Black business leaders win big with explosive growth in SPACs
Jarvis Stewart admits he knew only a little about Special Purpose Acquisition Companies (SPACS). While SPACS have been the rage on Wall Street in recent years, Stewart’s exposure to the financial markets was gained mainly through his longtime friends, which include Christopher Williams, Chairman of Siebert Williams Shank & Co., one of America’s largest minority-owned investment banks and Daniel Black, Managing Partner, The Wicks Group, a New York-based private equity firm. So, when he received a call just a year ago from an old client, a Canadian CEO
U.S. Black Chamber Prez Talks Loss of African American Businesses and a Global Future for the Black Dollar
By Stacy M. Brown During the first three months of the pandemic, approximately 442,000 – or 41 percent – of Black businesses shuttered. As COVID continues to hamper progress, the overall decline of small and minority-owned firms remains striking. Data culled from multiple studies revealed that Latinx business owners fell by 32 percent and Asian business owners dropped by 26 percent. Meanwhile, the number of White business owners fell by 17 percent. While the current climate has exacerbated the wealth gap and unveiled the unimagined financial straits of Black and other
5 Ways Black Businesses Can Grow After Emerging From Disruption
The pandemic made 2020 a difficult year for many small businesses, as many closed permanently. But other small companies had success despite the surge in outbreaks and are hoping to build on those achievements in 2021. How can they keep their momentum going, and what can other companies learn from their struggles to navigate the challenges of the new year? “To stay afloat, owners adjusted on the fly and creatively found ways to change their operations,” says Chris Buitron, CEO and president of Mosquito Authority® (www.mosquito-authority.com). “Those that survived can use innovations
Nielsen’s 10th-Year African American Consumer Report Explores The Power Of The Black Community From Moment To Movement
For 10 years, Nielsen has been dedicated to telling the story of the power of Black consumers and their diversity, long before the call for social justice sounded. According to "The Power of the Black Community – From Moment to Movement," the 10th annual report in Nielsen's Diverse Intelligence Series on African American consumers, Black influence on the economy and pop culture continues to drive not only significant moments in history, but drive change across industries and digital platforms. From video streaming, radio listenership and podcasting to buying Black and
JPMorgan Chase Commits $30 Billion to Advance Racial Equity
NNPA NEWSWIRE — JPMorgan Chase announced new long-term commitments to advance racial equity. The firm will harness its expertise in business, policy and philanthropy and commit an additional $30 billion over the next five years to provide economic opportunity to underserved communities, especially the Black and Latinx communities. Structural barriers in the U.S. have created profound racial inequalities that have been exacerbated by the COVID-19 pandemic. The existing racial wealth gap puts a strain on families’ economic mobility and restricts the U.S. economy. Building on the firm’s existing