LISC’s Black Economic Development Fund invests $122 million to support growth of Black-owned banks, businesses
The Local Initiatives Support Corporation (LISC) announced today that its Black Economic Development Fund (BEDF) has committed nearly half its capital, having closed on $122 million in investments for Black-owned banks and businesses throughout the country. The $250 million fund includes investments from Netflix, Paypal, Square, HubSpot, Aflac, Costco, Dicks Sporting Goods, ThermoFisher Scientific, Wayfair, McKinsey & Company, and Dupont. It aligns with LISC's larger Project 10X strategy to break down systemic racial barriers, including $1 billion in investments that support small businesses, community nonprofits, mission-driven lenders, anchor institutions and innovative urban and rural initiatives. "Over the last two years,
Shalanda Young Confirmed As First Black Woman To Lead White House Budget
By Cherranda Smith, Black Information Network Shalanda Young made history Tuesday (March 15), after the Senate confirmed her to lead the White House Budget Office, becoming the first Black woman in US History to serve in this key role. Young received bipartisan support in the 61-36 vote and has served as acting director of the Office of Management and Budget over the last year. The OMB oversees all of the development and execution of the budget, which wields critical influence over the President's agenda."Another glass ceiling shattered by a remarkable member of the
16-Year-Old Becomes Youngest Black Beauty Supply Store Owner
By Cherranda Smith, Black Information Network Paris Mckenzie, a NYC-based 16-year-old, is making history in the hair and beauty industry, becoming the youngest Black owner of a beauty supply store. And she's just getting started. Mckenzie opened Paris Beauty Supplyz in the summer of 2020 after a space next to her mother's salon opened up. The young entrepreneur used her savings to lease the space and has since launched a salon of her own, La Eiffel Beauty Bar in Brooklyn.According to a news release, Paris is no stranger to hair and beauty, after spending plenty
POLO RALPH LAUREN INTRODUCES NEW COLLECTION THAT BUILDS UPON ITS HISTORIC PARTNERSHIP WITH MOREHOUSE AND SPELMAN COLLEGES
Ralph Lauren expanded its partnership with Morehouse College and Spelman College, unveiling a limited-edition collection inspired by the schools’ rich heritage and esteemed traditions. The Polo Ralph Lauren Exclusively for Morehouse and Spelman Colleges Collection is a first-of-its kind collaboration for the Company.The collection seeks to honor the history of both schools and widen the aperture of Ralph Lauren’s storytelling — including the nature of life at historically Black colleges and universities (HBCUs), a story untold in depictions of Ralph Lauren’s collegiate sensibility until today.“This collection expresses
Seven Black-Owned Banks To Award $25M Grant To Major League Soccer
By Cherranda Smith, Black Information Network A group of seven Black-owned banks is partnering with the Major League Soccer on a $25 million grant seeking to close the racial wealth gap in the US.The historic deal between the MLS and the National Black Bank Foundation (NBBF) was announced Thursday (March 10) and marks the first time ever that a sports league has conducted a commercial financial transaction exclusively with Black financial institutions. "Major League Soccer's partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the
First-of-its-kind Partnership Aims to Increase Number of School Principals of Color
In an effort to dramatically boost the number of principals of color leading K-12 schools across the country, national nonprofit New Leaders is forming a first-of-its-kind partnership with distinguished historically Black institutions Morehouse College and Clark Atlanta University to launch the Aspiring Principals Fellowship. The Fellowship is an online principal certification and master’s degree program designed to train the next generation of equity-focused school leaders who better reflect the students they serve. Half of all students in K-12 public schools identify as people of color, while only 1
Digital Privacy: Is data ownership the next frontier?
As internet usage has become a routine activity, so has the mining, analyzing and monetizing of personal information – much of it done without the individuals’ knowledge. According to a Gallup poll, two-thirds of employees in white-collar jobs work from home at least part of the time, meaning there is more activity and personal data in cyberspace than at any other time in history. Unsurprisingly, the cybersecurity industry has exploded. ResearchAndMarkets.com valued the global cybersecurity market at $183.34 billion in 2020 and predicts it will reach $539.78 billion
Black Female WWII Military Unit Honored By Congress
Here's yet another history lesson they didn't teach in school, and it's right in time for the end of Black History Month and the start of Women's Month. On Monday (February 28) the US House of Representatives voted 422-0 to award the only all-Black, all-female military unit that served in Europe during World War II the Congressional Gold Medal. The 6888th Central Postal Battalion is credited with solving an urgent mail crisis in England when they arrived in Europe. The 855-membered group has for decades gone without proper recognition, but in recent years that has changed. In
When is it Their Turn? Black Women and the Ever-Widening Pay Gap
By Sherri Kolade Black women who want to earn just as much as White men would have to work about an extra seven months to catch up to them to make the same pay in America. According to the U.S. Census, typically, Black women were paid 63 percent of what non-Hispanic white men were paid in 2019. A typical working Black woman in 19 months is then paid what the average White man makes in just one year. According to the American Association of University Women (AAUW), an equity-based organization,
Black Press Salutes President Biden’s Supreme Court Nominee Judge Ketanji Brown Jackson
Three times the Senate has confirmed Judge Ketanji Brown Jackson – twice unanimously. Now, an evenly divided Senate will face the task of confirming Judge Jackson to the highest court in America and, in the process, make her the first Black woman to serve on the U.S. Supreme Court. On Friday, February 25, President Joe Biden made Judge Jackson his choice to succeed Justice Stephen Breyer, who announced his retirement in January. “It’s because of Judge Brown Jackson’s experience in roles at all levels of the justice system, her character,