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OneUnited Bank, Largest Black Owned Bank Announces Professor Mehrsa Baradaran Joins OneTransaction Conference On Juneteenth

LOS ANGELESApril 8, 2021 /PRNewswire/ -- OneUnited Bank, the largest Black owned bank and first and only Black owned digital bank in the country is proud to announce in honor of Financial Literacy Month that Professor Mehrsa Baradaran has joined the All-Star Presenters for the OneTransaction Conference. The free state-of-the-art conference, co-sponsored by Visa, is focused on closing the racial wealth gap and will be held on June 19, 2021 or Juneteenth, a holiday celebrating the emancipation of those who had been enslaved in the United States. Over 15,000 have already registered for the conference.

Professor Mehrsa Baradaran, University of California, Irvine School of Law is author of The Color of Money: Black Banks and the Racial Wealth Gap, which makes clear that housing segregation, racism, Jim Crow, redlining and other public policies created and maintain an inescapable, but hard to detect, economic...

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Target promises to buy $2 billion in Black-owned brands by 2025

Target vows to support Black-owned businesses by spending more than $2 billion with hundreds of brands by 2025. 

The Minneapolis-based company said it aims to advance racial equity by expanding the range of products available at its 1,900 stores across the country. The retail giant will offer products from more than 500 Black-owned vendors, it said in a statement Wednesday. Target will also increase spending at Black-owned marketing agencies and construction firms, Bloomberg reports. Target currently carries more than 65 Black-owned brands.

“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target,” Christina Hennington, Target’s executive vice president and chief growth officer, said in a statement.

The killings of George FloydBreonna...

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Social Justice Plays a Growing Role in Retail

Protests over mass shootings, attacks on Asian and Black Americans, and lack of diversity have roiled the retail landscape. In response, retailers are pledging action. Will shoppers buy it?

No doubt, retailers may feel like they are getting burned by a fire they did not start, however the retail industry has always been in the epicenter of social turmoil because it directly touches people’s lives, shopper's lives.

Recently, this point was tragically reinforced by the mass shooting in a King Soopers’ store in Boulder, Colorado. Of the 10 people killed, three were King Soopers’ employees and one was an Instacart employee. The rest were shoppers except for a dedicated policeman who arrived on the scene to confront the shooter.

A week after the tragedy, King Soopers’ parent company donated $1 million to the Colorado Healing Fund and offered other ways to support the victims’ families and local...

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The Relevance of Native America to Black History

In the late 1700s, Jean Baptiste Point Du Sable made his way from the American South to the Great Lakes region. He applied his education, acquired reasoning skills, and charm to the fur trading business. His savvy led to friendly relations with the Potawatomi people and consequential marriage to Kitihawa (Catherine).

Together, this husband-and-wife team created a bakehouse, dairy farm, smokehouse, poultry house, and mill. Their dreams, facilitation of intertribal and international trade in the area, resourcefulness, and determination would ultimately lead to the City of Chicago. 

The origins of shared kinship between Africans and Native Americans—both legitimate and illegitimate—lie in their alliances and allegiances formed during slavery and as fellow citizens in self-determination within tribal nations within the present-day boundaries of the United States. 

Shared slavery 

In shared slavery, enslaved Africans and enslaved Native Americans...

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Boycotts, blackouts and buying Black this holiday season

#blackoutday2020 boycott Nov 24, 2020
 

From Covid-19 to social justice protests, 2020 has been an unprecedented year. As the holiday season approaches, companies have prepared sales, deals and discounts for in-person and online shoppers. According to the National Retail Federation, 42 percent of holiday shoppers have started their holiday shopping earlier than they usually do. 

But Covid-19 has left many companies in a bad place financially. On top of the already “retail apocalypse” that has been happening within the last decade, over 150 major companies have filed for bankruptcy since the start of the virus. Those companies include J. Crew, Neiman Marcus, Gold’s Gym, JCPenny, Hertz, California’s Pizza Kitchen and Ruby Tuesday.

According to a report by NerdWallet, 40 percent of holiday shoppers say they plan to spend less this year due to the pandemic, and 65 percent say the pandemic will impact the way they plan to give gifts this year....

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OneUnited: The Nation’s Largest Black-Owned Bank Is Unapologetically Black And Activist

one united bank Sep 24, 2020

Launched in 1968 as Unity Bank & Trust Company in response to calls for black economic empowerment, OneUnited Bank’s mission remains being Black America’s first choice for banking. Here’s how OneUnited is working to achieve that goal.

Birth of a Black Activist Bank

After the U.S. passed what he considered weak voting and civil rights legislation in 1964 and 1965, Dr. Martin Luther King, Jr. began what he called a “new phase of the civil rights struggle.” In speeches and television interviews between 1965 and 1968, King emphasized the stated commitment to economic equity for African Americans he made in his 1963 “I Have a Dream” speech.

During the same period, King ramped up his refocused movement and, in 1966, Harvard Business School student John T. Hayden conceived the idea for a Black-owned Boston bank. That year, he, the late Donald Sneed and 88 other Boston community leaders formed the Unity Bank Association.

It would lay plans for a...

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Where to Find Black-Owned Banks and How You Can Support Them

bank black Sep 08, 2020

Supporting a Black-owned bank is one way to build a fairer America.

Since 1865, when President Abraham Lincoln established the Freedman's Bank, this country has grappled with providing financial access to millions of disenfranchised Americans. Into the void steps a small but influential group of Black-owned banks.

Black-owned does not mean "Black only"

According to Kevin Cohee, Chairman and CEO of OneUnited Bank, the largest Black-owned bank in the U.S., Black-owned banks are designed to meet the financial needs of underserved communities. However, people of all races are welcome to take advantage of their unique services. For customers, it is a win/win situation.

Black-owned banks like OneUnited help create infrastructure and add value to the inner-city areas in which they are located. They also help customers build (or rebuild) their financial reputations and foster a greater sense of community pride. One of the most important goals of Black-owned banks is to help customers...

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Support For Black-Owned Businesses Increases More Than 7,000%, Yelp Reports

The recent Black Lives Matter protests caused books about anti-racism to become bestsellers, people to share educational resources on social media and to shop and eat at Black-owned businesses and restaurants — and in the last two months interest in Black-owned businesses on Yelp has increased by more than 7,000% compared to this time last year, the company said in a report published Wednesday.

KEY FACTS

The pandemic has hurt Black-owned small businesses more than others, according to a June report from The National Bureau of Economic Research, but the recent Black Lives Matter protests have led to increased support for Black-owned businesses

From May 25 to July 10, there have been more than 2,500,000 searches for Black-owned businesses on Yelp, compared to approximately 35,000 over the same time period last year  — a 7,043% increase. 

While searches for Black-owned restaurants have remained popular, up 2,508%,...

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4 ways to close America’s huge racial ‘opportunity gap’

The net worth of a typical Black family is only 10% of that of the typical white family, and the unemployment rate for Black Americans consistently has been double that of white Americans for four decades. These are just two of the outcomes resulting from long-standing systemic disadvantages that perpetuate an inequality of opportunity based on the color of one’s skin. 

This past month’s national dialogue on racial equality has brought many painful truths to the fore. Acknowledging these truths is important. Taking action to address them is essential. 

The U.S. Chamber of Commerce is the largest lobbying organization in the nation, representing businesses of all sizes across all sectors, touching every corner of our country. With that reach comes a responsibility to drive sustained action to eliminate systemic disadvantages. Convinced that our own previous efforts have been insufficient, we have committed to put the collective muscle of American...

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Black-owned businesses report boost in sales and interest on Blackout Day

As activists and allies spread the word about Blackout Day, some Black-owned businesses said they saw a boost in support.

The movement urged both Black consumers and others to either withhold spending entirely on Blackout Day or support Black-owned businesses, in order to show the spending power of the Black community and to highlight the need for economic and financial equality.

 

Nile, an online community that connects shoppers with Black-owned brands, saw a boost of 200% in its user base on Tuesday from the prior day. 

Nile’s founder, Khadijah Robinson, said she launched her website March 1 after collecting a list of Black-owned web businesses to support that she circulated with family and friends for years.

“I really love online shopping, and it was so hard to find Black brands to shop with. … I wanted to make it easier for myself,” Robinson said, adding she had so many requests for the list she decided to turn it into a...

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