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JPMorgan Chase & Co. announced this week a $30 billion plan to advance racial equity and help remedy the country’s racial wealth gap over the next five years, as it relates mainly to underserved Black and Latinx communities, CNBC reports . According to CNBC , the bank’s pledge includes a combination of loans, investments, and philanthropy efforts that is expected to stretch beyond its normal course of business. The banking institution shared that barriers within the U.S.’ financial structures has generated profound racial inequalities that have been especially apparent amid the COVID-19 pandemic. JPMorgan Chase’s new commitment arrives to help drive more inclusive measures for the economy’s recovery efforts and eliminate systemic racism. “Systemic racism is a tragic part of America’s history,” said Jamie Dimon — Chairman and CEO, MDIs JPMorgan Chase & Co. — in a press statement . “We can do more and do better to break down systems that have propagated racism and widespread economic...
Lowe’s just announced a partnership with Daymond John of ABC’s “Shark Tank” to change the narrative when it comes to minority entrepreneurs and big corporate brands, according to CNN . Minority entrepreneurs and other owners of diverse small businesses can apply for a chance to win shelf space and pitch their products to the home improvement giant’s executives. Per Lowe’s, a diverse small business is at least 51 percent owned, operated, and controlled by veterans, women, minorities, or those who are LGBTQ. With the help of John, who is also the founder of hip-hop apparel company FUBU, the company’s idea is to let these business owners make their case directly to Lowe’s executives and help streamline the process. “Lowe’s is giving these minority-owned businesses a much-deserved chance to shine while uncovering unique, smart products that will make Lowe’s shelves even more appealing to customers,” said John. John shares that it normally takes years for a business to get its products...
Magic Johnson’s EquiTrust Life Insurance company has teamed up with Carver Federal Savings Bank and MBE Partners to provide $225 million in Paycheck Protection Program (PPP) loans to minority and women-owned businesses, according to Black Enterprise . This is in addition to the combined $100 million in PPP loans that the corporations have provided during the coronavirus, bringing the total to $25 million in funds. These loans are for all nonprofits, religious organizations, minority, and women-owned businesses that were left out of the Small Business Administration funding. “These businesses are a vital part of our economy and essential to the economic growth necessary for recovery from the pandemic. We have a responsibility to ensure an equitable distribution of federally backed capital to minority-owned small businesses,” Chair of EquiTrust Life Insurance, Earvin “Magic” Johnson, said. The coronavirus pandemic has had a tremendous impact on business owners, especially those that...
Milwaukee-based business incubator , Sherman Phoenix , wants to see its community win. As a result of their tireless efforts, the venue is boosting the economic growth of Black women entrepreneurs, reports Black Enterprise . On a mission to generate profitable and social returns for small businesses and startups, Sherman Phoenix created a high-quality space for over 30 restaurants and shops to offer “diverse foods, wellness services and cultural activities.” The majority of owners behind these growing companies are Black women like Adija Smith, owner of commercial bakery, Confectionately Yours. “ We’ve been known to be one of the most segregated cities in the United States, and I think it does come with the territory, unfortunately ,” Smith said, according to Black Enterprise . “With the support of the collaborative organizations that do not see color, but they just see genuine people with genuine gifts and talents that can be successful coming together, then we can make that...