By Kala Gibson, Head of Business Banking, Fifth Third Bank Courtesy of The Michigan Chronicle Drive down most streets, and it’s easy to see the obstacles our small business community is facing. There are closed signs on storefronts, empty parking lots outside malls and only carry-out from the restaurants that remain open. Whether it’s a family-owned store or a 200-person operation, business owners are making tough choices. Some have furloughed employees or let them go, trying to figure how to survive through the financial fallout from the pandemic. Nine out
By AJ Williams, The Michigan Chronicle Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, announced a $100 million partnership with MBE Capital Partners, the largest certified minority-owned asset-based lender, and the National Action Network. Together, they are focused on distributing PPP loans geared specifically for minority and women-owned businesses in underserved communities. Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks.
Sean “Diddy” Combs has created Our Fair Share to assist minority owned small businesses reeling from COVID-19. The first round of funding established by the government through the Payment Protection Program (PPP) went fast. It never trickled down to businesses that needed financial help the most so that is when Combs stepped up. “I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive,” said Combs in a statement. “Minority businesses have always struggled to access the capital they need to
Amber Tucker “I’m not good enough.” “They’re not going to listen to me. “I’m a fraud.” Have you heard that voice in your head that’s telling you that you do not belong and one day soon, everyone will figure it out? It has a name. It is not the truth and it is not “your conscience.” It’s a phenomenon called “Imposter syndrome.” Imposter syndrome is a term coined by psychologists Pauline R. Clance and Suzane A. Imes in 1978. It describes the “internal experience of intellectual phoniness in people who believer
Amber Tucker As of March 27, 2020, the Center for Disease and Control (CDC) is reporting over 85,000 confirmed cases of COVID-19 in the United States. Many states are issuing stay-at-home and shelter-in-place orders and it is impacting the way business operate. Leading through this can feel a lot like swimming against the tide with new information coming from all angles constantly, staying afloat can be a herculean effort. In times of chaos and uncertainty, teams look to their leaders for guidance and reassurance. While no one knows
By Chida Rebecca The idea of working from home has always been a glamorized one. Rolling out of bed whenever you’d like, sitting poolside with your favorite drink at noon. Man! That sounds like a day anyone would enjoy. Especially if you find yourself working for a company that you may not particularly like physically going to. In the last few weeks, we’ve seen corporations big and small come to a major halt due to COVID-19. Businesses have essentially locked their doors and are requiring employees to work
By Barrington M. Salmon President Donald Trump and Congressional leaders announced the $2 trillion economic stimulus package—the Coronavirus Aid, Relief, and Economic Security (CARES) Act to great fanfare, touting the deliverables of different aspects of the provisions and their belief in its ability to slow the economic tsunami exacerbated by the novel coronavirus pandemic. One of the major selling points is a $1,200 one-time payment to adults. The pandemic has cut a wide and deadly swathe through communities across the country, overwhelmed the medical infrastructures of places like New
With COVID-19 causing significant disruptions, there has never been an easier time to invest in the stock market. Big-name companies have seen unprecedented losses in what experts refer to as a “Bear Market.” With brokerage apps like Robinhood, Stockpile, and Stash, all it takes is $1 for you to own a piece of a major corporation. With the ease of stock market investing, we need experts in the field that can point us in the right direction during this time. While many believe millennials are afraid of