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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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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