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Black Business

We know that Black businesses are underrepresented in the business world; however, the number of Black-owned businesses in the US has spiked, according to a study by LendingTree. The study also found that Black-owned businesses are more likely to be led by women. While women run one-fifth (22.3%) of all US businesses, they lead two-fifths (39.1%) of Black-owned businesses—nearly twice the national average. Additionally, it found that Atlanta is the hub for Black-owned businesses for the third year running. The percentage of Black businesses is growing in the US. The

Viriginia-based entrepreneur DeShuna Spencer launched a website to track corporate responsibility for DEI initiatives. DEI Watch aims to help consumers decide which brands to support (or not). A former journalist, Spencer, created the site to promote transparency and empower buying decisions. Though she is not promoting boycotts, she says, “But if you want to, we wanted to create a platform that’s as accurate as possible,” Spencer told Axios. Spencer is also the founder of kweliTV (sometimes referred to as Black Netflix), a streaming service with over 800 international films, documentaries, and kids’

Target joins the growing list of companies rolling back its diversity, equality, and inclusion (DEI) initiatives. As a retailer known for featuring Black-owned brands like The Lip Bar, Black Girl Sunscreen, Tabitha Brown, Donna’s Recipe, there are concerns over how potential boycotts may impact Black founders. Target ends DEI goals In a memo shared with employees, the company said it will end its three-year DEI goals, concluding its Racial Equity Action and Change (REACH) initiatives in 2025 and end a program focused on carrying more products from Black- or minority-owned

The Black Farmer Fund (BFF) is raising $20 million for its second fund, BFF Fund 2.0, aimed at strengthening the Black food system across the Northeast.  BFF is a community-driven investment fund that supports Black agricultural and food businesses to build a more equitable food system.  This milestone will provide financial support to Black-owned agricultural and food businesses, with $2 million of the integrated capital fund already invested in four innovative enterprises.  The fund is part of BFF’s mission to create a sustainable, equitable food system by offering patient, low-interest

Red Lobster, the iconic seafood chain, has officially exited Chapter 11 bankruptcy following its acquisition by RL Investor Holdings LLC, a group backed by Fortress Investment Group.  The company has named 35-year-old Damola Adamolekun as its new CEO, marking a milestone in both the restaurant’s history and the career of this rising Black business leader. New Leadership Ushers in a Fresh Chapter for Red Lobster With a new ownership structure in place and fresh leadership at the helm, Red Lobster is positioning itself for a comeback.  Adamolekun, who previously served

The Business Development Bank of Canada (BDC) is investing $200 million CAD ($140 million USD) in Indigenous and Black-led businesses to promote inclusive economic growth. The government-owned bank is also launching a $50 million ($36 million USD) financing and training program for women, Indigenous, and Black entrepreneurs. Investing in Indigenous and Black entrepreneurs This investment is part of the BDC’s strategy to address longstanding barriers faced by underrepresented entrepreneurs and to promote a more diverse and resilient entrepreneurial landscape in Canada. The $200 million CAD investment will be channeled through two

A new development project will bring over 100 affordable homes and a Black business hub to North Portland.  The Williams & Russell project, managed by Williams & Russell CDC, will create 85 affordable apartments and 20 townhomes for sale on a block that has been vacant for nearly five decades. Significant Funding and Community Impact The project has already secured $10.3 million in funding, including $1.6 million recently announced by Oregon senators Ron Wyden and Jeff Merkley.  An additional $23 million is pending from the Portland Housing Bureau and Prosper

Generative Artificial Intelligence (GenAI) is rapidly becoming a vital tool for U.S. microbusinesses, particularly among Black owners who are adopting these technologies at impressive rates.  According to GoDaddy’s Venture Forward 2024 survey, approximately 50% of microbusiness operators have experimented with GenAI tools recently.  This statistic is even more significant among young and Black microbusiness owners, who are 50% more likely to leverage GenAI compared to their white counterparts. A Tool for Leveling the Playing Field The Venture Forward survey highlights that 44% of micro businesses see GenAI as a game-changer, allowing

Tesla has given $2,000 to The Giving Pies, a small Black woman-owned bakery in San Jose, following its cancellation of a significant pie order during Black History Month. The order, initially set for 2,000 pies and then doubled, was worth between $6,000 to $16,000.  However, the cancellation left the bakery with a financial loss of approximately $2,000 and missed opportunities during Black History Month. Musk’s Intervention Voahangy Rasetarinera, the bakery owner, took to Instagram to detail the financial strain caused by Tesla’s decision. “To me, it was clear that Tesla’s

Every year, Forbes releases their long-awaited list of young innovators shaping today’s world. This year marks Forbes 30 Under 30’s 13th annual list of entrepreneurs. The list featured a handful of Black people innovating in tech, from tackling toxic language online to working on the first crewed space mission to Mars. So, let’s meet some of them. Tony Morino, Co-Founder of Wiseday Morino co-founded Wiseday in 2021 to help Canadian homeowners get the best and cheapest mortgage rates. Morina co-founded the company with his friends and long-time acquaintances in 2021

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