Donald R.’s Post

Did you know:  📑 "If the racial wealth divide is left unaddressed, median black household wealth is on a path to hit zero by 2053" - Institute for Policy Studies + Prosperity Now I learned this from Kelley F. Cornish, MA, CCDP, moderator at the Community Conversations on Building Generational Wealth hosted by Frost Bank. This was the FIRST event hosted by the new The DEC Network entrepreneur center at Red Bird Mall! I also learned from panelists Benjamin J. Vann and Tony Hills that only 6% of businesses in Dallas are black-owned, and of that 6% of businesses, 97% are solo-preneurs (meaning no employees). As citizens of Dallas, this means we need to do everything we can to support black business owners, their business growth, and black wealth holistically across DFW if our community is to have a chance at future equity. The status quo will not get us there. 💡 Some ideas on my personal business list: • Use minority-owned businesses for consultant work • Shop black owned for business purchases • Continue working toward DEIB in hiring/development practices • Vote this coming week • Continue conversations and learning: I just attended a "Together We Dine" event hosted at the Junior League of Dallas by Project Unity and highly recommend! Engage in conversation about race relations to connect with others about their real lived experiences. More here: https://lnkd.in/gaBqPcjy ➡ What other ideas would you add to this list? Please share below. ------------ Link to the study: https://lnkd.in/gs8CW2JB Thanks to all the additional panelists, sponsors, supporters, and organizers of these two significant events: J. A. Armstrong III, Sadat Rashid, Tristen Paige Wilson, Th. M., Baker Botts, Renita Joyce Smith, CDE ..I'm sure there are more!

"Ms. Harris’s plan calls for providing one million loans that would forgive up to $20,000 for Black entrepreneurs and people of other races to start a business, in an effort to close the capital gap that Black people often face. The plan calls for expanding access to affordable banking options that will allow Black men and others to tap into more capital that they often cannot access because of high fees and other barriers. The plan also promises to devise a regulatory framework for protecting cryptocurrency assets, which more than 20 percent of Black Americans own or have owned. Ms. Harris’s proposals also seek to create more mentorship and apprenticeship opportunities, and call for new investments to help more Black men become teachers. And the plan would begin a health initiative focused on the diseases that disproportionately affect Black people — such as sickle cell, diabetes and prostate cancer — by expanding preventive screening programs. Under the plan, Ms. Harris also pledges to legalize marijuana nationally and to ensure that Black men, who were once disproportionately jailed for using and distributing marijuana, can benefit from its business potential." https://lnkd.in/gC5C5JWE

Wow, what a week it's been since the launch of The 1000 Club! The response has been incredible, and we're still buzzing with excitement. If you're interested in joining "The 1000 Club" you can apply using the link below https://lnkd.in/e4iwaEnD And if you'd like to support our initiative, check out the link for more information https://lnkd.in/exx9c9eF "The 1000 Club" is a pioneering initiative dedicated to empowering Black women entrepreneurs through comprehensive financial literacy and credit empowerment. Led by Ngunan Adamu and the iWoman Academy team, this transformative program offers a 12-month journey from credit challenges to financial resilience. Financial literacy is crucial for anyone striving to achieve financial stability and success. However, Black women entrepreneurs often face unique challenges due to intersecting factors such as racial and gender biases, lack of access to traditional financial resources, and systemic barriers. "The 1000 Club" addresses these challenges head-on by providing participants with the knowledge, tools, and support they need to navigate the complexities of credit management and financial planning. By fostering a community of mutual support, knowledge-sharing, and empowerment, the program aims to uplift Black women entrepreneurs and enable them to take control of their financial futures. This initiative is vital because it not only empowers individual participants but also contributes to broader economic empowerment and community development. By bridging the financial literacy gap and promoting economic inclusion, "The 1000 Club" helps build a more equitable and prosperous society for all. Let's keep the momentum going 💪🏾

As #leaders, we cannot afford to live in fear of addressing the systemic inequities that continue to limit #Black communities. For far too long, traditional financial institutions have failed to meet the unique needs of these communities, reinforcing barriers to success. It's time to confront the uncomfortable truth: without equitable access to capital, many small businesses in these communities are left to struggle, unable to grow or create lasting generational wealth. This is where Community Development Financial Institutions (CDFIs) come in. CDFIs were built to fill the gap left by mainstream lenders. They provide a critical lifeline to Black entrepreneurs, empowering them to build businesses that create jobs, reinvest in their neighborhoods, and generate wealth that can be passed down for generations. The importance of this work extends far beyond individual success stories—it’s about dismantling the cycle of economic exclusion that has plagued these communities for generations. We cannot continue to let fear, whether of risk or failure, hold us back from investing in these businesses. The time to act is now. Let’s not “test positive” for living in fear, especially when the stakes are so high. CDFIs are not just a solution—they are the foundation for transformative economic change. By ensuring that Black entrepreneurs have the same access to capital as others, we are creating a more equitable financial system and building generational wealth that strengthens entire communities. The work we do today will reverberate for decades. If we are serious about closing the racial wealth gap and ensuring that Black communities can compete on a level playing field, we must champion and support CDFIs with the urgency and conviction this moment demands. Fear has no place in this conversation—only action, #strategy, and a commitment to lasting change. #EconomicEquity #nofearinequity #EmpowerCommunitie #GenerationalWealth #CDFIsForChange #LevelThePlayingField #SupportBlackBusiness #InclusiveEconomy #FinancialEmpowerment #cdfis

The Black Economic Council of Massachusetts (BECMA) is excited to share it's 2023 Impact Report. 📍 Download here: becma.org/our-impact BECMA is committed to advancing economic opportunities for Black residents across Massachusetts. With you by our side, we are working tirelessly to eliminate systemic barriers to prosperity by providing access to resources and networking that support Black-owned businesses and workforce advancement. In recent years, BECMA has considerably amplified its impact, as our compound annual growth rate since 2019 is 101 percent. In 2023, we directly supported over 400 businesses, with an expanded focus on helping firms secure larger public and private contracts. We nearly tripled the grants, professional services, digital solutions, and other support provided to members through our Back Office Support Services (BOSS) program, which helps start and scale firms, and launched BECMA Community Investments to provide the capital needed for firms to satisfy contracts. In the report, you’ll learn directly from our members about BECMA's impact in advancing equity for Black entrepreneurs and workers through our advocacy and programming. With your continued financial and moral support, we can continue our work to build and sustain Black wealth in the Commonwealth. Visit becma.org/our-impact to download our 2023 Impact Report today!

In the UK, 53% of Black women have nothing saved up for retirement. Earning just 67p for every £1 a white man earns can make it really difficult to build up savings for Black women. 33% of Black women plan to reduce working hours instead of fully retiring. Black Ballad is always covering the stories that black women and the rest of society need to hear — it is heartbreaking to know that black women spend so much of their lives working and contributing to society like everyone else, but can't afford to retire. This is why our finance content and events continue to be some of our most popular content and attended sessions and workshops. It is why last week I reached out to the LinkedIn community about helping Black Ballad to be connected with key people at banks, financial apps, and any other companies interested in creating long-term partnerships to reach, engage, and understand black women when it comes to their money habits and goals. Please tag people or DM me if you see the value in working with Black Ballad on the topic of finances for black women and the wider black community.

A report from the New York Federal Reserve Bank revealed that from January 2019 to April 2023, white people’s wealth outpaced that of Black and Latinx individuals by 30% and 9%, respectively, highlighting the persistent racial wealth gap. ⁠ ⁠ Despite increases in income for Black workers and government financial assistance, a majority of white households held stock investments compared to Black and Latinx households, indicating that income gains don’t necessarily translate to wealth accumulation for Black individuals. ⁠ ⁠ Janelle Jones, vice president of policy and advocacy at the Washington Center for Equitable Growth, emphasized the difference between income gains and closing the wealth gap, pointing out disparities in stock market participation and inheritance among Black Americans, with both Black and Latinx households experiencing stagnant wealth since 2022.

A report from the New York Federal Reserve Bank revealed that from January 2019 to April 2023, white people’s wealth outpaced that of Black and Latinx individuals by 30% and 9%, respectively, highlighting the persistent racial wealth gap. ⁠ ⁠ Despite increases in income for Black workers and government financial assistance, a majority of white households held stock investments compared to Black and Latinx households, indicating that income gains don’t necessarily translate to wealth accumulation for Black individuals. ⁠ ⁠ Janelle Jones, vice president of policy and advocacy at the Washington Center for Equitable Growth, emphasized the difference between income gains and closing the wealth gap, pointing out disparities in stock market participation and inheritance among Black Americans, with both Black and Latinx households experiencing stagnant wealth since 2022.

A report from the New York Federal Reserve Bank revealed that from January 2019 to April 2023, white people’s wealth outpaced that of Black and Latinx individuals by 30% and 9%, respectively, highlighting the persistent racial wealth gap. ⁠ ⁠ Despite increases in income for Black workers and government financial assistance, a majority of white households held stock investments compared to Black and Latinx households, indicating that income gains don’t necessarily translate to wealth accumulation for Black individuals. ⁠ ⁠ Janelle Jones, vice president of policy and advocacy at the Washington Center for Equitable Growth, emphasized the difference between income gains and closing the wealth gap, pointing out disparities in stock market participation and inheritance among Black Americans, with both Black and Latinx households experiencing stagnant wealth since 2022.