Tag: black-owned businesses

Wells Fargo Invests $6.6 Million in Lending Capital and Grants for Black Businesses

by Jeffrey McKinney via blackenterprise.com

Wells Fargo, the nation’s third-largest bank, is awarding $6.6 million in lending capital and grants to 12 Community Development Financial Institutions (CDFIs) nationally that black-owned small businesses and others can use to flourish and create jobs.

The funding comes from the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The program includes targeting businesses owned by blacks, Asians, Hispanics, and Native Americans. Along with boosting lending to diverse small businesses, the CDD funds are used by CDIFs to support initiatives that increase access to capital and resources. That support can include providing technical assistance, marketing, and other help such as coaching and education that the businesses perhaps need to grow.

The CDFIs are private, nonprofit financial institutions focused on providing responsible and affordable lending to underserved populations and communities.

 “The combination of debt, grant, and social capital makes the DCC program unique,” Connie Smith, Wells Fargo’s Diverse Community Capital program manager, said in a statement. “The social capital component allows CDFIs to collaborate, innovate, and better serve diverse small businesses—and when our small businesses succeed, so do the communities they serve.”

Wells Fargo claims by financing community businesses—including small businesses, microenterprises, nonprofit organizations, commercial real estate and affordable housing—CDFIs spark job growth and retention in U.S. communities. Wells Fargo has committed $75 million to CDFIs since January 2016. Four rounds of awards have been done in 2016 and 2017, exceeding $55 million to date. 

The  Round Four DCC recipients include:

Funds from round four were distributed to many black-owned businesses. Round five just closed, but round six will open May 1, 2018. Grants typically range from $50,000 to $500,000, while loans are generally between $100,000 to several million, according to the bank.

For more details about the Wells Fargo Diverse Community Capital program, visit https://ofn.org/wells-fargo-dcc


A Special Buy Black Friday: 9 Black Women-Owned Businesses To Patronize On Black Friday

If you’re doing that Black Friday thing, consider supporting these and other black-owned businesses with your dollars!

Black-Owned Business WT Stevens to Help Replace 18,000 Contaminated Pipes in Flint, MI

photo via huffpost.com

by Taryn Finley via huffpost.com

A black woman-owned construction company has been awarded a federally funded service contract to replace thousands of water pipes in Flint, Michigan. As part of a $97 million settlement to replace corroded pipes by 2020, the state has contracted WT Stevens Construction, which became a state-certified lead abatement specialty company in 2016, along with three other companies.

The companies will replace more than 18,000 pipes across the city, The Network Journal reported earlier this month. Rhonda Grayer, vice president of the family-owned company, told The HUB Flint that this contract is the “biggest project we’ve done.”

WT Stevens’ $10.9 million contract is the largest deal with the city for replacing service lines, according to MLive. It is responsible for addresses in Wards 3, 4, 8 and 9. The city allotted $25 million for the project in total. Grayer’s husband, Jeff Grayer, serves as the project manager. He told TNJ that about 800 waterlines have been replaces so far and he hopes to have 6,000 replaced by the end of 2017.

“Our company is usually the only African American-owned business to respond to request for proposals for various Flint city contracts even now after the court rulings related to the water crisis,” he said. “This is a major project that will ensure public safety and start rebuilding trust between the city and the community … something that has been missing awhile.” He said the goal is to “have all 18,000 lead-corroded residential pipes replaced by December 2019.”

The company has hired about 20 staff members, including ex-offenders and young people, and a video team to document the piping being replaced. Grayer said she’s following the example her late dad and founder of the company set for making a positive impact on the community. “I will tell you that it is really exciting and the most important part of it is the opportunity to employ people who may not have had other opportunities,” she told The HUB Flint.

To read full article, go to: Black-Owned Business To Help Replace 18,000 Contaminated Pipes In Flint | HuffPost

iBuyBlack Card Launched in Philadelphia to Offer Discounts to Supporters of Black-Owned Businesses 

(photo via twitter.com)

by Nigel Roberts via newsone.com

African-American business owners in Philadelphia gathered last week to launch a discount card to encourage the community to spend their money at local Black-owned businesses, the Philadelphia Inquirer reports.With an iBuyBlack card, which costs $10, shoppers receive discounts up to 15 percent at participating Black-owned businesses. About 80 companies currently participate in the program, which has the support of a wide coalition that includes local elected officials.

Earl Harvey, sales director of iBuyBlack.org, said the organization’s goal is to recruit 500 businesses and 10,000 cardholders by the end of this year. About 1,500 people have already signed up for the card, The Inquirer reported.

A primary goal of the effort is to build wealth in the community, former president and CEO of AmeriHealth Caritas Michael Rashid told the audience on Tuesday.

“Economists say the average dollar earned by Blacks stays in our community for just six hours. Compare that to the White community, in which dollars circulate for 17 days. That’s wealth-building,” he said, according to The Inquirer.

To read full article, go to: Philadelphia Black-Owned Businesses Launch iBuyBlack Card | News One

BLACK HISTORY MONTH: Gift Ideas For Friends, Family or Yourself

Shirley Chisholm T-Shirt

article bvia madamenoire.com

Who says Black History Month isn’t a celebration? Check out 10 super chic items for you (or others) that celebrate blackness.

To see more options and to click through to buy, go to: I’m Black Y’all: 10 Black History Month Gifts For Yourself

Mahisha Dellinger, CEO of Hair Product Line Curls, on Becoming a Leader of Your Life – New York Times

Curls CEO Mahisha Dellinger (Credit Tony Cenicola/The New York Times)

by Adam Bryant via nytimes.com

This interview with Mahisha Dellinger, chief executive of Curls, a maker of hair care products, has been edited for space and clarity.

Q. What were your early years like?

A. I grew up in California, in an area called Meadowview, which was dubbed Danger Island. There was a lot of crime: drug activity, gang activity, home invasions, drive-by shootings. I was my mother’s star child because I never gave her any trouble.But my brother was in a gang, so he got into a lot of trouble starting from 15 on. Our house actually got shot up because another gang came to retaliate. No one was hurt, but my environment was very much one of fear. I had to learn how to take care of myself at an early age. My mother worked a lot, and she was often gone. So from the age of 7 on, I got myself breakfast, made my lunch, went to school, came back home, did my homework, and then she would come home after 7. In that kind of neighborhood and environment, you can go either way. You can either become a leader and control your destiny because you’re forced to, or you can go in the opposite direction. I had to become a leader of my life, and it started there, at a young age.I think I have an innate strength about me because of where I came from. I’ve seen it all. And I had a desire to change my life. I didn’t want to live the way I was living. That pushed me to finish my education and ultimately go on to higher education, and change my legacy.

Given that you had to take care of yourself, were you able to be involved in things outside of school?

My mom changed her lifestyle. She used to party a lot on the weekend. My brother would babysit me, and take care of us both while she was gone. But in sixth grade, she gave her life to God, and that’s when our lives really changed for the better. From that point, it became all about church, all week. Church was my life. I didn’t have really a lot outside of that. It was a very strict environment from sixth grade on. I loved it. I had a sense of belonging.

Tell me about your decision to become an entrepreneur.

I reached a point where I decided I’m never going to work for anyone else again. I’m going to own my destiny, and I’m going to determine how far I can go. When I turned the switch on my website in April 2002, I was so happy when I had eight orders. It was the best thing ever, that first day. Initially, it was e-commerce only. The big change in my business really happened in 2009, when Target called and wanted to carry my products. That gave us the exposure we needed.

What have been some key leadership lessons for you?

I learned to soften my approach. Because I am a Type A, there’s not a lot of room for fluff, typically. That’s my personality, but I had to soften myself with certain people and adapt to different personalities and give each one what they need individually. I have four kids, and they’re all different. I feel like my employees are the same way. Some need more from me in some areas, some need less, and I had to change that so I could retain my key people. That was an important personal development for me.

To read more, go to: http://www.nytimes.com/2016/12/30/business/mahisha-dellinger-of-curls-on-becoming-a-leader-of-your-life.html?module=WatchingPortal&region=c-column-middle-span-region&pgType=Homepage&action=click&mediaId=thumb_square&state=standard&contentPlacement=4&version=internal&contentCollection=www.nytimes.com&contentId=http%3A%2F%2Fwww.nytimes.com%2F2016%2F12%2F30%2Fbusiness%2Fmahisha-dellinger-of-curls-on-becoming-a-leader-of-your-life.html&eventName=Watching-article-click&_r=0

Shoppe Black’s Entrepreneurs Tony O. Lawson and Shantrelle P. Lewis Commit to Black-Owned Businesses — And Each Other

Entrepreneurs Tony O. Lawson and Shantrelle P. Lewis are the founders of ShoppeBlack.us (photo via ebony.com)

article by Glenn Jeffers via ebony.com

It started with a Facebook post.

Curator and entrepreneur Shantrelle Lewis took to the social-media site to find sharp-dressed brothers for her exhibition, The Dandy Lion Project.” When Tony Lawson, also an entrepreneur, responded to Lewis’ online query, the two quickly bonded over their shared history — they attended Howard University at the same time but never met on-campus — and a strong interest in business.

That connection soon turned into a relationship that blossomed in several ways. In November 2015, the couple launched Shoppe Black, a site that promotes Black-owned businesses and culture around the globe. And last month, Lewis and Lawson were married in a “Nigeria meets New Orleans” themed ceremony that Okayafrica dubbed “The Biggest, Blackest Wedding of All Time.”

EBONY spoke with the newlyweds about the site, working together as newlyweds and how Black businesses can become wealth generators.


EBONY: How did Shoppe Black come about? 

Lawson: We both have an interest in creating wealth in the Black community and understand that business ownership is the way, or one of the ways, to create wealth. That being said, when the Mike Brown shooting happened, there were a lot of calls to action demanding a boycott of businesses that don’t respect Black dollars and the support of Black-owned businesses. We sat down and figured out, okay, what’s the best way for us to organize and let people know about the Black businesses that exist. We knew that there was a need for it. We’re always looking to support Black-owned businesses and this is a way to compile all that information in one place and make that information interesting and aesthetically pleasing.

EBONY: What is the company’s mission? 

Lewis: Right now, we are providing content around Black money, thought, love and culture.  In early 2017, we will launch the directory and business services. Our primary mission is to make the process of supporting Black-owned businesses, like our business easy, to make it exciting, to create power, give us a source of power within our community and within society at large. The sheer size of Black buying dollars is overwhelmingly powerful.

Lawson: Additionally, another goal of the company is to reduce the rate of Black business failure. Black businesses fail at a rate higher than all other businessesWe want to be a hub for Black business. The services and exposure we provide will help put them in a position where that rate will decrease. You may not know that, okay, there’s a Black-owned leather bag company, a water company or a toiletry company. Those companies are out there, and it’s our mission to let the people know that they do exist and support them.

Read more at EBONY http://www.ebony.com/ebony/shoppe-black-entrepreneur-married#ixzz4UNEYnlhE