Wells Fargo to Invest in African American Owned Banks, Savings & Loans

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo announced that it is seeking to invest up to $50 million in African American Minority Depository Institutions (MDIs). These investments are part of Wells Fargo’s commitment to supporting economic growth in African American communities where MDIs, often community based banks, provide mortgage credit, small business lending, and other banking services. Wells Fargo commends Congresswoman Joyce Beatty and Congressman Gregory Meeks for recently sponsoring legislation to enhance MDIs and these investments in African American MDIs will support the spirit of that legislation.

“Our industry is stronger when we work together, shepherding resources for underserved individuals and small businesses to create economic opportunities that will strengthen the long-term success of communities,” commented Jonathan Weiss, CEO of Corporate & Investment Banking and Interim CEO of Wealth & Investment Management at Wells Fargo. “MDIs are a key part of the lending ecosystem for underserved communities, playing an important role in neighborhood revitalization, and we look forward to helping African American MDIs grow, serve their communities, and expand their sphere of influence by providing capital, connections and expertise.”

MDIs play an important role in providing banking services to minority and low and moderate income (LMI) communities. Compared with other financial institutions, MDIs tend to serve communities in which a higher share of the population lives in LMI census tracts and in which higher shares of residents are minorities.

This investment complements Wells Fargo's Diverse Community Capital (DCC) program, a five-year, $175 million program to empower diverse small business owners with greater access to capital and technical assistance so they can grow and sustain local jobs. The DCC program is a collaboration with Opportunity Finance Network and CDFIs (Community Development Financial Institutions) across the country. To date, the CDFIs in the program have made 124,000 loans, delivered 322,000 hours of technical assistance, and benefited 49,000 small business owners who collectively sustain more than 183,000 jobs in rural and urban markets nationwide.

About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

USDA Gave Almost 100 Percent Of Farm Bailout To White Farmers

Last July, the Trump administration announced a major new subsidy program designed to help farmers weather America’s ongoing trade war with China. That initiative—dubbed the Market Facilitation Program (MFP)—has become the single largest source of subsidies for farmers.

While many writers have documented the struggles of farmers affected by the trade war, few have scrutinized the distributional effects of the MFP. The Environmental Working Group (EWG) has documented that the program has disproportionately helped wealthy landowners and a recent analysis by Donald Carr, a senior advisor for EWG, argues that the MFP has deepened the disadvantages of black and minority farmers.

Data obtained from a Freedom of Information Act (FOIA) request showed that the MFP has almost exclusively benefitted white men and their families, who appear to be disproportionately upper middle-class or wealthy. These payments further entrench already drastic inequalities in agriculture, along racial, ethnic, gender, and class lines.

Similar to other USDA subsidies, the MFP has overwhelmingly favored white and male producers. We recently received data from a FOIA request that show the department has funneled more than 99 percent of bailout funds to white operators.

As of today, USDA has distributed more than $8.5 billion to farm operations through the MFP. Of the approximately $8 billion distributed to operations whose owners’ race could be identified, 99.5 percent went to white business owners. Of the more than $6.8 billion distributed to operations in which the owners’ gender could be identified, more than 91 percent went to male business owners. “White farm operators” here includes white Hispanics, but they only account for about 0.1 percent of the total. In other words, non-Hispanic white operators received 99.4 percent of all MFP payments.

The racial disparities are just as stark in states with sizable non-white farmer populations. In Mississippi, for example, where 38 percent of the population is black and 14 percent of farms have a black principal operator, according to the 2017 Census of Agriculture, only 1.4 percent of the $200 million distributed to farmers through the MFP went to black operators.

Not only did almost all of the funds go to white operators, but an overwhelming share of the funds appear to have gone to upper-middle class and wealthy families. The average family that produces soybeans has a much higher income—and a lot more wealth—than the average family in the U.S. But a disproportionate share of MFP money has been paid out to families operating large-scale farms, who have even more wealth.

These disparities are the result of historical and recent discrimination. The federal government played a role in withholding farmland from, and dispossessing, farmers of color, especially black and Native American ones. And as we documented in a recent article, USDA has done little to address its atrocious civil rights record. The MFP continues to exacerbate these racial inequalities today.

[SOURCE: FARMBILLLAW.ORG]

Amazon names Rosalind Brewer to board of directors

Amazon says it has named Starbucks executive Rosalind Brewer to its its all-white board, making her the second black woman to ever sit on the online retailer’s board of directors.

Brewer is currently the chief operating officer at coffee chain Starbucks. She has also been CEO of Sam’s Club, the warehouse club owned by Walmart.

Seattle-based Amazon and other big companies have been under pressure to diversify their boards, which tend to be made up of white men.

With Brewer’s addition, Amazon’s 10-person board now has four women members.

[SOURCE: MARKETWATCH]

Top 10 Grants Available to Black, Minority Business Owners

(BLack PR Wire) Every year billions of dollars are awarded in the form of free money and other types of funding. Most people know this money exists, but just don’t know where to apply, how much they qualify for, or even where to get an application. Contrary to popular belief, free money is available to entrepreneurs. Real business grants do exist. In fact, hundreds of black and minority-owned businesses each year receive such grant funding from various government agencies and nonprofit organizations, reports BlackNews.com. Such funds do not have to be repaid, but must be used to either start a new business or enhance an existing one. Others can be used for innovation research.

Whether needed for growth or startup business funding, here are the top 10 grants available to black, minority business owners

 1. The FedEx Small Business Grant Contest is a nationwide competition that will award $50,000 in total to six deserving U.S-based entrepreneurs and business owners. Go to www.businessgrants.org/opportunities/fedex_small_business_grant_contest.html

2. The National Association for the Self Employed (NASE) Growth Grants Program allows business owners to apply for financing a particular small business need. Past recipients used funds to purchase computers, hire part-time help, and create marketing materials. Visit www.businessgrants.org/opportunities/national_association_self_employed_nase_business_grants.html

3. The Dare to Dream Grant Program encourages students to move through the business creation process by offering business development seminars and up to $10,000 in funding. Learn more at www.businessgrants.org/opportunities/dare_to_dream_grant_program.html

4. The Miller Lite Tap the Future Business Plan Competition (formerly known as the MillerCoors Urban Entrepreneur Series) is an annual competition for minority business owners sponsored by Miller Lite. Designed to economically empower minority businesses, the program continues to invest in entrepreneurial dreams to empower urban communities. Learn more at MLTaptheFuture.com

RELATED: MBDA Announces Grant to Launch Business Centers

5. The Small Business Administration (SBA) administers several competitive business grant programs, ensuring that the nation’s small, high-tech, innovative businesses are a significant part of the federal government’s research and development efforts. Check out www.businessgrants.org/opportunities/sbir_small_business_research_innovation_grants.html

6. The Minority Business Development Agency (MBDA) organizes various angel investors with the primary objective of supporting minority businesses with mezzanine and second round financing. Learn more at www.businessgrants.org/opportunities/minority_business_development_agency_mbda_business_grants.html

7. The Rural Business Enterprise Grants (RBEG) Program provides grants to finance the development of small and emerging businesses in rural areas. The funds can be used for land acquisition, construction, renovation, technical assistance, project planning, and more. Visit www.businessgrants.org/opportunities/rural_business_enterprise_grants_rbeg_program.html

8. The Huggies MomInspired Grant Program awards grants and business resources to moms to further the development of original product ideas and startup businesses. Learn more at www.businessgrants.org/opportunities/huggies_mom_inspired_grant_program.html

9. The DOT Disadvantaged Business Enterprise (DBE) program is intended to ensure nondiscrimination in the award and administration of DOT-assisted contracts in the Department’s highway, transit, airport, and highway safety financial assistance programs. Learn more at www.businessgrants.org/opportunities/dot_disadvantaged_business_enterprise_program.html

10. The Small Business Innovation Research (SBIR) program provides grant funding to small businesses to engage in biomedical or behavioral research/development that leads to a potential for commercialization. Go to www.businessgrants.org/opportunities/sbir_small_business_research_innovation_grants.html

Trump Treasury won't commit to putting Harriet Tubman on $20 bill

The Trump administration hasn't commited to an Obama-era pledge to put abolitionist and civil rights hero Harriet Tubman on the $20 bill, according to a statement from a Senate Democrat.

Sen. Jeanne Shaheen (D-N.H.) told The New York Times that the Treasury Department responded to her letter -- which was questioning the status of the change originally announced by the Obama administration in April 2016 -- by claiming that no designs for the $20 bill or plans to include Tubman's image had been finalized.

“The redesign of the next currency series is still in the early stages, and neither the final designs nor all features have been finalized for the new notes,” Treasury Department assistant secretary Drew Maloney wrote to Shaheen.

“For this reason, the department is unable to provide additional information regarding the potential designs at this time.”

Shaheen blasted the response, which she called "severely" disappointing and knocked the Trump administration for not following through with the promise to honor the civil rights legend.

“I am severely disappointed by the Trump administration’s failure to prioritize the redesign of the $20 bill to honor Harriet Tubman, and other trailblazing women and civil rights leaders,” Shaheen said in a statement to the Times. “Now that plan has been shelved without notice or reason.”

“I’ll continue to press the Treasury Department to expedite the redesign of the $20 bill and keep its promise to the American people,” she said.

[SOURCE: THE HILL]

City to deposit $20 million in Chicago's last black-owned bank

The last black-owned bank in Chicago is set to receive a $20 million deposit of city funds.

City Treasurer Kurt Summers on Monday announced the deposit into Illinois Service Federal Savings and Loan Association.

Founded in Chicago in 1934 to help give the black community better access to credit, ISF Bank is one of just more than 20 black-owned banks in the country, according to the Federal Deposit Insurance Corp.

The deposit is meant to help drive economic development in the city's neighborhoods, Summers said.

"It's about being a community bank," said Summers, noting that his office works to invest in the city's neighborhoods and institutions. "Community banks are a great opportunity for that because they are designed for the sole purpose of reinvesting in their local area."

On average, the city keeps between $300 million and $700 million on deposit in banks. In order to receive deposits of city funds, financial institutions must go through a special certification process.

The deposit at ISF Bank, which went through the certification process, is the first the city has made with the intent to bolster a community bank, Summers said.

Read more: City to deposit $20 million in Chicago's last black-owned bank

Treasury Secretary Mnuchin dismisses question about putting Harriet Tubman on $20 bill

Treasury Secretary Steven Mnuchin on Thursday declined to say whether the Trump administration would continue with a plan to depict Harriet Tubman on the $20 bill.

Asked during a CNBC television interview about removing President Andrew Jackson from the currency in place of Tubman, an abolitionist and former slave, Mnuchin said: “It’s not something that I’m focused on at the moment.”

The most important reason to make currency changes is to stop counterfeiting, he said.

“People have been on the bills for a long period of time,” he said. “This is something we’ll consider. Right now, we have a lot more important issues to focus on.”

In April 2016, then-Treasury Secretary Jack Lew said he asked the Bureau of Engraving and Printing to accelerate work on the new $20 bill with Tubman on the front. He said he expected the final concept design for the new $20 bill and other bills to be unveiled in 2020 in conjunction with the 100th anniversary of the 19th Amendment, which granted women the right to vote.

[SOURCE: POLITICO]

Some black business owners strain to sell to black consumers

When Terina McKinney displays her leather bags and belts at events attended primarily by black women, they are often interested in her designs, and in her experience as an African-American business owner. But she seldom makes sales.

“They all ooh and ahh and ask a ton of questions, but don’t necessarily make purchases,” says McKinney, whose Jypsea Leathergoods products range from $20 to $325. Instead, her customers tend to be white or Asian women. While calls have been increasing for black consumers to support black-owned businesses with their buying power estimated at more than $1.2 trillion a year, social media campaigns with momentum like (hash)buyblack are relatively new. And McKinney’s frustration is shared by some other black business owners who say they can find it hard to sell to black consumers.

The factors can be logistical or practical, such as being located farther away or having higher prices than big chain stories, retail experts and civic leaders say. Scarcity can be a reason: It can be hard to find businesses owned by African-Americans. But other considerations might be emotional, like wanting a trendy design everyone is wearing, or the perception that national brands are better.

“There’s a myth that’s been placed on our communities for many generations: White people’s ice is colder. White businesses are superior to black businesses,” says Ron Busby, president of the U.S. Black Chambers, a national business organization for black-owned companies. “We have to change that mentality. We have to be better, conscientious consumers.”

Read More: Some black business owners strain to sell to black consumers

#BankBlack: List of 23 Black Owned Banks

#BankBlack, a movement to get African Americans to put their money in their own banks and to invest in their own communities is gaining steam throughout the country. There are 23 black owned banks in the United States. If you are interested in opening an account at a Black-owned, FDIC-insured bank, here's the complete list below according to FederalReserve.gov:

ALABAMA

#1 - Alamerica Bank: This bank in Birmingham, Alabama provides a unique banking experience for underserved communities. Their staff of experienced bankers is committed to providing quality and personalized service, offering a full array of banking services, from deposit accounts to loans.

#2 - Commonwealth National Bank: At this bank in Mobile, Alabama, they believe that your business is unique and so your bank should be too. They offer free online banking with no minimum daily balance required, and a variety of business accounts designed to help you maximize your banking experience.

(Also see #11 - Liberty Bank, which has branch locations in Tuskegee and Montgomery, AL.)

CALIFORNIA

#3 - Broadway Federal Bank: Based in Los Angeles, California, this Black-owned bank aims to serve the real estate business and financial needs in underserved urban communities. They especially aim to meet the needs of minority consumers who want to take out conventional loans.

(Also see #13 - One United Bank, which has branch locations in Compton and Los Angeles, CA.)

DISTRICT OF COLUMBIA (WASHINGTON, DC)

#4 - Industrial Bank: Headquarted in Washington, DC with branch locations in Oxon Hill and Forestville, MD, this bank has delivered essential banking and financial services since 1934 that have contributed greatly to the growth and development of the local Black community.

FLORIDA

#5 - Axiom Bank: Headquartered in Central Florida with branches throughout the Jacksonville, Orlando, and Tampa areas, this federally-chartered community bank serves the financial needs of its customers through a wide range of financial products. They provide retail banking services, including checking, deposit, and money market accounts, through 20 branch locations, 19 of which are inside select Walmart Supercenters.

(Also see #13 - One United Bank, which has branch locations in Miami, FL.)

GEORGIA

#6 - Carver State Bank: Established in 1927 in Savannah, Georgia, this Black-owned bank has has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an outstanding Community Reinvestment Act Rating.

#7 - Citizens Trust Bank: Since their beginning in 1921, this Atlanta, GA-based bank has responded to market shifts by expanding their electronic platform while still providing the personal touch service that makes them unique to their customers. Thanks to an online #BankBlack social media campaign in July 2016, more than 8,000 new accounts were opened at their branch in just one week.

ILLINOIS:

#8 - Illinois Service Federal Bank: Based in Chicago, this bank aims to be a viable, growing, community development financial services institution responding innovatively to their primarily underserved and minority constituency with superb customer service.

#9 - Seaway Bank & Trust Company: This Chicago-based community bank serves families, non-profits and businesses in diverse neighborhoods. It was established in 1965 to counter discriminatory lending practices and is now recognized as one of the nation's largest minority-owned banks, with more than $400 million in assets and 240 employees.

(Also, see #11 - Liberty Bank, which has branch locations in Chicago, IL.)

KANSAS:

(See #11 - Liberty Bank, which has branch locations in Kansas City, KS.)

KENTUCKY:

#10 - Metro Bank: Based in Louisville, Kentucky, this Black-owned bank works to provide opportunity where before there was none - whether it is their involvement in a multi-million dollar New Markets Tax Credit project, or a start-up business loan to an entrepreneur providing a much-needed service in an underserved neighborhood.

LOUISIANA:

#11 - Liberty Bank: Primarily based in New Orleans and Baton Rouge, Louisiana, this bank has a sincere focus on service, integrity and a sincere interest in community and business development. Over the past four decades, they have also expanded to more than 18 branches in six states - including Kansas, Mississippi, Michigan, Missouri, Alabama, and Illinois.

MARYLAND:

#12 - Harbor Bank of Maryland: Opening its doors in 1982, this bank primarily serves the Baltimore metropolitan area, and offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans. They also have a branch in Riverdale, MD, PG County.

(Also, see #4 - Industrial Bank, which has branch locations in Oxon Hill and Forestville, MD.)

MASSACHUSSETTS:

#13 - One United Bank: The first Black internet bank and the largest Black-owned bank in the country, with offices in Los Angeles, Boston and Miami. They were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for their community development lending ten times, and they are a designated Community Development Financial Institution (CDFI).

MICHIGAN:

#14 - First Independence Bank: Based in Detroit, this bank was established in the 1970's to serve the financial needs of the urban community, its businesses, and its citizens. They say that no line of financial services is beyond their charter as long as they are serving the financial needs of businesses and families in the Black community.

(Also, see #11 - Liberty Bank, which has branch locations in Detroit, MI.)

MISSISSIPPI:

(See #11 - Liberty Bank, which has branch locations in Jackson, MS.)

MISSOURI:

(See #11 - Liberty Bank, which has branch locations in St. Louis, MO.)

NEW JERSEY:

#15 - City National Bank: Primarily based in Newark, NJ with branch locations in Harlem and Brooklyn, NYC, this Black-owned bank plays a pivotal role in strengthening urban communities. They call themselves a forward-thinking financial institution whose mission is to build economic strength and improve the quality of life within urban communities by providing the highest quality financial services, including low-cost business loans.

NEW YORK:

(See #15 - City National Bank, which has branch locations in Harlem and Brooklyn, NY.)

NORTH CAROLINA:

#16 - Mechanics & Farmers Bank: Founded in 1907, this bank is the 2nd oldest minority-owned bank in the United States. They have branches in Winston-Salem, Durham, Raleigh, Greensboro, and Charlotte, and most of their deposits are recycled back into urban communities.

PENNSYLVANIA:

#17 - United Bank of Philadelphia: Based in the city of Philadelphia, this Black-owned bank says that all deposits stay right in the community in a cycle of community, inclusivity, and opportunity. They offer affordable banking services to individuals, families, small businesses, and non-profit organizations.

SOUTH CAROLINA:

#18 - South Carolina Community Bank: Based in Columbia, SC, this Black-controlled bank offers a select range of high priority personalized products and services to traditionally underserved communities, including small to medium sized businesses,

TENNESSEE:

#19 - Citizens Savings Bank and Trust Company: With branch locations in Nashville and Memphis, TN, this community bank provides friendly and personal service to both individuals and small businesses. They are an equal opportunity employer with 32 full-time employees, 3 convenient offices and approximately $100 million in total assets.

#20 - Tri-State Bank of Memphis: With three branch locations throughout the Memphis area, this a community bank has proudly served the urban community for over 65 years and have a history of leadership, concern and commitment.

TEXAS:

#21 - Unity National Bank: Based in Houston, Texas, with a branch also in Missouri City, this Black-owned bank creates opportunities to help people and businesses grow and enhance the quality of life. They do that through service and services that respect their time, make banking easier and keep them financially competitive.

VIRGINIA:

#22 - First State Bank: Chartered in 1919 in Danville, VA, this locally-owned and operated bank provides the personal touch to banking services. From checking and savings products to loans and other financial investments, they offer a variety of options to fit your needs.

WISCONSIN:

#23 - Columbia Savings & Loan Association: Based in Milwaukee, WI, this is the oldest Black-owned financial institution in the state, and they have been serving commercial and individual accounts to urban customers since 1924. They offer checking accounts, and consumer and business loans.

Thousands of new accounts opened at black-owned Citizens Trust Bank

A historic Atlanta bank is busy after influencers in the black community called for people to move their money into black-owned banks. In just five days, 8,000 people submitted applications to join the bank.

Citizens Trust Bank, founded in 1921 on Auburn Ave., is owned and operated by African Americans. After a week of protests following new officer-involved shootings, celebrities and influences started sharing blogs listing various black-owned banks throughout the country. Citizens Trust Bank was on that list.

In the days following the police shooting deaths of Philando Castile and Alton Sterling and in the midst of protests and rallies, national celebrities like Solange Knowles and local influences like Tiwa Works shared pictures and articles convincing people to open accounts and #BankBlack.

[SOURCE]

Republican congressman trying to block Harriet Tubman on the $20 bill

A Republican congressman is trying to block the Treasury from redesigning U.S. currency, a move that could prevent the government from replacing Andrew Jackson on the front of the $20 bill with abolitionist Harriet Tubman.

Rep. Steve King of Iowa has offered an amendment to a spending bill barring the use of funds to redesign any Federal Reserve note or coin.

Treasury Secretary Jacob Lew announced the changes in April. Tubman would become the first African-American on U.S. paper currency and the first woman on paper currency in a century.

Alexander Hamilton's portrait will remain on the front of the $10 bill. The back is to be redesigned to feature Susan B. Anthony.

It wasn't immediately clear why King opposed the redesign. His office did not immediately respond to messages.

SOURCE]

Black presence on U.S. boards shrinks, hedge funds cited by some

African-Americans have become a shrinking presence in the boardrooms of the biggest U.S. companies in recent years, setting back a push by pension funds for greater diversity.

African-Americans, who make up about 13 percent of the U.S. population, account for 8.6 percent of the directors on the boards of the largest 200 companies by revenue in the S&P 500 in 2015, down from 9.6 percent in 2010, according to the annual Board Index study by Spencer Stuart, one of the largest executive search firms. The figure was 9 percent in 2006, the first year the firm reported the measure.

Read more: Black presence on U.S. boards shrinks, hedge funds cited by some

Racism stings at black-owned businesses

When Paulette Still left a career in banking to open Posy Flower Design and Event Decor, she expected to sacrifice a steady and hefty paycheck for the chance to be her own boss. She didn't expect the number of people who would challenge her entrepreneurship based strictly on her race.

After the doors of her storefront opened in 2010, a doctor buying flowers for his wife informed her that she couldn't be the owner because black people in Pittsburgh “owned wig stores and cleaning businesses.” When she switched to appointment-only hours, customers would book appointments based on the strength of her work featured online only to “turn on their heels” after seeing her in person.

“I had someone say, ‘You should have your picture on the website,'” she said. “I showed you my flowers and my work and you were excited but you met me and you weren't excited anymore.”

According to 2006 Census figures, black-owned businesses nationally have average annual sales of $74,018, compared to $439,579 in sales for white-owned firms. Black-owned businesses received 1.7 percent of $23.09 billion in Small Business Administration loans in the 2013 fiscal year, according to The Wall Street Journal.

Read more; Racism stings at black-owned businesses

Black women are the fastest-rising demographic in American business

A new report is showing that black women mean business – literally.

Since 1997, the number of companies owned by African-American females shot up by 322 percent, far outpacing the growth rate of women owned-businesses in general and making black women the fastest-growing group of entrepreneurs in the US today, according to the 2015 State of Women-Owned Businesses Report, commissioned by American Express Open.

“We attribute the growth in women-owned firms to the lack of fair pay, fair promotion, and family-friendly policies found in corporate America,” Margot Dorfman, CEO of the US Women’s Chamber of Commerce, told Fortune magazine.

“Women of color, when you look at the statistics, are impacted more significantly by all of the negative factors that women face,” she added. “It’s not surprising that they have chosen to invest in themselves.”

The result: Women now own 30 percent of all businesses in the US, or about 9.4 million companies, having grown by 74 percent since 1997. Together these firms generate about $1.5 trillion in revenue and employ nearly 8 million people, the report found.

African-American women own about 14 percent of those firms, accounting for 1.3 million businesses, or half of all businesses owned by African-Americans in the country. Latina women follow close behind them, comprising 12 percent of all women-owned firms, or about 1 million businesses.

Read more: The fastest-rising demographic in American business? Black women

Black Unemployment Rate Hits Seven Year Low

The unemployment rate for black Americans fell below 10 percent in April, for the first time since the economic downfall in 2008.

During the recession, black unemployment had peaked at 16.8 percent in March 2010, while unemployment for whites was almost half that rate. This past April, the unemployment rate for African Americans dipped into the single digits category at 9.6 percent. While the latest data shows signs of improvement, it’s clear that an employment gap still exist between races. Despite the national unemployment rate falling to 5.4 percent, blacks in states like Illinois, Michigan, California and Pennsylvania face unemployment rates above 12 percent.

Read more: Black Unemployment Rate Hits Seven Year Low

Country's black-owned banks are in a fight for their survival

Black-run banks are in a fight for survival, even though many advocates argue that many African-Americans remain starved for banking services.

The Federal Deposit Insurance Corp. counted 25 black-owned banks remaining in the country last year, down from 48 in 2001. That decrease came as the overall number of minority-owned banks increased slightly, going from 164 to 174. In addition, the majority of black-owned banks that remain open are on shaky ground and struggling to hold on in the face of the economic devastation that has ravaged many of their customers.

Black-run banks have been struggling for years, as mainstream institutions increasingly picked off their best-heeled customers. The increased competition came amid what some call a string of strategic blunders.

The banks, historically headquartered in the heart of traditional black communities such as Chicago’s South Side, New York’s Harlem and Washington’s Shaw, failed to modernize their services. Few offered the branch networks, computerized banking and other automated services that have come to dominate the business.

Taken together, black banks control $5 billion in assets, a tiny fraction of the size of the nation’s banking behemoths, such as Wells Fargo, which by itself has some $1.7 trillion in assets. Black banks tend to be small even by the standard of minority-owned banks, which as a group had some $181 billion in assets at the end of 2013, according a FDIC report.

Read more: Country's black-owned banks are in a fight for their survival

NAACP TEAMS UP WITH DUNKIN’ BRANDS TO INCREASE MINORITY FRANCHISES

NAACP ANNOUNCES PARTNERSHIP WITH DUNKIN’ BRANDS

Dunkin’ Brands and NAACP Launch Initiative to Increase the Number of African-American Owned Franchise Businesses in the U.S.

Baltimore, MD- (July 23, 2014) – The National Association for the Advancement of Colored People (NAACP) announced today its partnership with Dunkin’ Brands Group, Inc. (Nasdaq: DNKN), the parent company of Dunkin’ Donuts and Baskin-Robbins, to create a Diversity Franchising Initiative to increase the number of African-American owned franchise businesses in the United States. Through the partnership, Dunkin’ Brands and the NAACP will collaborate to offer people of color in-depth franchising education and training as well as assistance in overcoming the financial challenges related to becoming a franchise owner. The partnership was announced at the NAACP’s 105th Annual Convention in Las Vegas.

“Franchising can be a powerful economic tool that further enables the African-American community and others to realize the American dream of business ownership,” said Cornell William Brooks, President and CEO of the NAACP. “We are excited to announce this unique partnership with Dunkin’ Brands and to improve opportunities for people of color in the franchising sector because of the substantial impact these agreements have on empowering and employing people of color.”

“The Dunkin’ Brands Diversity in Franchising Initiative will provide education, networking opportunities and information on critical topics including access to capital,” said Dedrick Muhammad, senior director of the NAACP Economic Department. “Ultimately, we hope this program helps to increase the number of African-American franchise business owners in the U.S in both the short and long term.”

This initiative is a part of Dunkin’ Brands’ ongoing efforts to provide resources to help qualified franchisee candidates overcome barriers associated with financing, including providing guidance on business plan development, facilitating access to capital, and forging relationships with local community lenders.

“We are proud to launch this partnership with the NAACP. Working together, our goal is to increase African American participation in the franchise industry, not just with Dunkin’ Donuts and Baskin-Robbins, but across a wide spectrum of franchising concepts available in the marketplace,” said Grant Benson, CFE, vice president of global franchising and business development, Dunkin’ Brands. “Additionally, we believe this partnership will enable Dunkin’ Brands to build a larger, more diverse pool of franchise candidates, accelerate our expansion in new and existing markets, and continue to build customer loyalty for our two brands across the country.”