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Showing posts with the label Black business

Banks Redouble Efforts to Aid Black-owned Businesses. By John Reosti, The American Banker Newspaper. February 24, 2021.

Banks of all sizes are continuing to direct funds to minority-owned businesses months after the social unrest that followed last year’s death of George Floyd. JPMorgan Chase just announced plans to invest $40 million in four Black-run banks. Ally Financial, Banner, Citigroup, Texas Capital Bancshares and First Republic Bank joined JPMorgan in providing capital to help fund Broadway Financial’s pending acquisition of the $435.4 million-asset CFBanc in Washington. Four community banks — First National in Strasburg, Va.; Fauquier Bancorp in Warrenton, Va.; Eagle Financial Services in Berryville, Va.; and Potomac Bancshares in Charles Town, W.Va. — recently created a $1 million fund to provide loans to Black-owned businesses and farms in their markets. The latest efforts show that the banking industry is still evaluating ways to help underserved markets. “There’s no doubt we needed to do an assessment on what more we could do as a firm,” said Brian Lamb, global head of diversity and inclus

Ways/tips to support and help black-owned small businesses

List of ways/tips to support and help black-owned small businesses: https://www.finimpact.com/blacklivesmatter-support-black-owned-small-businesses/

Black People and COVID-19: Key Impacts.

Black People and COVID-19 | Key Impacts A new national survey of African American small businesses was conducted by Washington, D.C.-based Creative Investment Research. The survey asked questions about the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL) Programs. The survey was intended to get a true pulse of how effective the lending programs have been. Sixty four percent (64%) of survey participants that said they applied for the Paycheck Protection Program (PPP), only 19% got funding. Even those receiving funding, however, got far less than what they asked for or expected. As survey respondents were predominantly Black businesses, this gives us some insight as to why unemployment is high and growing among Black Americans. What can Black people do immediately? Apply for the stimulus check of $1,200 - 100% probability rate of receiving; Apply for Paycheck Protection Program (PPP) - much lower probability rate of receiving PPP, on

Black American Business Owners Sound Off in New Survey of PPP

Black American Business Owners Sound Off in New Survey of PPP  by Jeffrey McKinney, Black Enterprise Magazine April 24, 2020 Financing from the Paycheck Protection Program (PPP) is getting a cool reception from black business owners. A new national survey of 50 small businesses conducted Thursday by Washington, D.C.-based Creative Investment Research on the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL) Program was intended to get a true pulse of how effective the lending programs have been. The survey came out the same day the House rati􀁽ed a bill by the Senate to pump roughly $310 billion more in loans to the Paycheck Protection Program, The Wall Street Journal reports. The PPP exhausted its initial $350 billion funding last week after being rolled out on April 3. The program for 􀁽rms with up to 500 workers became law in late March as part of the $2 trillion coronavirus economic stimulus package. It was geared to help

Bill to Support Black and Community Banks

New federal banking legislation," H.R.41 - RESCUE Act for Black and Community Banks" was introduced by Congressman Bobby Rush (D-Il) on January 3, 2019. We worked, along with the Financial Services Innovation Coalition (FSIC), to draft this new legislation, which contains many of the ideas we have been working on for some time. Recently, FSIC sponsored a letter of support. To add your name, please see: https://lnkd.in/ejv9Ef6   hashtag The bill is designed to take a focused approach to saving and expanding the number of Black-owned banks operating in the US. This legislation is designed to meet the needs of the Black community, not just serve bankers. Our contributions were part of a collaborative effort in the overall national interest. The bill, which has just started the legislative approval process, contains the following provisions: 1. Establishes in the Office of the Comptroller of the Currency the "Office of Black and Community Banks". 2. Seeks to partial

Black Business Index & Survey

We are conducting a survey of Black Business Conditions as we prepare for our Texas Talks (see above). Note that you do not have to be either in Texas or a Black-owned Business to fill out this survey. In fact, we prefer to have a range of business owners respond. We are, however, specifically focused on the Black business sector in Texas. To view and complete the survey, please go to: https://www.surveymonkey.com/r/NCVQLLL Thank you!

State of Black Business Report - Dallas 8/22

The State of Black Business will inform members and community leaders on the climate, condition, and trends of African American business.  The Keynote Speaker, Economist William Michael Cunningham, is the founder of Creative Investment Research and serves as Managing Partner for National Crowdfunding Services. The Forum is a critically important forum to discuss and design a plan for greater economic impact within our communities. You will want to join this discussion with black business leaders from around the city! Invitees to this event will include elected officials, corporate sponsors, community leaders, DBCC Board of directors and select Chamber members. August 22, 2017 Cityplace 2711 N. Haskell Dallas, Texas 75204 8:30 a.m. – 6:00 p.m. State of Black Business Registration:  (Early Bird Special) $75 Member/$100 Non-Member http://dallasblackchamber.org/current-events/state-of-black-business-forum/

On Black Banks

I saw an article recently on Black banks in the US that was filled with inaccuracies. It was a public relations piece for the banking industry, so I thought I would post something based on my 20 years of research experience in the sector. 1. What is the historical significance of Black banks? They were created at a time when discrimination against Black people   was legal in the US. They served as the only financial service   providers to the community. 2. Do Black banks have the same level of significance to the Black  community today? Why or why not? No. They are too small to serve the community in any meaningful way. For example, they cannot serve as a line of defense against predatory lending . The result: b anks like Wells Fargo are free to target black communities for shoddy loans :  http://www.washingtonpost.com/ business/economy/former-wells- fargo-loan-officer-testifies- in-baltimore-mortgage-lawsuit/ 2012/06/12/gJQA6EGtXV_story. html Some Black banks were trying to help: