to potential investors.
Based on details shared with BLACK ENTERPRISE and a news release, the pact calls for RealBlocks to digitize the fund management process for Chicago-based LaSalle. It will cover LaSalle’s $77 billion in assets under management. That means RealBlocks will help bring in new investors, perform technology for secondary trading, and execute web-based subscriptions for institutional and retail funds for LaSalle.
RealBlocks emphasized that it is not managing LaSalle’s assets or making investment decisions. It simply is the service provider or administrator for all of LaSalle’s global business.
“RealBlocks is a game-changer in the real estate and alternatives space due to its ability to deliver an all-encompassing strategy that addresses the entire lifecycle of the investment process,” Jodi Akers, managing director at LaSalle, said in a statement. “Partnering with RealBlocks to bring their technology solution to our private equity business to optimize our global investor onboarding aligns with our digital transformation goals of continuing to improve our client experience and enhancing our operational efficiency.”
For RealBlocks, the transaction is by far its largest since the New York City-based firm started in 2017. RealBlocks CEO Perrin Quarshie discussed how his firm works.
“While alternatives have traditionally been limited by high barriers to entry such as geographic limitations, high minimums, and illiquidity, we set out to address these issues by building a better alternative for our clients,” he says. “We do that by providing the industry’s first white-label platform that allows for turnkey online global distribution and straight-through processing with all of the needed functionality for sales, feeder funds, and fund administration.”
Quarshie did not disclose how much revenue his firm generates. However, he said, “RealBlocks has helped LaSalle create new products for retail investors, the first of which has raised over nine figures in the last month for LaSalle.” He added RealBlocks receives an undisclosed “lifetime” asset under management fee from LaSalle tied to the deal.
So, how will the LaSalle deal help with RealBlock’s strategic growth?
Quarshie says the LaSalle partnership will bring Real Blocks fresh revenue, validate its technology solution for large asset managers, and set the firm up to expand among other large asset managers.
He claims RealBlocks is one of the pioneers in delivering blockchain solutions to modern financial institutions. “The momentum from the deal will enable further growth for the organization as we look to scale our business to more fund managers,” he says.
But the deal was no cinch. Quarshie says it was two years in the making. In the bidding process, he says, LaSalle became familiar with RealBlocks through connections from its advisory board. He says RealBlocks differed itself from rivals by offering technology that delivers clients cost efficiency and access to a broader audience.
A MIT Sloan School of Management graduate, Quarshie launched RealBlocks after beginning his career as a civil engineer at NAC International, where he focused on real estate development and the finance of energy infrastructure projects. He also worked at Barclays as an associate in real estate investment banking, where he did M&A transactions for various REIT and private equity sponsors.
South Carolina Councilman Called to Resign After Wearing Confederate Flag T-Shirt to Event for Black and Hispanic Kids
A South Carolina councilman is being encouraged to resign after he wore a T-shirt with a Confederate flag on it to an event for Black and Hispanic children.
Greenville County Council member Lynn Ballard volunteered for a community event on Friday and decided to boldly sport a T-shirt that included a Confederate flag on the front, Greenville Newsreported. The shirt reads “used but not used up” and features a man, a scantily-clad woman, and a motorcycle with a Confederate flag waving behind them.
The event was organized by Upstate Circle of Friends, a nonprofit aimed at fostering educational, recreational, and social programs for children in the area. The event was held in a predominantly Black neighborhood, making Ballard’s outfit choice that much more controversial.
Ballard apparently found no issue with the Confederate flag-emblazoned T-shirt and even posted a photo he took with Upstate Circle of Friends’ Black executive officer George Singleton on social media. But after coming under fire, Ballard has since deleted the photo.
“I would hope the councilman would have the empathy to apologize to the Black community,” Bruce Wilson, a political candidate for South Carolina Statehouse District 25 said.
“Just because you do a lot for the Black community doesn’t give you the right to disrespect the Black community.”
The Council on American-Islamic Relations issued a statement demanding an apology from Ballard, The Herald Online reported.
“Even if council member Ballard did not realize that his shirt included an image of the Confederate flag, he should still publicly apologize for the discomfort and offense that the flag of treason and white supremacy caused for those participating in the event,” said Ibrahim Hooper, CAIR national Communications director.
Wilson also said others have expressed outrage over the image of the woman on the shirt, considering Ballard was attending an event for children.
Wilson is calling for Ballard’s resignation. However, Ballard has said he will address the situation “from the dias” on March 15.
“Why would you apologize to the county council and not apologize to the community?” Wilson asked.
NAACP Calls Out Hollywood’s Lack Of Diversity In Black CEOs And Executives In Report
The NAACP has issued a report on Hollywood’s lack of Black representation in its executive ranks, arguing Black executives need to have more influence.
According to Variety, the 2021 Hollywood Diversity Report was prepared by UCLA sociologist Darnell Hunt and includes surveys and interviews with anonymous Black Hollywood executives. The report comes two years after Hollywood studios made pledges to increase diversity and inclusion following the deaths of George Floyd and Breonna Taylor.
The study shows Hollywood’s executive ranks are still overwhelmingly White: 3.9 percent of the heads of major studios are Black and just 6.8 percent of network CEOs and 2.9 percent of senior managers are Black.
“In short, while Hollywood’s studios and networks have worked to appease audience demands for more diverse, on-screen content in recent years, it appears as if they have done so without fundamentally altering the way the industry is structured—without also diversifying who is making the decisions behind the scenes,” the study stated.
In July 2020, Black creatives and allies started the “Change The Lens” pledge to boost diversity in the film industry and advertising.
Researchers also surveyed 50 Black executives in Hollywood and conducted follow-up interviews with more than 20 of them. The survey found more than half of the respondents (56%) have been in their roles for less than two years, indicating they were brought on as a result of the diversity commitments made by Hollywood.
Most of the executives said they have the influence when it comes to greenlighting decisions. Many added a White executive is usually who has the final say, which frustrates them
“The closer a project gets to being programmed, the higher up the ladder it needs to get approved,” one executive said. “And the higher up the ladder you go, the less diverse the industry is overall.”
Even when it comes to awards, Black representation is behind and getting smaller according to the report. Since the last report, which considered the 2018-19 television season, shows created by people of color lost ground at the Emmys relative to those created by White executives.
Additionally, not a single scripted show on broadcast television or digitally created by a person of color won an Emmy award for the 2019-’20 season.
How Jasmin Foster’s Black Woman-Owned Stationery Brand Is Bringing DEI to Target
In honor of Women’s History Month, I had the privilege of interviewing a Black woman founder making history with her stationery empire.
Be Rooted founder and CEO Jasmin Foster centers diversity, equity and inclusion (DEI) through her colorful journals, pencils and stationery featuring Black women. Hers is the first Black woman-owned stationery brand to make it on the shelves of retail giant Target, and here’s how her business is changing the stationery industry while keeping DEI at the forefront of its brand.
Give me the backstory on how you got to this place with your products being available in Target
I started my career in retail. I worked in various roles at Target, but one specific role was where I helped grow the multicultural beauty side of the business. At that time, Target was very centered on multicultural hair products. But I thought to myself, “How can we make Target a destination for all of multicultural beauty?” Like skincare, men’s grooming and cosmetics. That way, when women of color show up in retail spaces, they not only have products for their hair, but they can complete their entire look. I delved into that side of the business and had the opportunity to meet so many women of color founders who were changing the beauty landscape.
Since then, I left and went to work for a multicultural beauty brand. At the top of 2020 when the pandemic hit, I had the opportunity to take a pause. I’d been running 1,000 miles per hour growing other people’s brands, but I never had the chance to stop and ask, “What do I want for my future?” It became clear that whatever I do, I want to center Black women in my work. When I thought about my passions, I realized I was always the young girl who loved stationery. I always bought way too many journals and couldn’t wait to decorate my locker at school. I had planners for every new job. But I always felt disconnected from the industry. When I saw the products in the marketplace, there was never anyone on the cover who looked like me. And the language always felt like they weren’t speaking to me or my community. I wanted to change the face of the stationery industry. Stationery products sit with you in your office, purse and bedroom. It’s a piece of belonging that you carry everyday. I wanted to create a brand that made Black women and women of color feel that they belonged here while weaving in inspirational and uplifting messages.
Why do you choose to center your work around women of color?
As a brown-skinned girl growing up, it was hard not seeing myself represented or included. When you watch mainstream media or go into stores, you may ask yourself, “Why do I not see myself included here?” For my entire career, I’ve always centered my work on the stories of Black women and women of color. It only made sense to start my own brand centered around women of color because I am one. I’ve grown up seeing the disparities that we’ve experienced, and I wanted to do my part to elevate and center women of color. I want young girls to see themselves represented and not have to ask themselves the questions that make them feel that they don’t belong. I hope that my brand changes the landscape for brown girls growing up.
How do you keep DEI at the forefront of your work?
For the products we create, we’re always thinking about our consumer; who she is and how we speak to her. As I’m building out my team, I’m making sure that I’m hiring team members who look like the community that we serve. We make sure the majority of our team members are women of color or we partner with other women-owned businesses. When we think about our messaging, we’re constantly focused on our consumer and showing up the way that she would want us to. It’s not just about the product we’re selling, but making sure DEI is at the forefront of everything we do, which includes our messaging and hiring practices.
What’s the story behind the brand name, Be Rooted?
I wanted to make sure my customer felt that she belonged and was firmly planted in the brand. Our customers want to feel rooted in culture, reflection and who they are. I love our brand name because it allows our ideal customer to know we’re designed to reflect and speak to her.
You feature different women of color on the covers of your journals. How do you choose which type of woman to feature?
When we were drawing the first collection, we wanted to have a journal for every mood. We thought about the different mindsets we’re in throughout the day or week and how we can have a journal to reflect that mood. When you’re guarding your spirit, what does that woman look like? When you’re protecting your energy, what does that woman look like? As we thought about our messaging and the moods we wanted to embody, we were designing the subjects on the covers to embody each mood. We also wanted to weave in different skin tones, styles of clothing and hair types. Black women are so diverse, and I wanted to make sure that when a woman looks at our collection, she finds someone who’s reflective of her.
You also have pencils with positive affirmations written on them. Why do you think women of color need to see messages like, “I am powerful,” “I am deserving” and “I am brave”?
There’s so much attention on all of the things that we as Black women don’t have going for ourselves. We constantly hear about the stereotypes and disparities that Black women experience. I want my brand to cut through the noise and be the uplifting voice that reminds women of color that we are deserving, bold and strong. Be Rooted is here to remind women of color all that we are is already inside of us.
When you started this journey, did you know being a Black woman founder and entrepreneur would be a part of your future? Or did entrepreneurship find you?
I used to say I was the entrepreneur’s best friend. I was the person the entrepreneur could go to to ask questions, discuss their dream and execute on their plans. Having the opportunity to learn from so many great Black entrepreneurs in the beauty space, I was exposed to how people were taking their dreams and turning them into businesses. From that exposure, I say entrepreneurship found me. I stopped being okay with staying small and helping someone else build their dreams and gave myself the freedom to go after my own.
What are some of the challenges you’ve experienced as a Black woman founder?
Some people say the main issue with being a Black founder is the lack of capital, but I actually think the real issue is the lack of access to mentorship and knowledge gaps. There’s so much I don’t know and I had to learn to love being a student of the business. However, I don’t know anyone else in the paper industry. I don’t have access to people who’ve paved the way for me in the past that I can lean into. A lot of my challenges are learning as I go, making lots of mistakes and finding joy in being a student of the business.
What advice would you give to other women of color founder who want to start a business?
You’re never going to feel ready. You’re never going to feel that you have enough money or knowledge. You’re never going to feel that you have enough access. But do it anyway. If you follow your passion and purpose, you have what’s inside of you to figure it out, and that’s all that you need. Especially Black women, if we have nothing else, we’re determined when we want to be and we have all of the necessary gumption to achieve our dreams. Don’t let not being ready stop you.
This story first appeared on Entrepreneur Magazine.
Black Detroit Veteran On Mission To Ukraine To Fight Against Russian Attacks
A Black Detroit veteran who served with the Peace Corps Response in Ukraine from 2018 to 2019 is returning to the country to help fight alongside Ukrainian troops against the Russian invasion.
M. Dujon Johnson, 62, taught at Cherkasy National University and Cherkasy State Business College in Ukraine before the pandemic erupted.
According to theDetroit Free Press, Johnson was anticipating flying into Krakow, Poland, on March 9 before crossing the border into Ukraine to meet up with groups in Cherkasy coordinating foreign fighters. Having served in the U.S. Army and in Germany, he expects to be issued a weapon.
“I’m actually going to fight,” Johnson told the news outlet. “That’s the purpose. It’s not humanitarian, it’s actually going to fight.”
Born and raised in Detroit, Johnson was once a high school dropout. Since then he has earned two law degrees and a doctorate. Although his family is “100% opposed” to him going to Ukraine, Johnson, a divorced father of six, is determined to continue his mission to bridge divides and promote peace.
“As an African American, we have a legacy, a history of standing for what is right,” Johnson said, noting that African Americans spoke out against 19th-century anti-Chinese immigration policies in the United States and against the anti-Semitism of Nazis during World War II.
BLACK ENTERPRISE previously reported discrimination of Black students who were racing to cross the border amid the Ukraine war. Some claimed they were forced to walk miles after not being allowed to board buses and trains.
“When people hear about Black Lives Matter and voting rights, they think it’s just for Black folks, but we’ve always stood up for what’s right for all people,” Johnson said. “So I’m going there, because the concepts of democracy, freedom, being treated right, that’s just part of our legacy. And I feel compelled to uphold it.”
Johnson will be among other foreign volunteers who are hardly new to war. As of March 3, Ukrainian President Volodymyr Zelensky said that 16,000 foreigner fighters have volunteered, according to The Washington Post.
Michelle Obama and Chris Paul Launch the VOTE LOUD HBCU Squad Challenge
The push to get more college students to register to vote has started!
Former first lady Michelle Obamaand Phoenix Suns point guard Chris Paul released a video announcing the VOTE LOUD HBCU Squad Challenge launch. The two dignitaries are co-chairs of the Obama-led When We All Vote initiative.
The Squad Challenge is When We All Vote’s first campaign for historically Black colleges and universities (HBCUs). It is geared to empower HBCU students to take a leading role in voter registration, education, and mobilization efforts on their campuses and the communities surrounding them ahead of the 2022 midterm elections. BET, Baller Alert, Watch The Yard, HBCU Buzz, and Xceleader’s Vote HBCU program are among the founding partners on the Squad Challenge.
“As a proud HBCU graduate, I know that our Historically Black Colleges and Universities are the heartbeat of Black culture, and it’s critical that we make sure voting is a part of that culture. For decades, HBCUs have led the way in social change, and I’m excited to work with students, alumni, educators, and our partners on HBCU campuses to reach our communities in real and engaging ways that allow our voices to be heard in the midterm elections and beyond. And I’m also thrilled to start this work early to end the cycle of engaging these campuses only in the fall before major elections,” said Stephanie L. Young, Executive Director of When We All Vote, in a written statement.
Squads on campuses throughout the country will receive grants of up to $3,000 to support their nonpartisan voter registration, education, and mobilization efforts. Activities can include hosting events and voter registration drives, training new volunteers, educating voters, and canvassing their campus and surrounding communities. The Squads that execute the most creative and culturally relevant concepts will be eligible to win various campus events and activations, including celebrity appearances in partnership with BET.
Learn more about the VOTE LOUD HBCU Squad Challenge at whenweallvote.org/voteloud.
White Sheriff’s Deputy Mistakes Black Law Student for Defendant
A Black law student in Providence, Rhode Island, was stepping into court when a white sheriff’s deputy mistook her for the defendant.
Brooklyn Crockton, a student at Roger Williams University School of Law, posted a TikTok video recalling what happened last Thursday when she tried to enter a courtroom to represent a client as part of the school’s criminal defense clinic.
Crockton explained Rhode Island Supreme Court Rule 9 allows law students to represent criminal case defendants in state District Court under the supervision of a licensed attorney on the RWU Law faculty, Boston.comreports.
While lined up with other attorneys at the Garrahy Judicial Complex in Providence, Crockton says she was preparing to enter the courtroom to represent a client in a misdemeanor case when the sheriff’s deputy placed “his body between me and the door” and asked her to step aside.
“I was very taken aback. I’m almost never rendered speechless,” Crockton said.
“But in that moment, I realized I would never forget this interaction for the rest of my life because, for no other reason that I could contrive, I was mistaken as the defendant in this line of attorneys.”
Crockton has since gotten in touch with staff at her law school who are taking the encounter seriously, ABC Newsreports.
“Before my video even went viral, I was approached by the administration and notified that they were taking this situation much more seriously and that behind the scenes, they were working with the judiciary to make sure that change was happening,” she said.
