Minority-Owned Firm Partners With Microsoft To Launch $250 Million Fund for Small and Mid-Size Businesses
by Jeffrey McKinney

August 17, 2020

Minority-Owned Firm Partners With Microsoft To Launch $250 Million Fund for Small and Mid-Size Businesses

Siebert Williams Shank Co. L.L.C. (SWS) is partnering with Microsoft Corp. to launch the Clear Vision Impact Fund L.L.C., with an initial $25 million seed investment from the software giant.

The nation’s largest minority-and-women-owned financial firm, SWS reports that the investment fund will have a target size of $250 million. It will invest growth and operating capital in small and medium-sized businesses, with an emphasis on minority-owned businesses, to maximize social impact.

SWS reports the “fund” is the first of its kind the firm has created to make available to minority-owned firms, including black businesses. It expects to focus on small and medium-sized businesses, with an emphasis on those that are minority- and women-owned, that, in general, have enterprise values of less than $100 million. SWS added the investments look to target companies demonstrating an operating track record, with sustainable business models, companies that operate in or serve underserved markets, and companies fostering inclusive growth initiatives.

The objective of the partnership between Microsoft and SWS is to mitigate the deficits in capital access that minority-owned businesses often encounter, thereby enhancing the positive impact that these companies have on the communities in which they operate.

“We are extremely pleased to have Microsoft’s critical support in delivering the commercial and social resources necessary to strengthen underperforming communities,” Chris Williams, chairman of SWS, stated in a news release. “Our role in helping to implement Microsoft’s vision of community support is a recognition of the vital role that small businesses play in their communities, particularly during this period of widespread economic distress.”

The fresh funding is needed. Gaining access to capital to start or expand businesses has long been and continues to be an ongoing challenge for minority-owned firms.

Suzanne Shank, president and CEO of SWS, added, “This is the beginning of a long-term commitment by Microsoft and by our firm to continue to address the decades of underinvestment in communities of color and the persistently limited access to capital for entrepreneurs in those communities. We are thrilled that Microsoft has recognized the value of this endeavor and we are confident others will follow.”

Commenting as well, Tahreem Kampton, assistant treasurer and CIO at Microsoft, stated, “We’re pleased to continue our 10-year relationship with Siebert Williams Shank to partner together to create new opportunities and expand access to capital for minority-owned small businesses.

“There is much work to do to reduce the technology gaps that exist in our ecosystem today. This is just the first step to building a more diverse and equitable playing field and we look forward to the opportunities that this investment will help create.”

The fund expects to deliver value beyond providing capital solutions to financial sponsors and entrepreneurs. It aims to do that by leveraging both SWS’s national network of relationships and its visibility and reputation within the minority business community.

Black Lives Matter Protesters Demand White Gentrifiers ‘Give Black People Back Their Homes!’ in Seattle
by Cedric 'BIG CED' Thornton

August 17, 2020

Black Lives Matter Protesters Demand White Gentrifiers ‘Give Black People Back Their Homes!’ in Seattle

In Seattle, a group of Black Lives Matter protesters who were marching through a residential neighborhood last week demanded white residents give up their homes, according to The New York Post.

A video shows a Black man asking white residents if they knew that they were living in a “historically Black neighborhood” and that the land was bought out so Black people could not afford to live there.

“Do you know that before your white ass came here, this was all Black people?” the man says. “Do you know people like you came in here and basically bought all the land from the Black people for less than what it was worth, kicked them out so you could live here? Do you know that?”


“Give Black people back their homes!” a woman yells at the residents. “You’re sitting there comfortably — comfortable as f—k as if they didn’t help gentrify this neighborhood! I used to live in this neighborhood, and my family was pushed out, and you’re sitting up there having a good time with your other white friends!”

Seattle has been embroiled in several controversies due to protests against social injustice, systemic racism, and the defund the police movement. Based on the decision of the Seattle City Council, the Seattle Chief of Police Carmen Best has resigned due to cuts in the police budget.

“It is unfortunate Council has refused to engage in a collaborative process to work with the mayor, Chief Best, and community members to develop a budget and policies that respond to community needs while accounting for — not just acknowledging — the significant labor and legal implications involved in transforming the Seattle Police Department,” Mayor Jenny Durkan said in a statement after the city council vote.

Trump Refuses to Refute Birther Claims About Kamala Harris
by Derek Major

August 17, 2020

Trump Refuses to Refute Birther Claims About Kamala Harris

President Donald Trump has repeatedly refused to reject the baseless claim that Sen. Kamala Harris could be ineligible to serve as vice president.

According to Slate, despite the fact that Harris was born in Oakland, raised in Berkeley, and attended an HBCU, Trump has declined to refute the claim, saying instead that his campaign will not be pushing the issue.

“I just don’t know about it, but it’s not something that we will be pursuing,” Trump told reporters last week.

When a reporter asked Trump to say Harris is eligible to be the country’s vice president, Trump instead walked around the question. “I have nothing to do with that. I read something about it,” Trump said. “I know nothing about it, but it’s not something that bothers me.”

When pressed more to say Harris is eligible to run, Trump continued to run around the question.

“I just don’t know about it,” Trump continued. The president then got agitated at the reporter for suggesting the claims were untrue. “Don’t tell me what I know.”

The president kept on insisting he had no idea what the truth might be. “To me, it doesn’t bother me at all,” he said. “I don’t know about it. I read one quick article. The lawyer happens to be a brilliant lawyer, as you probably know. He wrote an article saying it could be a problem. It’s not something that I’m going to be pursuing.”

When pressed yet again on the matter Trump continued to dance. “I just told you. I have not gone into it in great detail,” he said before suggesting that if there had been a problem, he’s sure the Democratic campaign would have found it. “If she’s got a problem,” he said, “you would have thought that she would have been vetted by Sleepy Joe.”

The lawyer Trump referred to was John Eastman, a conservative attorney who unsuccessfully ran in the 2010 Republican primary as a candidate for California attorney general, which Harris won. Eastman wrote an op-ed in Newsweek questioning Harris’ American citizenship and her eligibility to be Joe Biden’s running mate.

After three days and a potential staff walkout on the issue, Newsweek apologized for the article.

“This op-ed is being used by some as a tool to perpetuate racism and xenophobia. We apologize,” read Newsweek’s editor’s note on Friday, which replaced the magazine’s earlier detailed defense of the op-ed.

However, Newsweek’s opinion editor, Josh Hammer, and the global editor in chief, Nancy Cooper, said the piece would remain on the site with the note attached because “we believe in being transparent.”

On Friday, CNN’s April Ryan said whenever Trump is challenged by “strong, Black women,” his move is to personally attack them falling back on racist, sexist comments.

“Personal attacks and race is what this president always falls back on,” Ryan stated when the subject of Trump using the word “nasty” was brought up. “At the end of the day, this president is limited.”

Rep. Ayanna Pressley Calls For ‘Unrest In The Streets’ Over The Failures Of The Trump Administration
by Dana Givens

August 17, 2020

Rep. Ayanna Pressley Calls For ‘Unrest In The Streets’ Over The Failures Of The Trump Administration

The COVID-19, or novel coronavirus pandemic, and the protests over racial injustice have caused a lot of political tension across the country with many blaming the failures of both issues on the leadership of the Trump administration with President Trump’s refusal to issue federal mandates to ensure social distancing measures, leaving it up to states to choose how they handle the viral outbreak.

This week, U.S Rep. Ayanna Pressley went on AM Joy on MSNBC to express her sentiments on the failures of the Trump administration, stating that there should be “unrest in the streets” over the president’s refusal to take the concerns of the American people seriously concerning both situations. This includes issues with the U.S Postal Service as the country gets closer to the election where many will have to depend on mail-in ballots, accusing Trump of voter suppression. Pressley says it is time for the public to demand that their GOP representatives be held accountable for their actions.

“This is as much about public outcry, organizing and mobilizing and applying pressure,” Pressley said in the interview. “Make the phone calls, send the emails, show up. You know, there needs to be unrest in the streets for as long as there’s unrest in our lives.”

Conservatives on Twitter came out harshly criticizing Pressley’s comments as “unhinged” and “horrible,” seeing it as a way to create more division during a time of political unrest.

 

 

Former Attorney General Eric Holder: ‘We Want a Fully Functioning, Fully Funded Postal Service’
by Cedric 'BIG CED' Thornton

August 17, 2020

Former Attorney General Eric Holder: ‘We Want a Fully Functioning, Fully Funded Postal Service’

To combat the spread of the coronavirus, in November, many states are encouraging residents to use mail-in ballots to cast their votes in the presidential election. However, President Donald Trump is going out of his way to discourage people from voting by mail despite the fact that he has been utilizing this way of voting for years. Last week, Trump admitted he’s intentionally withholding money from the U.S. Postal Service in order to affect the 2020 election.

According to Slate, over the weekend, law professor and legal analyst Barb McQuade stated that obstructing mail is a federal offense and took to Twitter to voice her concern about who would prosecute.

In response to her inquiry, former Attorney General Eric Holder replied on Twitter arguing that anyone who “willfully obstructs or retards the passage of the mail” can face fines and imprisonment of up to six months according to the law.

As Holder was once in the position that Barr currently holds, he also posted this.

Former President Barack Obama also accused Trump of trying to “actively kneecap” the U.S. Postal Service in order to affect mail-in voting ahead of the election.

“What we’ve never seen before is a president say, ‘I’m going to try to actively kneecap the Postal Service to [discourage] voting, and I will be explicit about the reason I’m doing it.’ That’s sort of unheard of,” Obama said in a podcast interview.

Obama Calls Out Trump For Trying To ‘Kneecap’ The USPS
by Derek Major

August 17, 2020

Obama Calls Out Trump For Trying To ‘Kneecap’ The USPS

Former President Barack Obama criticized President Donald Trump, accusing him of attempting to “kneecap” the United States Postal Service (USPS).

According to Vox, Obama made the comments in an interview released Friday, which was unusual for the former president, who has stayed out of the political spotlight.

“What we’ve seen, in a way that is unique to modern political history, is a president who is explicit in trying to discourage people from voting,” Obama said on Cadence13’s Campaign HQ podcast in a discussion with his former campaign manager David Plouffe. “What we’ve never seen before is a president say, ‘I’m going to try to actively kneecap the Postal Service to [discourage] voting and I will be explicit about the reason I’m doing it.’”

“That’s sort of unheard of, right?” he added. “And we also have not had an election in the midst of a pandemic that is still deadly and killing a lot of people, and we still don’t know the long-term side effects of contracting the illness.”

The comments came days after President Trump said he opposes providing additional funding for the USPS. The agency announced in May that it will run out of funds by June if it didn’t receive a huge influx of cash. Now, the USPS is cash-strapped and says it cannot deal with mail-in ballots.

Politicians, celebrities, and others have accused President Trump and Postmaster General Louis DeJoy, who has between $30 million and $75 million in assets in postal service competitors, of trying to rig the election and abolish the post office.

Trump told Fox Business Network’s Maria Bartiromo that he rejected the Democrats’ proposal for emergency funding for election in negotiations for a coronavirus relief bill because it would help prevent “universal mail-in voting.”

Democrats “want three-and-a-half billion dollars for something that will turn out to be fraudulent, that’s election money, basically … [And] they want 25 billion dollars — billion — for the Post Office,” Trump said.

“Now they need that money in order to have the post office work so it can take all of these millions and millions of ballots,” Trump continued. “By the way, those are just two items, but if they don’t get those two items, that means you can’t have universal mail-in voting.”

Trump has tried to stop mail-in voting despite using it himself, describing it as significantly vulnerable to fraud despite providing no evidence to back up the claim. Voting rights advocates say mail-in voting is a secure method when funded properly.

The USPS Is Essentially Broke

Experts say the USPS is on its last legs financially and the policies that DeJoy has implemented have made things worse. Since becoming the Postmaster General earlier this year, DeJoy has canceled overtime, prohibited carriers from waiting for delayed shipments, and made employees leave the mail at distribution centers if picking it up would delay them from their routes.

The USPS warned 46 states and Washington D.C. last month that millions of voters could effectively be disenfranchised because their mail-in ballots might not be processed speedily enough for November’s elections—even if voters follow all their state’s election rules.

The USPS told 40 of those states that “long-standing deadlines for requesting, returning or counting ballots were ‘incongruous’ with mail service and that voters who send ballots in close to those deadlines may become disenfranchised,” according to The Washington Post.

Voting experts say up to 60% of Americans could vote by mail this election due to the coronavirus pandemic. In a typical election, up to a quarter of Americans use mail-in ballots.

Black Trump-Supporting Florida Sheriff Arrested in Sex Scandal
by Cedric 'BIG CED' Thornton

August 17, 2020

Black Trump-Supporting Florida Sheriff Arrested in Sex Scandal

A Black Trump-supporting sheriff of Clay County, Florida, has been arrested after an investigation into a sex scandal, according to the Florida Times-Union.

Sheriff Darryl Daniels was charged with tampering with evidence in addition to three misdemeanor counts of giving false information to law enforcement. Daniels is one of 48 sheriffs to give an endorsement to the Trump/Pence re-election.

Daniels, who was elected sheriff of Clay County, just southwest of Jacksonville in 2016, has described the arrest and investigation as “dirty politics.” He stated that any issues with the scandal were personal and didn’t affect his job as sheriff, although the sex scandal included an order he gave to staff.

The Jacksonville Sheriff’s Office, where Daniels had previously worked as the jail’s director, announced an internal investigation into a corrections officer who had sex with Daniels. Daniels directed his deputies to arrest the corrections officer back in May 2019 on allegations of stalking him. His staff told prosecutors they didn’t feel there was just cause to arrest the woman.

“I find the timing of the obtaining of a warrant and pressing of charges suspicious in light of an election that’s pending five days from now,” Daniels’ attorney Matt Kachergus told the Times-Union. “It would appear that the timing of this is designed to influence the outcome of that election.”

“I want you to look past the smokescreen of dirty politics,” Daniels also stated. “One thing I take ownership of as a man is my failures as a husband. That has nothing to do with me as a sheriff.”

Gov. Ron DeSantis issued an executive order removing Clay County Sheriff Darryl Daniels from his elected position. Daniels is up for re-election and he remains on the Tuesday ballot as he faces six Republican challengers for the position.

DeSantis had assigned the case to the State Attorney’s Office in Ocala, which does not handle Clay County or Jacksonville cases to avoid any conflict of interest.

Early last month, Daniels made headlines when he stated that he was ready to deputize gun owners if protests became violent.

by Alisa Gumbs

August 17, 2020

Black-Owned Cosmetics Brand Juvia’s Place Is Giving $300,000 to Black Entrepreneurs

Juvia’s Place is showing its commitment to small businesses in the Black community by giving away $300,000, or six grants of $50,000 each, to Black entrepreneurs.

The Black-owned cosmetics brand is paying forward the help and support it received when it was a fledgling startup.

“As a Black-owned business, I understand firsthand the financial obstacles Black entrepreneurs face. I started Juvia’s Place with just $2,000 and a dream. I, like so many others, didn’t have access to lending, or a trust fund,” said Chichi Eburu, founder of Juvia’s Place, in a press release.

“My business was built with minimal financial resources, but I had a supportive community to lean on. That community support was essential to my business growth. I found mentors and customers that believed in my product, and helped to make my dream a reality,” she continued. “I appreciate the support, and want to make sure I can provide an opportunity to other Black entrepreneurs who are looking to grow their businesses.”

The press release notes that the aim of the grants is eradicating the challenges faced by Black entrepreneurs, and it details some of the stark realities these businesses face:

According to SCORE, 44% of Black small business owners use cash to fund their business as compared to the average small business owner (37%). The most popular funding sources for African American business owners are:

    • Friends and family
    • Lines of credit
    • Rollovers for Business Start-ups (ROBS), financing that allows small businesses owners to tap into eligible retirement accounts to fund their businesses without tax penalties. Guidant says this grew by 21% in popularity among African-American small businesses year over year.
    • Unsecured loans
    • Peer-to peer
    • Equipment leasing
    • SBA Loans

Most of these sources require Black entrepreneurs to amass debt at high interest rates. These debt traps can kill a business before it even gets started. Black female entrepreneurs face even greater challenges.

The deadline to apply is August 31st. To be eligible, business owners must:

  • be a U.S. citizen or legal resident of the U.S. with business operations headquartered in the U.S.
  • identify as Black/African American
  • have 2019 gross revenues between $1,000 and $250,000
Entrepreneur Ken Clay Uses Innovation and Technology to Enhance Touchless Solutions
by Cedric 'BIG CED' Thornton

August 17, 2020

Entrepreneur Ken Clay Uses Innovation and Technology to Enhance Touchless Solutions

Technology is always changing and never-ending. With the recent pandemic affecting all industries, we’ve entered a touchless world and entrepreneur Ken Clay, as CEO of Trackit Technology, has been able to utilize his expertise in implementing such systems across the board.

Clay took a moment to speak to BLACK ENTERPRISE to discuss how his focus helps his entrepreneurial spirit and how the coronavirus has affected his business.

As the CEO of Trackit Technology, what type of technology are you involved with and why did you start the company?

Trackit Technology is an ecosystem of touchless solutions for digital displays. From thermal sensors to facial recognition, QR Code Capabilities, and automated check-in systems, Trackit was designed to be the No. 1 plug-and-play touchless solution for any digital display in any industry. 

What type of clients do you have and which industries do you primarily work with?

Current clients include the NFL, PGA, various industrial offices, a few healthcare facilities, and business districts for cities. We are focusing our efforts on targeting universities, convention centers and events, healthcare facilities, and commercial real estate/industrial offices. 

As an entrepreneur, how do you decide where to put your focus and how to go about doing business?

First and foremost, I always look to put effort into my team. I want to make sure that they are in positions to win because if they are, our whole company is set up for success. Next, I look to put out any fires, because as any entrepreneur knows, there is ALWAYS a fire to put out. Afterward, I spend the rest of my time doing market research and client relations. I always love learning about new ways to help our clients, which is why I’m always studying the latest trends. 

The coronavirus pandemic has affected everyone. How has COVID-19 affected your business? 

It affected us in a big way. Our business got started because of events. We work with big names in the events industry, and then all of a sudden, there were no more events. So we went back to the drawing board and focused on what we are great at. That is innovation. This pandemic helped us build more efficiently, grind harder, and provide solutions for our clients that would have a lasting impact long after COVID-19 is over.  

If you could do anything over again, what would it be and why?

I actually am very grateful for my journey and if I could do anything differently, it would have to be starting out on it from the get-go. When I started off in my professional career, I thought I always wanted to be a sports agent. It wasn’t until I worked under my first boss that I realized what I wanted most was to be my OWN boss, and put myself in a position to not only have my own creative freedom but be able to give back.

These Entrepreneurs Have Tripled Sales at Their Food Truck Business Despite the Pandemic
by BLACK ENTERPRISE Editors

August 17, 2020

These Entrepreneurs Have Tripled Sales at Their Food Truck Business Despite the Pandemic

Jamie Barnes and Greg Williams, friends turned business partners, are the chefs and co-owners of What The Fries, one of the most in-demand food trucks in Charlotte, North Carolina. In fact, despite the challenges brought about by the pandemic, they managed to almost triple the sales of their signature loaded fries.

Five years ago, the two men, who met back in college at Johnson and Wales University, started their food truck business right after competing together at the reality show The Great Food Truck. Although they didn’t win in the finals, they continued making loaded fries for their business.

Now, according to Charlotte Magazine, they serve Charlotte’s best-loaded fries from their food truck.

Not an easy beginning

However, they said their first few years were not easy. They worked hard to prove to people that they deserve to be in the business. They started catering to corporate events serving boxed pasta lunches until they were able to buy an old FedEx delivery truck that they converted into a food truck.

Now, the duo is aiming to open their first brick and mortar location around Charlotte. Finding a perfect location came with challenges again as many landlords turned them down thinking they wouldn’t become as successful as they did with the food truck.


Planning for the future

In the next five years, they hope to expand their brand to multiple food trucks and locations as well. With their combined skills and determination as well as their yummy dishes, they are looking forward to more success in the future.

“Be ready to grind and just don’t give up. When you have your own business, there will be days when you want to quit. But, there is a light at the end of the tunnel. Once you start seeing the payoff, it will all be worth it.”

For more information about What The Fries or to order online, visit www.whatthefriesclt.com

This article was originally published by BlackBusiness.com.

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