This Black Ad Exec Wants To Create 1 Million New Black Millionaires
Black professionals in corporate business structures are notoriously cut out of senior-level positions and opportunities to move higher. For Fortune 500 companies, less than 1% of CEOs are black with only 3% of Black professionals holding executive and senior manager level roles. This awareness has elevated even more with the current protests over racial injustice and police brutality sparking new conversations about racism. One advertising executive wants to change that by creating a new platform with the mission of creating 1 million new Black millionaires.
Brian Lee is a seasoned executive that has worked behind the scenes on advertising campaigns from brands like Verizon, Microsoft, and numerous others. Coming from humble beginnings, his own struggles moving up the corporate ladder inspired him to create his own platform called Black Health and Wealth that helps guide Black professionals through corporate America and venturing into entrepreneurship. His goal is to create one million Black millionaires, creating a new Black Wall Street for our modern society.
According to We Buy Black, Lee plans to roll out his plan through a series of phases. Under phase one, Lee will be providing education and professional development to professionals within the network dedicated to helping them navigate through corporate settings in addition to resources for those looking to create their own company. In phase two, the company will introduce a Black business network to centralize all Black businesses to an easy-to-access network in addition to new initiatives to hold companies accountable for their diversity policies.
Lee hopes the current movement of uplifting Black businesses and the celebration of holidays like Juneteenth will inspire others in the community to become a part of the network to continue to help Black business owners and professionals thrive.
Shaun King: ‘Statues of the White European They Claim is Jesus Should Also Come Down’
Black Lives Matter activist Shaun King caused quite the stir on Twitter after he tweeted that “statues of the white European they claim is Jesus should also come down.” In response, a number of social media users criticized King.
The recent spate of statues of historically known racists or those engaged in racist behavior being removed, toppled and/or desecrated, has caused King to also call for the removal of statues of a Euro-centric Jesus Christ. For years, the skin tone and color of Jesus have been in dispute based on the origin of his roots.
Experts have long since said this is likely the most accurate depiction of Jesus.
White Americans who bought, sold, traded, raped, and worked Africans to death, for hundreds of years in this country, simply could not have THIS man at the center of their faith. pic.twitter.com/Mn1pOCR233
According to History.com, “For many scholars, Revelation 1:14-15 offers a clue that Jesus’s skin was a darker hue and that his hair was woolly in texture. The hairs of his head, it says, “were white as white wool, white as snow. His eyes were like a flame of fire, his feet were like burnished bronze, refined as in a furnace.”
Yes, I think the statues of the white European they claim is Jesus should also come down.
They are a form of white supremacy.
Always have been.
In the Bible, when the family of Jesus wanted to hide, and blend in, guess where they went?
We can debate rather or not Jesus was real all day long. What I do know, is that white Jesus is a lie. And is a tool of white supremacy created and advanced to help white people use the faith as a tool of oppression. Also, they never would’ve accepted a religion from a Brown man. https://t.co/EDYDrJVlfR
Billionaire Bill Ackman Calls On Minority Investment Banks To Co-Lead $4 Billion Deal
Billionaire Bill Ackman is teaming up with Black, female, and veteran-owned investment banks for his next major investment venture.
According to Forbes, Ackman, owner of the hedge fund Pershing Square Capital Management, is listing a $4 billion publicly traded pool of capital to make his next major investment. The bookrunners for the deal are Citigroup, Jefferies, and UBS.
The deal’s co-managers are CastleOak Securities, Loop Capital Markets, Ramirez & Co, Siebert Williams Shank, Academy Securities, C.L. King & Associates, and Roberts and Ryan. All of which are either Black-owned investment banks, or those run by women, Latinos, and veterans.
CastleOak Securities, co-founded by CEO David R. Jones in 2006, is one of the largest African American-owned investment banks on Wall Street. CastleOak has been a co-manager on bond deals involving large firms such as Bank of America, AT&T, Citigroup, and Royal Bank of Canada.
Loop Capital, another underwriter on the deal, is one of the largest minority-owned investment banks in America. Loop was co-founded by James Reynolds Jr. in 1997 and like CastleOak, it is a full-service investment bank.
The deal also includes some unique features. Of the $86 million in fees paid to underwriters laid out in the registration statement, $18 million will go to minority and veteran-owned firms. The amount is significantly more than the typical fee paid to minority-owned firms in equity offerings.
Even without the minority underwriters, Ackman’s deal will be one of the biggest of the year. Although the deal is worth $4 billion, it has the potential to be worth more than $6 billion. Additionally, the value of the deal means there could be a wide range of companies involved.
Ackman isn’t the only person getting in on minority investment banks. The Minority Bank Trade Association‘s 22 member banks plan to seek $10 billion in funding the Small Business Administration and the Treasury Department carved out in PPP funding for Community Development Financial Institutions.
Black Woman Entrepreneur Wins Major Contract to Develop California State Funded Web Project
Meet Zhe Scott, founder of the SEO Queen, who recently won a major contract from the state of California to design, develop and launch the state’s official web site for their Clean Off-Road Equipment Voucher Incentive Project (CORE). The web site, found online at CaliforniaCore.org, can be used as a guide on how to obtain vouchers for low and no emission off road equipment.
Analogous to the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), the new project is intended to encourage California companies to purchase or lease currently commercialized zero-emission off-road freight equipment by providing a streamlined voucher process to offset the higher cost of such technologies.
The website was rolled out late January early February and over half of the $44 million available in this voucher fund have been allocated towards the qualified purchase of clean off road equipment to date.
Zhe, who is known as “the SEO Queen”, comments, “I am so excited that my company won this contract. It feels great to be recognized by the state of California as a woman-owned tech firm that is capable of building complex and unique web solutions.”
Zhe and her team implemented the following features into the CORE project:
* Responsive Design: Optimization for viewing on smart phones, tablets, desktops, or laptops
* Equipment Catalogue: Identifies eligible equipment for discounts
* Approved Dealers: Identifies eligible vendors from which to purchase approved equipment.
* Event Calendar: Organization and display of upcoming information sessions for the public.
* ADA Compliance: Compatibility for the visually-impaired.
For more informatin about Zhe Scott and/or to learn more about her company’s web development and SEO services, please visit www.theseoqueen.net or call (617) 475-0967.
This article was originally written by BlackNews.com.
How African Tourism Is Preparing To Come Back Amid COVID-19
As many countries around the world prepare to reopen in the Caribbean and Europe, African countries are also navigating around new health measures as a result of the COVID-19, or the novel coronavirus, pandemic. While many countries on the continent haven’t dealt with an overwhelming number of cases compared to the United States, the tourism industry has taken a heavy hit economically.
According to CNN Travel, The UN estimates that the pandemic will cost up to 2 million direct and indirect jobs in tourism on the continent with many countries reporting a steep loss in overall revenue with most relying heavily on international travelers. Popular destinations like South Africa have opted to push back their reopening date to early 2021 as the government has gradually started to open back up.
“It is expected that in South Africa, domestic tourism and business travel will lead the recovery followed by regional and international (long-haul) travel. We have noticed some global destinations are now assessing entering the regional phase of reopening through AirBridge/Travel Bubbles between regional countries,” said South African Tourism in a press statement released earlier this month.
“As more data becomes available and more safety & health measures being put in place in South Africa, the impact of COVID-19 on the country is being updated and refined. It is therefore extremely important to understand that changes do happen on a regular basis.”
Countries such as Uganda, Mauritius, and Seychelles have also announced they will not be opening as of yet with others like Morocco stating that they will be reopening for international travelers in July. For countries that rely on tourism from conservations like Uganda, they will be reopening parks for domestic tourism to stay afloat until the country is ready to reopen for international travelers.
“While Uganda does not have definite plans just yet for reopening borders, the country is participating in all international aviation meetings and is well represented on the COVID-19 International Taskforce,” said Lilly Ajarova, CEO of Uganda Tourism Board in an email statement to BLACK ENTERPRISE. Despite the borders being closed, the country still plans to open savannah parks and reserves for domestic tourists while enforcing new health measures.
Outside of countries, businesses within the sector across the continent have been suffering under the new travel restrictions like many to have to reduce salaries for their full-time employees in order to keep their jobs.
“The most affected are our staff who not only agreed to give up a large portion of the salary, but also have been at the frontline of this pandemic,” said Kenya Airways to BLACK ENTERPRISE in an email statement.
“We have grounded all our scheduled services which would be 98% of the business. Most of our employees are at home as majority of our operations remain suspended with a significant number of staff either on leave or working from home. Only staff mainly in the operations and technical departments working onsite, as we take this time to conduct maintenance operations on our grounded aircraft.”
Minneapolis Police Chief Says Police Union, Leaders Must Choose A Side
Minneapolis Police Chief Medaria Arradondo said on 60 Minutes Sunday the president of the Police Officers Federation of Minneapolis must decide what side of history he wants to be on.
Arradondo, a 30-year veteran and the first Black man to head the mostly white police department, was asked by reporter Lesley Stahl about police union leader Robert Kroll’s defense of police officers in George Floyd‘s killing and calling the Black Lives Matter movement a terrorist organization.
“He absolutely is an influence,” Arradondo told Stahl. “And I’ve continued to have very serious conversations with him. And he and others are going to have to come to a reckoning that either they are going to be on the right side of history or they’re gonna be on the wrong side of history. But– or they will be left behind. Or, they will be left behind.”
Stahl was quick to bring up when Arradondo and four other Black police officers sued the Minneapolis Police Department in 2007. In their complaint, the officers said every African American officer received a hate letter signed “KKK” through interoffice mail. The case was settled for $740,000.
Stahl asked Arrandondo about the suit and how he feels dealing with the same situation over a decade later.
“It is not the same, Arradondo told Stahl. “The fact that I’m sitting before you today as Chief, I think, is indicative that some progress has been made.”
Arradondo added reforms within the Minneapolis department ended low-level marijuana stings and toughened body camera requirements. Stahl then asked Arradondo if there’s racial animosity within the Minneapolis department today.
“I’m– I’m not seeing that right now. But we also have to attack and address the systemic challenges and barriers that exist in that,” Arradondo said.
Members of the Minneapolis City Council pledged to defund the police in the city and find a new way of enforcing the law, however, The New York Times reported it will be a long and painstaking process that may not work.
Officer Derek Chauvin, the man who kneeled on George Floyd’s neck, had at least 17 complaints against him during his time as an officer, but only received two letters of reprimand. Chief Arradondo says he is stymied by the contract he negotiates with the city police union and has broken off talks.
Stahl also asked if the biggest problem is that he can’t get rid of bad police officers or discipline them because of the union’s contract with the city.
“It is problematic, absolutely. Yes,” Arrandondo said. “And so I cannot in good faith work with a contract that– that– diminishes my authority as chief but also erodes that public trust that our communities need so much right now.”
Comerica Bank and National Business League Announce $1 Million Commitment to Aid Black Businesses
In a move to support Black-owned small businesses hit hard by COVID-19, Comerica Bank is making a $1 million commitment over four years to the National Business League (NBL). The accord is part of a national partnership that will launch the Black Capital Access Program (BCAP), an access to capital initiative to support Black businesses across America.
The small business program will be piloted over the next three months and reach Comerica’s five main markets of Arizona, California, Florida, Michigan, and Texas. The program will be rolled out in all 50 states in 2021. Dallas-based Comerica Bank is among the nation’s largest banks. The Washington, D.C.-based NBL calls itself America’s oldest and largest trade group for Black businesses.
The commitment is a big deal as it will be the first one-stop digital platform for Black-owned businesses, says Dr. Kenneth Harris, the NBL’s president and CEO. He says BCAP will offer Black businesses access to a capital toolkit, a wide variety of technical services, financial planning information, webinars, and other services. Black businesses will be able to engage with multiple lenders, including Black-owned community banks, minority depository institutions, traditional banks, Community Development Financial Institutions, Community Reinvestment Act (CRA) lenders, and fintech companies.
National Business League (file)
He says the program will connect Black business owners with micro-loans, grants, supplier funding, venture capital, and other forms of capital aid. Harris added the support will not just come from Comerica Bank but also from the entire financial community on NBL’s online program and mobile app that will be available soon.
Curt Farmer, chairman and CEO at Comerica Inc. and Comerica Bank, stated in a news release, “Small businesses face a myriad of inherent challenges to open their doors and remain viable, and the current conditions due to COVID-19 only deepened those issues especially among African American business owners.” “We believe our partnership with the National Business League will become crucial in helping many Black-owned businesses and entrepreneurs recover and survive this turbulent time.”
The NBL claims it fights for legislation and policy to promote the growth of Black businesses, while aggressively finding solutions to challenges and business problems in the marketplace. Its efforts include collaborating with policymakers and CEOs to advance Black communities’ economic interests.
The NBL’s Harris stated, “Capital access remains the most important factor limiting the establishment, expansion and growth of Black-owned businesses. As part of the organization’s mission to eliminate institutional, structural, and systemic barriers to capital, it is important to develop public and private partnerships to address the financial burden on Black entrepreneurs who are trying to keep their businesses thriving in today’s economy, in response to the COVID-19 pandemic.”
Raising capital for decades has been a lingering problem for many small companies, particularly Black American entrepreneurs looking to start or expand businesses. Harris says the BCAP wants to ensure that Black-owned businesses will benefit from being capitalized, as well as create and grow sustainable enterprises that are consistently bankable and investment-ready in the digital economy.
Irvin Ashford, Jr., Comerica Bank’s chief community officer, stated, “We believe strongly that investing financially as well as connecting our team members to offer a wide range of technical resources will enable the NBL’s Black Capital Access Program to effectively reach and serve businesses in need.”
Google and Visa Are Offering Grants Towards Social Justice and Black Entrepreneurs
Protests sparked by the deaths of unarmed Black civilians at the hands of police officers has caused a new conversation on race relations in the United States. The new dialogue has forced many major corporations to release statements standing up against racial injustice and taking responsibility for underserved black and minority employees. Now Google and Visa are the latest companies releasing new initiatives focused on social change.
Visa announced this week that it will be creating new $100,000 grant program aimed toward Black women-owned small businesses across the country as a part of its n global commitment to elevate small businesses. The initiative is in partnership with IFundWomen and will launch at the end of June by awarding 10 $10,000 grants to Black women entrepreneurs looking to expand their business. Grant recipients will also receive additional resources including networking opportunities and mentoring with private coaches.
“Small businesses on the frontlines of the global economy deserve extraordinary support in this extraordinary time,” said Al Kelly, CEO and chairman of Visa in a press statement according to Businesswire.“We are putting our network to work to help 50 million businesses globally not only survive, but also to thrive, along with the communities they serve.”
Google has also made an announcement this week regarding doing more for social justice by giving $1 billion in ad grants for various nonprofit organizations tackling COVID-19 and issues surrounding racial injustice in light of protests occurring around the nation. Some of the organizations that have received ad grants are the NAACP Legal Defense, United Negro College Fund, Houston Food Bank, Equal Justice Initiative, and Rethink Mental Illness.
“Since 2003, ad grants has provided nonprofits with up to $10,000 per month in free Search ads to help them attract donors, recruit volunteers, and promote their missions,” said Michelle Hurtado, Head of Google Ad Grants, in a blog post.
“The increased funding will go toward nonprofits tackling pressing issues like COVID-19 response and recovery—especially in hard-hit developing economies—and fighting racial injustice around the world.”
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