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Report sheds new light on conditions required to boost wealth for Black and Hispanic entrepreneurs

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New research that sheds light on how business ownership can drive personal wealth creation for Black and Hispanic entrepreneurs and their communities – and ultimately close the racial wealth gap.

“For many Black and Hispanic entrepreneurs, owning a business can be a tremendous opportunity to build wealth and narrow the racial wealth gap,” said Shena Ashley, President, Capital One Insights Center and Vice President, Community Impact and Investment. “In Richmond, about 35% of Black and Hispanic business owners saw at least $188,000 in personal wealth growth over the course of their business ownership, the same as the median wealth for white U.S. households. With the support of a coordinated business ecosystem, sustained funding, and educational resources, these businesses were able to make a real difference in closing the racial wealth gap for themselves.”

The study, conducted in partnership with Boston Consulting Group (BCG), surveyed more than 1,000 business owners and residents in Richmond, Virginia, along with 21 interviews with community organizations, and found unlocking wealth is possible – but under the right conditions.

The report’s key findings include: 

  • Successful businesses have shown that it is possible to unlock wealth under the right conditions. Approximately one-third of Black and Hispanic business owners in Richmond experienced personal wealth growth of at least $188,000 over the course of their business ownership.
  • Wealth growth is not a guarantee. Wealth growth by Black and Hispanic business owners was roughly half of non-business owners from 2017/18 to 2022.
  • Size and scale matter for long-term personal wealth and business success. Businesses that survive the initial start-up years or grow to greater than $500,000 in annual revenue generate greater wealth.
  • Business success depends on three critical conditions. Access to and acumen around initial and growth funding, right-sized skills and capabilities, and a supportive business ecosystem are key variables to business success and personal wealth generation.

Based on these findings, the research highlights potential levers that could help entrepreneurs, financial institutions, business and community organizations, and policymakers close the racial wealth gap.

“Working to level the playing field for all small businesses in Richmond requires a multi-faceted and long-term strategy that consists of dedicated investments, available resources, and policy,” said Andy Navarette, Executive Vice President, Head of External Affairs, Capital One. “Public, private, nonprofit, and government sectors must come together to explore innovative ways to increase Black and Hispanic entrepreneurs’ access to capital and make concerted, harmonized efforts to level the playing field for diverse business owners, in Richmond and around the country.”

In order to unlock personal wealth creation for Black and Hispanic entrepreneurs at scale, the report recommends 1) continued exploration of innovative ways to increase capital; 2) public, private, and nonprofit support; 3) financial management and digital tools; 4) collaboration among organizations within the business ecosystem; and 5) trust-building between funders and communities of color.

“Being a small business owner in any community is a challenge. When it comes to minority small business owners and closing the staggering racial wealth gap, challenges such as unequal access to capital and business support systems often make their journey even tougher,” said Kedra Newsom Reeves, Managing Director and Partner at BCG and Co-Lead for The Center for Inclusion and Equity. “This research makes clear that while wealth growth through business ownership is achievable, public and private organizations play an integral role in supporting underserved communities and the budding entrepreneurs within them.”

The post Report sheds new light on conditions required to boost wealth for Black and Hispanic entrepreneurs appeared first on New York Amsterdam News.

* This article was originally published here

6 Amazing Strategies For Achieving Long-Term Wellness In Men

The #1 source in the world for all things Harlem.

Are you looking for practical tips on how to maintain good physical, mental, and emotional health as a man? We often associate wellness with things like diet or exercise, but any complete strategy for long-term well-being needs to take into account all aspects of life.  To help you create a well-rounded approach that works for…

The post 6 Amazing Strategies For Achieving Long-Term Wellness In Men appeared first on Harlem World Magazine.

* This article was originally published here

Rev. Al Sharpton to eulogize Jordan Neely

Rev. Dr. Johnnie Melvin Green, Jr., Senior Pastor of Mount Neboh Baptist Church in Harlem, through the family of Jordan Neely, has requested Rev. Al Sharpton deliver his eulogy when he is laid to rest on Friday, May 19th.

Green is the longtime pastor for Neely’s family and presided over his mother’s funeral in 2007. The specifics of Neely’s funeral, including the time of his wake and service, are still in formation and will be released as soon as possible.

RELATED: Jordan Neely’s family responds to killer Daniel Penny’s admission of guilt

“I have asked Rev. Sharpton to deliver the eulogy at Jordan’s funeral, at the request and direction of the Neely family. As we face sorrow, pain, and uncertainty in the wake of Jordan’s senseless killing, it is crucial that we come together in the spirit of healing, action, and perseverance. I can think of no one better, no one more equipped to meet this moment with that grace and guidance than Rev. Sharpton.

Details on the arrangements are forthcoming and will be announced.

The post Rev. Al Sharpton to eulogize Jordan Neely appeared first on New York Amsterdam News.

* This article was originally published here

How Do You Know If Your Business’ Exterior Needs Renovating?

The #1 source in the world for all things Harlem.

As a business owner, it is important to put your best foot forward and maintain the exterior of your building in order to make a great first impression with customers. But how do you know when it’s time for renovations? Making sure you stay on top of regular maintenance and reply promptly to any repairs…

The post How Do You Know If Your Business’ Exterior Needs Renovating? appeared first on Harlem World Magazine.

* This article was originally published here

Join The Johnny Mac Tennis Project And SPORTIME Annual Scholarship Tryouts

The #1 source in the world for all things Harlem.

For the eleventh year, young hopefuls from Harlem to Hartford area will be out in force at  SPORTIME Randall’s Island. The flagship location of the John McEnroe Tennis Academy (JMTA), on Saturday, June 17th, 2023, as JMTA coaches seek to discover untapped tennis and athletic talent.  The goal of both the tryout and the combine is…

The post Join The Johnny Mac Tennis Project And SPORTIME Annual Scholarship Tryouts appeared first on Harlem World Magazine.

* This article was originally published here

How To Transport Heavy Loads On A Construction Site

The #1 source in the world for all things Harlem.

Are you responsible for managing a construction project? Do your engineers and workers need to move large, heavy loads from one part of the job site to another? Transporting these kinds of loads can be difficult, time-consuming, and dangerous if not done correctly. That’s why it’s so important for managers like you to have the…

The post How To Transport Heavy Loads On A Construction Site appeared first on Harlem World Magazine.

* This article was originally published here

SBS And Business Improvement District Celebrate Small Business Month

The #1 source in the world for all things Harlem.

 As Small Business Month celebrations continue, New York City Mayor Eric Adams and NYC Department of Small Business Services (SBS) Commissioner Kevin D. Kim today declared “NYC Business Improvement District (BID) Day.” It’s the first-ever day of community action to recognize the extraordinary impact of BIDs to our neighborhood’s character, cleanliness, and public safety.  In…

The post SBS And Business Improvement District Celebrate Small Business Month appeared first on Harlem World Magazine.

* This article was originally published here

BESPOKE KIDS: MANDALA WORKSHOP AT MJM

Harlem Bespoke: Another free family workshop at the oldest mansion in the city! Sign up for this month’s activity and create beautiful mandalas for the season.

Saturday, May 13th, 1:00PM-3:00PM, Suncatcher Ornament Workshop at Morris-Jumel Mansion. Create Mandalas using repurposed materials at Manhattan’s oldest remaining residence! Mandalas promote well-being at all ages.  Get more details and register online for this family event on the official Morris Jumel site: LINK

* This article was originally published here

AMATEUR NIGHT AT THE APOLLO MAY 2023

Harlem Bespoke:  The renowned Amateur Night at the Apollo returns in 2023 after almost almost a two years absence and tickets are now on sale for November.

Wednesday, May 10th 7:30PM, Amateur Night live at the Apollo Theater, 253 West 125th Street between 7th and 8th Avenue.  Local events have been selling out way in advance recently so those who want to get a head start on good seats should do so sooner than later.  More details and advance online tickets at the official Apollo site: LINK

* This article was originally published here

DWELL: 420 LENOX AVENUE ON THE MARKET

Harlem Bespoke: Everyone is waiting for the new wine bar to open at the storefront at 420 Lenox Avenue for years but now it appears that the entire building is up for sale since the historic location is now up on the market for $4.2 million $3.7 millionThis mix-used address has 3 occupied apartments in various layouts and two commercial spaces which includes the popular Pompette wine shop around the corner on West 131st Street which is behind the aforementioned corner wine bar.  If the building sells in the coming months, the wine bar opening will probably be not affected if all the leasing contracts have been secured.   Check out the more current photo of the wine bar in our recent post: LINK

* This article was originally published here