New $5 Million Program Via Non-Profit Company, Capital Impact Partners, Helps Black Developers Rebuild Detroit

Developer Cliff Brown and Melinda Clemons from Capital Impact Partners. (Image: Courtesy of Capital Impact Partners)

by Jeffrey McKinney via blackenterprise.com

African American real estate developers in Detroit will get financing and training opportunities to grow their businesses courtesy of a $5 million program being offered by Capital Impact Partners. JPMorgan Chase & Co. is investing $500,000 into Capital Impact Partner’s Equitable Development Initiative to increase the number of minority developers in Detroit.

The pilot program is part of a larger move to encourage small diverse developers to work on larger products and give them the resources to be successful. The two-year initiative will allow black developers to take part in Detroit’s economic recovery by providing them flexible capital, one-on-one mentorships with local experts, and formalized training to support real estate companies they own and operate.

Capital Impact Partners is an Arlington, Virginia-based nonprofit community development financial institution that offers loans, grants, and other financial services to underserved U.S. cities. It also has offices in Detroit and Oakland. The program is geared to spur the development of small-and mid-sized mixed-use, multifamily residential projects in the city’s mixed-use corridors.

Capital Impact Partners stated in a news release that of the $152 million loaned in Detroit between 2006 and 2015, projects led by minority developers received only 10% of the financing. Detroit has nearly 50,000 minority-owned small businesses, making it the nation’s fourth-largest city for minority entrepreneurship.

Melinda Clemons, Detroit Market Lead at Capital Impact Partners, says stumbling blocks for African American real estate developers are experience, knowledge of upcoming developments, and access to financing. She says Capital Impact Partners is in the process of raising $5 million to support the program. “We’re trying to remove the barriers that have hindered African American developers in Detroit from participating in the city’s revitalization.”

Officials hope the Detroit initiative will mirror successful efforts in other areas. “We’ve seen success in the implementation of similar type programs in other cities like Milwaukee and Los Angeles and are confident this new effort will ensure that the brick-and-mortar development component of Detroit’s economic growth continues to be inclusive,” Clemons said in a press release.

To be eligible, program participants must be developers of color from the Detroit area with some real estate development experience. Developers planning to build a 6 to 20 residential unit, multifamily or mixed-use development in Detroit’s targeted redevelopment areas will be given priority. Developers that don’t have a planned project will also be considered for the program. Participants will get help in several areas, including project budgeting, real estate finance, project and contractor management, legal services, and community engagement.Applications must be completed by the end of November.

For more details and where to apply visit: www.capitalimpact.org/focus/place-based-revitalization/detroit-program/equitable-development-initiative.

To read full article, go to: New $5 Million Program Helps Black Developers Rebuild Detroit – Black Enterprise

Derek Jeter Becomes 1st Black CEO of Major League Baseball Team, the Miami Marlins

Derek Jeter (photo via tvone.tv)

via tvone.tv

Former New York Yankee Derek Jeter has officially become the first African-American CEO of a Major League Baseball team. The 43-year-old, is also part owner of the Miami Marlins, joining only one other African-American in that specific role (Magic Johnson‘s Los Angeles Dodgers).

And if you wonder where the five-time World Series champion stands on athletes kneeling during the national anthem, he’s totally on board, telling the New York Daily News,Everyone should be fine with that. They’re focused so much on the fact that they are kneeling as opposed to what they’re kneeling for. Peaceful protests are fine. You have your right to voice your opinion. As long as it’s a peaceful protest, everyone should be fine with that.”

Source: Derek Jeter Becomes First Black CEO Of Major League Baseball Team, Is ‘Okay’ With Players Kneeling

Kendrick Lamar to Be Keynote Speaker at Forbes Under 30 Summit

Kendrick Lamar performs on the Coachella Stage during day 3 (Weekend 2) of the Coachella Valley Music And Arts Festival on April 23, 2017 in Indio, Calif. (Kevin Winter/Getty Images for Coachella)

by  via billboard.com

Kendrick Lamar will be Forbes’ keynote speaker at their fourth annual Forbes Under 30 Summit. The four-day gathering will take place at Boston’s City Hall Plaza and feature several addresses by young artists, entrepreneurs and activists, including Skylar Grey, Tyler Oakley and DeRay Mckesson. Lamar’s keynote, which will include a conversation with Forbes Senior Editor Media and Entertainment Zack O’Malley Greenburg, will take place on Tuesday, Oct. 3 at 1:00 p.m.

“Kendrick Lamar is the voice of the under-30 generation, and we can’t wait to hear more from him,“ says Greenburg in a statement. “Not only does he write and record groundbreaking songs, but he also embodies the same sort of spirit, drive and thoughtful passion of his peers across science, tech, the arts and beyond. Forbes is honored to host him in Boston.”

Source: Kendrick Lamar to Be Keynote Speaker at Forbes Under 30 Summit: Exclusive | Billboard

Chicago Deposits $20 Million into Illinois Service Federal and Loan Association, the City’s Last Black-Owned Bank 

(Photo credit: Nancy Harty via blavity.com)

via blavity.com

The Illinois Service Federal and Loan Association (ISF) is the last black-owned bank in Chicago. According to CBS Chicago, Kurt Summers, the city’s treasurer, has decided to make a momentous investment in the bank. Summers announced Monday that the city will be depositing $20 million into the black-owned institution.

At the announcement, the treasurer called this investment his department’s first step towards addressing the city’s history of segregation, something that he claims is one of the root causes of the city’s current violence. So, what will this investment mean for the city? According to Summers, the contribution will increase the number of successful black-owned businesses in Chicago.”If we’re going to be serious about supporting those communities and supporting community banks and what they do for small businesses, we have to look for opportunities like this,” he said, Business Day reports.

When going to large, national banks, Chicago’s black business owners only receive the full amount of their loan requests 47 percent of the time. White business owners receive all the money they ask for 76 percent of the time. Summers hopes that this investment will give black small business owners some place to go to find funding for their endeavors. “The community banks are often more capable of evaluating the risks of local borrowers than large remote financial institutions,” said Summers.

This is only one of the changes Chicago politicians are anticipating following the deposit. Alderman Roderick Sawyer told CBS that he believes that this investment will help resolve the issue of economic disparity in Chicago, and, ultimately, even violence. Papa Kwesi Nduom, the chairperson of the Illinois Service Federal and Loan Association, agrees with him. Nduom said the deposit will give his bank a “much-needed boost to our financial foundation, ensuring that we can strengthen the economic base of our communities and help people fulfill their dreams.”

The black-owned bank has been providing services to the black communities of the South Side of Chicago for more than 80 years.

To read more: Chicago Deposits $20M In City’s Last Black-Owned Bank | BLAVITY

Rosalind Brewer is Named New President, COO of Starbucks

Rosalind Brewer (photo via thegrio.com)

via thegrio.com

Rosalind Brewer, the former president and CEO of Sam’s Club, was announced as the new head of Starbucks on Wednesday and will continue to serve on the board of directors. “Starbucks is a culture-first company focused on performance and Roz is a world class operator and executive who embodies the values of Starbucks,” Kevin Johnson, Starbucks’ president and COO, said in a statement.

Johnson added that Brewer has been a “trusted strategic counselor” ever since she joined the board of directors in January. “Ms. Brewer has a wealth of experience in retailing, consumers and [consumer packaged goods] markets,” Neil Saunders, managing director of GlobalData, told CNBC via email. “She is also used to running large, complex organization with a global focus.”

The move comes as Starbucks is experiencing lower retail sales than usual, a problem that Brewer will have to face during her tenure. “[Brewer] was instrumental in making changes at Sam’s Club to bring the retailer more in line with trends around health and wellness,” Saunders said. “She also did a lot in terms of e-commerce and multichannel, and this experience will be valuable for Starbucks.”

Source: Starbucks names Rosalind Brewer as new President, COO | theGrio

All Star Code Founder Christina Lewis Halpern Exposes Boys of Color to STEM Opportunities

All Star Code founder Christina Lewis Halpern with All Star students (photo via allstarcode.org)

via blavity.com

“We all want and need a seat at the table, and then we want to run the table and then we want to have our own table. Coding is the ticket to that,” says Christina Lewis Halpern, the founder of All Star Code, a six-week initiative for high school boys of color to discover innovative career opportunities through a computer science based curriculum.

According to Atlanta Black Star, the New York activist is the daughter of the late Reginald F. Lewis, a Wall Street attorney who became the first African-American to build a billion-dollar company. Her father, a Harvard graduate before dying of brain cancer in 1993, operated TLC Beatrice International, a grocery, beverage and household products distributor.

The month before he passed, Lewis named Halpern, who was only 12-years-old at the time, to the board of his foundation. “My family foundation is committed to social justice and believes in the power of entrepreneurship and investing in our community,” Halpern said. Two decades into the future and Halpern, a professional business journalist, created the All Star Code program “to help the next generation of youth catch the next wave of opportunity.”

So how did she do it? “We seeded this initiative and provided an anchor grant. About 20 percent of the money invested in All Star Code last year was from the Reginald F. Lewis Foundation, or Lewis family personal funds,” Halpern explained. Other donors included Bond Collective, Cisco, Comcast, Facebook, Goldman Sachs, JP Morgan, Chase, MLB Advanced Media and Yahoo!. These corporations in addition to operational support gave $350,000 in funding.

Because of the lack of opportunities in STEM for men and women of color, Halpern’s All Star Code is designed to change that. The nonprofit raised more than $740,000 in 2016 at the annual All Star Code fundraiser in the Hamptons. Due to the generous contributions of the donors, the organization, which started in New York City and has stretched to Pittsburgh, has expanded and continues to grow rapidly.

The number of boys that participated in the Summer initiative skyrocketed from only 20 in 2014 to 160 this year. Halpern says that their goal is to have at least 1,000 high schoolers in 2020.

To read full article, go to: Daughter Of The First African-American To Build A Billion-Dollar Company Exposes Boys Of Color To STEM Opportunities | BLAVITY

Paypal, ApplePay, Spotify and Other Tech Companies Purge White Supremacist Groups from Their Platforms

by Jessica Yarvin via pbs.org

After the violent protests in Charlottesville, tech companies are rethinking their roles in providing online services for hateful groups. The fight is only beginning, as far-right groups and freedom of speech advocates have argued that tech companies are infringing on their first amendment rights by blocking their access to these services. For now, here are the companies who have taken steps to remove white nationalist and other hate groups from their platforms:

GoDaddy: The web domain name provider cut off the neo-nazi website The Daily Stormer, citing that the website had “crossed the line from exercising freedom of speech to provoking further mayhem.”

Apple Pay: On Wednesday, Apple Pay blocked websites that sell white nationalist merchandise, such as clothing with nazi symbols from using their payment services. A day earlier, Apple CEO Tim Cook sent a memo to employees where he said “hate is a cancer” and announced donations to the Southern Poverty Law Center and the Anti-Defamation League.

Discord: Members of the “alt-right” movement, whose beliefs are a mix of white nationalism, neo-Nazism and extreme populism, flocked to this group messaging service due to it’s privacy and anonymity; however, after the violence in Charlottesville, the company booted white nationalist groups and users off the app. In the days leading up to the “Unite the Right” rally in Charlottesville, the New York Times reported that some white supremacists used the app to organize transportation to and lodging for the event.

Spotify: The music streaming service removed dozens of white supremacist artists that the Southern Poverty Law Center had identified as hate music.

Facebook: Citing violations of the company’s guidelines, Facebook banned eight pages associated with the white nationalist movement, along with the personal page and Instagram account of a white nationalist featured in the Vice News documentary about the Charlottesville rally. Continue reading