Press "Enter" to skip to content

Posts published in “Business/Finance”

President Obama Signs Law That Increases Opportunities for Women's Businesses

By goodblacknews on January 4, 2015
(Image: Thinkstock)
(Image: Thinkstock)

President Obama has signed a law that seeks to level the playing field for women-owned businesses seeking federal contracts.

The National Defense Authorization Act for fiscal year 2015, Section 825, authorizes federal agencies to award sole-source contracts to women-owned small businesses eligible for the Woman-Owned Small Business (WOSB) Federal Contract Program, giving women the same level of access to the federal contracting marketplace as other disadvantaged groups.

This is a critical move that will now allow women-owned small businesses to earn their fair share of the federal marketplace and gain economic opportunities, notes Administrator of the U.S. Small Business Administration, Maria Contreras-Sweet.  “Women entrepreneurs are growing at an unprecedented rate.  More than one in four U.S. companies is owned or led by a woman, and these firms employ more than 7.8 million Americans. Passage of the women’s small business provision in NDAA is a win for women entrepreneurs and a win for America. This will help women-owned small businesses gain equal access to federal contracting as they add jobs to the U.S. economy. A big thank you to the leaders of the Senate and House Small Business and Armed Services Committees for helping make this a reality,” said Contreras-Sweet in a statement.
In July, Administrator Contreras-Sweet testified before the U.S. Senate Committee on Small Business and Entrepreneurship that federal agencies needed this tool to level the playing field for women-owned businesses. Many of the committee members shared the sentiment, and the SBA worked with Congress and key small business stakeholders to include this provision.
Currently, women entrepreneurs are receiving less than five percent of federal contracts. While Congress established the WOSB Federal Contract program in legislation passed in 2000, it was not implemented. From President Obama’s first day in office, providing economic opportunity to women has been a top priority and the steps to enact the program were put in motion, which was implemented in April 2011.
This new provision will give the SBA a new tool to continue to open doors for more women entrepreneurs in the federal and commercial contract space. SBA’s efforts include aggressively promoting the Women-Owned Small Business Contract Program, which aims to expand federal contracting opportunities for women-owned small businesses.
article by Carolyn M. Brown via blackenterprise.com

Minimum Wage To Go Up in More Than 20 States in 2015

By goodblacknews on January 2, 2015

Protesting Minimum WagePerhaps due to months of protesting by fast food workers, the minimum wage in 21 states will increase in the year 2015 starting on January 1st. This is the first time ever that a majority of the states have higher minimum wages than the federal level.

According to the Economic Policy Institute, the increases will lift the hourly wages of more than two million workers by up to $1 to an average of $8 and a high of $9.15. And according to USA Today, another 1.9 million workers who make more than minimum wage are also expected to benefit from a higher pay scale.
Experts say the changes are partly due to the impact of a national movement in 2013 and 2014 to boost the earnings of low-paid workers.
Which States?
Last year, legislation was passed in the following states to increase minimum wage:
* Connecticut
* Hawaii
* Maryland
* Massachusetts
* New York
* Rhode Island
* Vermont
* West Virginia
* Alaska
* Arkansas
* Nebraska
* South Dakota
The following states, however, raised minimum wage as a result of automatic cost-of-living increases:
* Arizona
* Colorado
* Florida
* Missouri
* Montana
* New Jersey
* Ohio
* Oregon
* Delaware
* Minnesota
More Good News
The news gets even better! According to EPI and the National Employment Law Project, as soon as March, 29 states with 60% of the U.S. work force will have minimum wages higher than the federal government’s.
article via blog.lowincome.org

Ryan Coogler, Shaka King, Terence Nance and More Push for #BlackOutBlackFriday in Light of Ferguson Decision

By goodblacknews on November 25, 2014

75Following the announcement that police officer Darren Wilson would not be indicted for the murder of Michael Brown in Ferguson, MO, several human rights groups have sprung into action to protest the decision and push back against undue violence at the hands of police.
In the entertainment community, Blackout for Human Rights, a “network of concerned citizens who commit their resources to immediately address the staggering level of human rights violations against fellow Americans,” has been active in the past few months with a series of videos calling for a nationwide boycott of all major retailers this Black Friday, the major shopping day following Thanksgiving.
One hope is that pressure from the community will cause Wilson to be held accountable at a federal level.


The group, which counts filmmakers Ryan Coogler, Shaka King, Terence Nance, Rick Famuyiwa and others among its members, is using the hashtag #BlackOutBlackFriday to put the call out on social media for supporters to participate in “a nationwide day of action for human rights awareness, as opposed to a day of consumerism.”
To watch the first few videos, click here.
article by Jai Tigget via blogs.indiewire.com

Five Savvy Books by Successful African-American Entrepreneurs

By goodblacknews on November 22, 2014

Successful entrepreneurs understand that the way to success is to be a lifelong learner. From staying abreast on latest trends to reading up on tried-and-true strategy, leaders win by seeking knowledge.  Here are five books that will help any entrepreneur do just that:


The Man From Essence by Edward Lewis
Written by Edward Lewis, co-founder of Essence magazine, this book tells the story of how he started his company with three partners, eventually reaching and impacting millions of people with a landmark publication for women of color. He became the last man standing by the time it was sold to Time, Inc. Lewis details the motivation behind his drive to succeed, her personal triumphs and challenges and insights on management, startup strategy and perseverance through the ups and downs of the publishing world.

How to Succeed in Business Without Being White: Straight Talk on Making it in America by Earl G. Graves
In a society where white men dominate the top seats at major corporations, this book serves as motivation and mentorship for African-American innovators. Being one of the most prolific executives in business, Graves tells us his own story of how he  became a multimillionaire, the director of several of America’s Fortune 500 corporations, a philanthropist and entrepreneur, how he built the legacy of Black Enterprise. The business icon touts: “Economic power is the key to success in a capitalistic society.”
Why Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business Empire By Reginald F. Lewis
Lewis’ first successful venture was his $22.5 million-leveraged buyout of McCall Pattern Co., where he sold it for $65 million in 1987, and made an astounding 90 to 1 return on his original investment. He re-branded the corporation as TLC Beatrice International Inc. As the CEO and chairman, Lewis increased the company’s worth in rapid time,an with revenues of $1.5 billion, TLC Beatrice made it to the Fortune 500. It was also the first company on the Black Enterprise List of Top 100 African-American owned businesses. This book details how all of this happened and will inspire many bosses for generations to come.

Success Never Smelled So Sweet: How I Followed My Nose and Found My Passion by Lisa Price
Lisa Price, founder of Carol’s Daughter, tells the story of her life, starting from the beginning with her childhood days in Brooklyn, N.Y., to the moment her business was created and how it bloomed. The innovator provides motivating and enticing stories and explains how she went from bankruptcy to grossing over $2 million yearly while working from home. Price believes that life will guide each and every one of us until we realize our own inner truth, regardless of the challenges we faced to reach to our destination. She also shares with us advice her mother gave her and recipes for her best-selling products.

Black Titan: A.G. Gaston and the Making of A Black American Millionaire by Carol Jenkins and Elizabeth Gardner Hines
A.G. Gaston was the grandson of slaves and was born penniless. At his death, he was worth more than $130 million and helmed several businesses. This is the story of his life through the eyes of his niece and grandniece. Gaston was determined to make a difference for African Americans during the time of slavery. When he passed away in 1996, he was one of the richest men in America. Black Titan is the story of a man who changed the future for all black businesspeople in our country.
article by Cristie Leondis via blackenterprise.com

Black-Owned Food Trucks Give New Meaning to Meals on Wheels

By goodblacknews on November 21, 2014
img_0163
Nnamdi J. Nwaneri and Na’Im Moses (ADEDAYO KOSOKO OF QUEENS CHAPEL CREATIVE AGENCY)
Once a month from April through October, in a vacant Washington D.C., lot near the famed Nationals Park, about 20 food trucks convene for an evening of music, food and dancing. Hundreds of D.C. locals have the opportunity to purchase everything from lobster rolls to Korean tacos, from homemade ice cream to gourmet hot dogs.
One thing you quickly notice while trying to figure out which 20-minute line to endure for your next culinary experience is the demographics of the food-truck owners. Food trucks have become a big business—some may even refer to them as the next big thing in culinary fads—but if you’re attempting to find food trucks owned by black people, it’s similar to seeking the figurative needle in a haystack.
But not impossible.
Nnamdi J. Nwaneri is one of the owners of NeatMeatDC, and his food truck is one of the few black-owned trucks in the D.C. area. NeatMeatDC started in 2007, when Nwarneri teamed up with his Howard University law school classmate Na’Im Moses. The two men realized they had similar goals outside the law profession.
You’d be mistaken if you thought NeatMeatDC served your average sloppy joe sandwich. With a menu that includes such masterpieces as a pulled spiced pork joe in a cerveza chipotle sauce, it’ll make you think twice about pulling a Manwich can from your local grocery store’s shelf.
When asked why he wanted to start a food truck, Nwaneri waxed poetic about his intentions. “‘A lawyer’s either a social engineer or he’s a parasite on society’ is a quote from Charles Hamilton Houston. We reference this quote many times, as it is interconnected to our legal education as well as our life’s mission. We believe that creating a viable business allows us to become social engineers to benefit ourselves, our friends and families, and, most importantly, our society,” Nwaneri says.
It’s this enterprising spirit that has motivated other black food-truck owners, too. But starting out in the food-truck business isn’t something that can be done overnight. The NeatMeatDC team took 18 months from conception to launch, and it’s still a growing endeavor.

LisaRaye McCoy & Red Pro Launch the "LisaRaye Diamond Flatiron" in NYC

By goodblacknews on November 7, 2014

image029
LisaRaye McCoy (“Single Ladies”, “All of Us”, “The Player’s Club”) has teamed up with hair care company Red Pro Products and recently launched the eponymous “LisaRaye Celebrity Flat Iron”, the first in a series of  “Diamond Collection” styling tools.
2014-09-24 16.18.05McCoy kicked off the product’s introduction in New York, where she visited a salon in Harlem, did interviews with Vlogger contest winners “Glamfun” from Boston and “ChinaCandyCouture” from Atlanta (see their competition videos and interviews at www.youtube.com/glamfun and www.youtube.com/chinacandycouture) and partied at the Cove Lounge with Monifah of “R&B Divas,” Jamie Foster Brown of “Sister to Sister” Magazine, several other celebrities, stylists and fans.
Although infused with crushed diamonds and branded with a celebrity name, LisaRaye, not unlike Halle Berry with her Scandale Paris line for Target, wanted to create a top-quality product accessible to women in all income brackets.
“I wanted to create an awesome, professional grade flatiron that was affordable for the everyday consumer,” McCoy said. “Everyone wants to have beautiful, healthy hair, but can’t necessarily afford to go the salon every week. My flatiron solves that problem.”
The LisaRaye Flat Iron Facts:

  • Crushed diamonds are infused into the plates, which create an extra smooth surface with consistent heating, allowing styling with a finished look without the use of product.
  • Consistent heating helps prevent damage to the hair when styling, and results in a smoother, shinier, healthier head of hair.
  • Quick heat up and recovery, and variable temperature settings (up to 460 degrees)
  • Package includes hair clips, a heat-resistant comb and carrying pouch for travel
  • The flatiron is also designed for styling and curling, as well as straightening.

To learn even more about the Diamond Plated Flatiron and where to get it, click here.
article by Lori Lakin Hutcherson (follow @lakinhutcherson)

Jay Z Buys Armand de Brignac "Ace of Spades" Champagne

By goodblacknews on November 6, 2014
(Photo: Ben Gabbe/Getty Images)
Jay Z is officially in the champagne business. The rap mogul has purchased luxury spirits brand Armand de Brignac, whose gold bottle he helped make iconic in his 2006 video “Show Me What You Got.”
New York-based Sovereign Brands said Wednesday it sold its interest in  — better known as Ace of Spades after the image on its bottle — to a new unnamed company led by Jay Z. “We are proud to announce that Sovereign Brands, a New York-based wine and spirits company owned by the Berish family, has sold its interest in the Armand de Brignac (‘Ace of Spades’) Champagne brand to a new company led by the globally renowned Shawn ‘Jay Z’ Carter,” the company said in a statement.
The bubby, which starts at $300 a bottle, is served in the luxury suites at the Barclays Center, home of the Brooklyn Nets (Jay used to be a co-owner of the NBA team). The Roc Nation boss and his wife, Beyoncé, also had a custom-designed, 18-foot-tall tower of the champagne served at a 2012 fundraiser for President Obama that took place at Jay’s 40/40 Club.
Jay got behind Ace of Spades after he boycotted rival Cristal over its decision to distance itself from its hip hop clientele.
article by Evelyn Diaz via bet.com

Halle Berry Teams Up With Scandale Paris to Create Fashionable, Afforable Lingerie

By goodblacknews on November 2, 2014
Halle Berry unveils ’Scandale Paris’ at Laduree Soho in New York City.
(PHOTO CREDIT: KEVIN MAZUR/GETTY IMAGES FOR SCANDALE PARIS)

Interview by Yolanda Sangweni via Essence.com

Halle Berry has been the face for many luxury labels (remember those Versace ads?), but now the actress is branching off into a fashion venture of her own. The lingerie lover is teaming up with 80-year-old French intimates brand Scandale Paris for a 10-piece capsule collection ranging from $7 for underwear to $18 for bras. Tres cheap, no? The best part is that the line is available at Target, or shall we say –– Tarjay. Let Halle, the new Scandale co-owner, tell you herself.

ESSENCE.com: Why Target? It’s very affordable.  It’s for the everyday woman. Why that brand?
HALLE BERRY: That’s why, because I have over the years liked some amazing pieces of lingerie.  They were a small fortune, and most of them given to me because I refuse to pay $200 for a bra, but companies have sent them to me and I’ve enjoyed them.  I thought this is great that somebody sent to me, but can real women really go and spend $200 on one bra?  It never quite made sense.
But I love lingerie, and like I said in the top, I have friends that wear the same $200 bra until it falls apart, and I thought something’s not right here.  If you can partner with Target, and you manufacture with La Perla because he knows how to do it, if he can make a quality product and we can sell it for $16 at Target, and it’s something that’s on the level of any great product, it’s not going to fall apart, that’s quality, and I thought that’s a win for us and it’s a win for the consumer because they can have a collection of bras now.  You don’t have to wear one until it falls apart, you can wear a different one everyday and you haven’t broken your bank.
That for me was really important to offer that to women.
ESSENCE.com: Is this only going to be sold at Target?
BERRY: It’s only going to be sold in Target, it’s just we’re starting sort of small with our signature collection, and then we’re going to roll it out.  We’re starting in some of their bigger stores to launch, and then we’ll go out into all the smaller stores with more.  As we’ll roll into the spring with a whole spring line that’s a different colorway than these colors are.  Then we’ll have a different collection for summer, then a different collection for fall.  Then we’ll go in with different styles then what’s standing, trying to be seasonal at the same time.
ESSENCE.com: Was this lingerie line developed at home?
BERRY: Yes.  Being married to him, honestly, he has held me to a standard because he’s from there (Paris) and so he’s very picky about, you know, if I don’t have on something quite right he’s like, “What’s this?” Okay. It’s that time of the month so I chose some red.  In three days, I’ll be back.  He holds me to it, and that’s nice.  It’s nice to have a man that notices and cares.
ESSENCE.com: And appreciates it.
BERRY: …and appreciates it, yes, and appreciates it.
ESSENCE.com: Will Molly Woods be wearing Scandale next season?

Pharrell Launches Billionaire Boys Club Mobile App "Spring"

By goodblacknews on October 29, 2014
springnewsletterstill-1931412
Pharrell continues to expand his brand
Pharrell just continues to expand his brand as he has just launched a Billionaire Boys Club mobile shopping app called Spring. BBC has stocked up with a new set of hoodies that you can now purchase from the mobile app. So I’m sure every huge billionaire boys club fan will be downloading the app asap. If you haven’t downloaded Spring , you can get your first look here. Pharrell’s hoodies came just in time for the chilly weather and cold nights, so make sure you cop yourself a few.
RELATED: 

article via thesource.com

Lisa Price's Beauty Company Carol's Daughter Purchased by L'Oreal USA

By goodblacknews on October 20, 2014

carols-daughterL’Oreal USA announced today that it has purchased beauty company Carol’s Daughter, which will help the company reach a diverse consumer base.
“Carol’s Daughter possesses an expertise in the multi-cultural consumer segment, a rapidly expanding market that represents an important growth opportunity in the beauty industry,” said Frederic Roze, president and CEO of L’Oreal USA. “This acquisition will enable L’Oreal USA to build a new dedicated multi-cultural beauty division as part of our Consumer Products business, and strengthen the company’s position in this dynamic market.”
Carol’s Daughter, which was founded in 1993 by Lisa Price, will continue with its current leadership team, based out of its New York City headquarters.
“L’Oreal has a proven track record of helping established companies achieve their full potential while staying true to the core of the brand and they have an understanding of the future of multi-cultural beauty. I could not be more proud to begin this next chapter of the Carol’s Daughter brand with them,” said Price in a statement.
In May, Carol’s Daughter announced the closing of five store locations as part of a bankruptcy reorganization. Many at the time questioned the financial health of the company. Price addressed those questions directly in a Facebook post.
“It is important to set the record straight. Carol’s Daughter is still going strong after twenty-one years and the future has never looked brighter. As part of our increased focus on new retail channels, we have decided to close five of our stores. This was portrayed as if we are having some challenges, but nothing could be further from the truth,” she wrote at the time.
“The nationwide Target launch this past March is an opportunity that very few companies receive. I am proud of that. I am also proud and blessed to have valuable partners, like HSN, Ulta and Sephora inside JC Penney. These partnerships have enabled me to distribute Carol’s Daughter in over 2,500 stores and on direct TV which is far beyond the reach of my living room in Brooklyn,” the letter continued.
Today’s sale is subject to the final regulatory approvals. Other financial details are undisclosed.
article by Tonya Garcia via madamenoire.com