Business NOT as Usual
Dec 3, 2020 12:00 PM
We Need More Capital, More Loans, More Equity for Black Owned Businesses
Thursday, December 3, 202012:00 - 1:30 pm
Brown Bag Lunch Webinar
Co-hosted by the Community Foundation for Northern Virginia and the Northern Virginia Black Chamber of Commerce
Entrepreneurship and business ownership—particularly of community-based businesses—are crucial ways to develop community wealth, for both business owners and the people they employ. Healthy Black-owned businesses could be a critical component for closing the United States’ Black–white wealth gap, which McKinsey & Company project will cost the economy $1 trillion to $1.5 trillion (in 2018 dollars) per year by 2028. The COVID-19 crisis, however, has further stressed Black-owned businesses and may cause the racial wealth gap to widen. Between February and April this year, 41% of Black owned businesses shut their doors under economic pressure caused by the pandemic, compared with 17% of white owned businesses. 75% of initial PPP loans went to businesses in majority-white census tracts. Between 2001 and 2018, the number of Black owned financial institutions declined over 50%, leaving only 21 Black owned banks in the United States. With a compelling, data driven case for economic inclusivity finally emerging, how do we fix what’s broken?
Bring a brown bag lunch and join us on December 3rd.
Andre M. Perry
Fellow - Metropolitan Policy Program
Andre M. Perry is a fellow in the Metropolitan Policy Program at Brookings, a scholar-in-residence at American University, and a columnist for the Hechinger Report. His research focuses on race and structural inequality, education, and economic inclusion. Perry’s recent scholarship at Brookings has analyzed Black-majority cities and institutions in America, focusing on valuable assets worthy of increased investment.
Banks Role in Servicing Black Owned Businesses
B. Doyle Mitchel, Jr.President and CEO
Tshaka Cunningham, Ph.D.Chief Science Officer
Carmen FelderDisabled United States Air Force Veteran
Chair of Black Businesses Empowerment Committee, Loudoun Chamber
Founder of Authentic Connections PR & Business Management Firm
Karlene Sinclair-RobinsonAssistant Director, Business Finance Center
Community Business Partnership
Stacie YeePartner, Chief Diversity and Inclusion Officer
Pillsbury Winthrop Shaw Pittman LLP
Please complete the information below.