Black Economic Initative

THE DEATH MARCH OF BLACK LIFE CONTINUES

“Pain is God’s megaphone to rouse a deaf world.”
C. S. Lewis

Curtis Marshall, Terence Ray, and Alfonzo Watkins using their professional experience working in government and with the community, will provide insight relating to the DEATH MARCH OF BLACK LIFE on tonight’s edition 4/28/20 of The Black Reality Think Tank.

The program host is Dr. William Rogers.

“Time for an Awakening” with Bro.Elliott, 3-08-20 guest Shawn D. Rochester

“Time For An Awakening” for Sunday 3/08/2020 at 7:00 PM our guest was Author, Financial Educator, CEO of Good Steward LLC, Shawn D. Rochester. “The Black Tax: The Cost Of Being Black In America”, and related topics was the discussion with our guest, Mr. Shawn Rochester.

This Little Known Fact About Black Giving Might Be Surprising

Maryann Reid

Tracey Webb
Black Benefactors Giving Circle w/Tracey Webb (bottom right)William Perrigen

Blacks give 25% more of their income annually than white households, according to a report by the W.K. Kellogg Foundation. 

Though research is limited in this area, it also states “nearly two-thirds of African-American households donated to organizations and causes, totaling $11 billion each year”. In other words, blacks are one the largest group of givers in the country. Financial contributions from the black community have been well-noted and consistent for generations, with “tithing” being an intricate part of black giving and the values of community and mutuality embedded in African traditional values carried over by slaves.  

After losing her job, Tracey Webb, founder of Black Benefactors, based in Washington D.C., started the giving circle organization in 2007 to create a collective “black giving” experience. Webb shares how black philanthropists can have influence on the causes they care about and how to do it.

Maryann Reid: What is a giving circle and is it different from being a philanthropist?

Tracey Webb: A giving circle is a group of individuals that pool their monies for charitable causes and decide together where to give it away. Studies have shown that giving circle members are more likely to volunteer, give more, and give more strategically. The root meaning of the word philanthropy literally means, love of mankind. It doesn’t mean wealth or a large donation. Giving circle members are philanthropists

Reid: What from your personal experience made you start Black Benefactors? 

Webb: My journey began when I lost my job as a nonprofit director. I couldn’t raise the funding needed to keep the organization open. I made a vow to myself that I would help other black nonprofit founders and leaders, but at the time, I didn’t know how. The concept of giving circles was introduced to me a few years earlier, so I began to research them in my spare time. Upon learning, more about how they worked, I realized it would be the perfect way to accomplish my goal of funding black led nonprofits. I came up with the name Black Benefactors to clearly show who the funding is for, and who makes the funding possible. Our giving circle members are the benefactors, which is a person who gives money to a cause. I’ve had members tell me that they didn’t see themselves as benefactors or philanthropists before, but now they do. 

Reid: What’s the first step someone should take if they want to become a philanthropist?

Webb: Since 2014, BB has hosted dinner series events featuring black philanthropists who share their giving story. A common theme among all speakers on their approach to philanthropy can be used as a first step–they identified a focus area for their giving. Usually it was influenced by their interests, or a cause they were personally affected by. One of our past speakers, Reggie Van Lee, is an art collector who established a scholarship for performing arts students at Howard University. He combined his love for the arts and philanthropy. 

Reid: What is a project that your giving circle participated in and that you’re excited about?

Webb: We launched a capacity building project this year to help strengthen black led nonprofits in the D.C. area. Through partnerships with local funders and a consulting firm, our grantee partners and grant applicants can receive in-kind support to strengthen their infrastructure. Our first workshop was held in partnership with the D.C. office of “Blacks at Bain” of Bain & Company, a global consultancy firm, on board development, and a second workshop was held with the Beckner Advancement Fund, a social justice funder based in D.C. 

Reid: Tell me about the very first grant you awarded. What was that like?

Webb: Our first grants totaling $9,000 were awarded in 2009. It was very moving for me because behind that first grant was years of planning, research, recruiting, meetings and fundraising. To be able to award a grant that was from us, for us was the best feeling in the world. I continue to experience that feeling with each grant cycle. Our grantees have shared with us that receiving a grant from black donors is impactful and for some, the first time. I’m proud to say that with each grant cycle, we’ve increased our total grant awards.  

Reid: Why is now an important time for blacks to give?

Webb: Now is an important time to support a giving circle like ours because there are initiatives to increase funding and resources to black led businesses, but what about black-led nonprofits? Only 3% of national foundation funding is allocated to these organizations, which are often underfunded, if funded at all, and under-resourced. Because of this reason, we aim to fill this critical gap in resources by funding black-led nonprofits at the highest level possible each grant cycle instead of awarding several small grants. 

Reid: How can someone start giving if they only have $500? Is that enough?

Webb: Absolutely. In fact, two of our past grants were in the amount of $500 for the purchase of wish list items. To get started, if there’s a giving circle in your community, consider donating to one or more of their grantees. Giving circles are more likely to support small organizations and $500 can go a long way. Or, leverage your $500 with others by joining or donating to a giving circle for a larger gift. I’d also like to add that you can start giving at any amount. 

Reid: What is in the future for Black Benefactors?

Webb: We are undergoing a restructuring process to better serve our members, grantee partners and the community. During this time, we’re accepting donations to support our grant making. Looking into my Black Benefactors crystal ball, I see new members, larger grant awards and a youth component in our future. 

Reid: How can someone support black philanthropy now?

Webb: Learn more about the history and impact of black giving circles by reading “The Sweetness of Circles” here, an op-ed that I co-authored with Akira Barclay and Valaida Fullwood, and start planning now to celebrate Black Philanthropy Month in August 2020 by visiting www.blackphilanthropymonth.com.  Most importantly, share how you give black year-round with #BPM365

“Time For An Awakening” with Bro.Elliott, Friday 7-19-19 guest Carlton Sanders

“Time For An Awakening” for Sunday 7/19/2019 at 7:00 PM our guest was African American Farmer, Activist, Carlton Sanders. In part II of this discussion Mr. Sanders informed the listeners about his struggle, and also other Black Poultry Farmers in the Black Belt. And in Mississippi, how one of the nations top Poultry Processors are trying to drive Black Farmers out of business, which will result in the lost of land.

AU Ambassador Tells African Americans To ‘Come Home’ And Build

Written by Peter Pedroncelli Jul 05, 2019

AU ambassador
Dr. Arikana Chihombori-Quao is the African Union ambassador to the U.S. Photo – AU

Dr. Arikana Chihombori-Quao, African Union ambassador to the U.S., has called on African Americans to “come home” and contribute to Africa’s growth and prosperity.

She was speaking to an audience of Black entrepreneurs at a Power Networking Conference in Houston, Texas and urged them to “wake up, organize, go home and take what is rightfully ours,” according to a YouTube video uploaded by Dr. Boyce Watkins, the CEO of The Black Business School.

Zimbabwe-born Dr. Chihombori-Quao is the permanent representative of the African Union Representational Mission to the U.S., according to the A.U.

A former medical doctor, she is the CEO and founder of Bell Family Medical Centers in the U.S. Before taking up her current position at the A.U. in 2017, she practiced medicine for 29 years in Tennessee.

A.U. ambassador calling Africa’s children home

Chihombori-Quao asked African Americans to return home to Africa with the skills and expertise to help build African economies.

“If the implementation of the African Continental Free Trade Area is going to succeed, it must include the children in the diaspora,” she said.

The Africa Continental Free Trade Agreement is a new pan-African trade zone proposed in March 2018 that aims to enable intra-Africa trade among the 55 countries in Africa, Fin24 reports.

Intra-African trade was worth about $170 billion in 2017, but accounts for only 15 percent of the continent’s trade, FT reports.

By comparison, intra-continental trade is at 67 percent in the European Union and 58 percent in Asia.

Designed to boost intra-Africa trade, the African Continental Free Trade Area, which came into effect at the end of May, aims to slash tariffs on 90 percent of goods across a market of 1.2 billion people, according to Moneyweek.

Contracts for massive construction projects are going to companies in China and Europe when they could be going to “the children of Africa” in the diaspora, Chihombori-Quao said.

“So while the rest of the world is strategizing about how to get into Africa, guess who is still sleeping like grasshoppers? Us, the children of Africa. I’m here to say, my brothers and sisters, we must wake up. We have got to wake up, organize and go home to take what is rightfully ours.”

She ended her address with a call for African Americans not to complain about Africa but contribute to change it.

“If we don’t organize in order for us to participate in the development of Africa, let’s not complain when the contract to build the Cape-to-Cairo highway goes to China. Let’s not complain when the highway from East Africa to West Africa goes to some European company,” Chihombori-Quao said.

Organized for almost two decades, the PowerNetworking Conference has gathered Black entrepreneurs looking to connect, grow and prosper with annual events held in Houston, Texas.

This year’s event took place between June 26-29. The dates for 2020 are not confirmed.

During a visit to Los Angeles on June 14, Ethiopian ambassador Fitsum Arega outlined the prospects for investors, companies, and entrepreneurs to engage with Africa’s second most populous country, according to the LosAngelesSentinel.

“Our new, reformist prime minister (Abiy Ahmed) welcomes U.S. businesses to do trade between the U.S. and Africa and the U.S. and Ethiopia. We encourage the Africa diaspora – African Americans – to do business and strengthen this link,” said Arega.

Manufacturing, telecommunications, power and solar energy and entertainment are areas ripe for investment, he said.

READ MORE AT: https://moguldom.com/211045/au-ambassador-tells-african-americans-to-come-home-and-build/

The Nation’s Top Black-Owned Financial Services 2019 Revealed

by  Selena Hill
June 26, 2019

The BE financial services companies include the largest black banks, investment banks, asset managers, and private equity firms. These companies manage trillions of assets as they diversify the capital markets and serve the needs of individual and institutional clients from Wall Street to Silicon Valley.

RANKCOMPANIESREVENUES ($M)
1OneUnited Bank656.198
2Liberty Bank and Trust Co.591.541
3Carver Bancorp Inc. (Carver Federal Savings Bank) *590.000
4Industrial Bank433.851
5Citizens Bancshares Corp. (Citizens Trust Bank) *411.073
6Broadway Financial Corp. (Broadway Federal Bank) *407.170
7Harbor Bankshares Corp. (The Harbor Bank of Maryland)282.599
8First Independence Bank257.244
9M&F Bancorp Inc. (Mechanics & Farmers Bank)257.200
10City National Bank of New Jersey167.570
11GN Bank**139.902
12Citizens Savings Bank & Trust Co.103.080
13Unity National Bank93.832
14Tri-State Bank of Memphis82.336
15Commonwealth National Bank47.261

READ MORE AT: https://www.blackenterprise.com/be100s/financialservices/

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“Time for an Awakening” with Bro. Elliott, 3-24-19 guest, Scotty Reid president of Black Talk radio Network

“Time For An Awakening” for Sunday 3/24/2019 at 7:00 PM (EST) 6:00 PM (CST) our guests was President of Black talk Radio Network, Scotty Reid. We talked about the success of Black Talk Radio Network being recognized as #1 among Black Internet Radio and Podcasting Co. (https://blog.feedspot.com/black_podcasts/), and current fundraising drive to assist the Network and other programs on BTR.

Time for an Awakening with Dr. George Fraser

The Chairman and CEO of FraserNet, Inc.,and strong advocate of Black Economic Empowerment, Dr. George Fraser, joined us. Dr. Fraser discussed The State of the Black World Conference, and the national initiative to build wealth for our next generation, among other topics.

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