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Shop Black Week

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“Shop Black Week” Campaign to Boost Support For Black-Owned Businesses Will Be From November 22-29

Nationwide — As consumers across the U.S. gear up for holiday deals on sales merchandise, this Black Friday, a coalition urges buyers to make it a Shop Black Week. More than 100 groups have designated November 22 to 29 as Shop Black Week, a time of supporting Black-owned businesses by purchasing products, goods, or services from Black entrepreneurs.

This nationwide campaign, spread through social media has amassed well over a half million participants based on counts of subscribers and followers, according to organizers.

The Shop Black Week campaign is a nationwide campaign that simply asks every American to support Black-owned businesses in November. Participating entities include organizations, Online-social groups and publications that have made the commitment to help spread the word with their social media accounts. With the support of these entities and as new supporters join in, it is projected that this nationwide campaign could be the most successful economic movement of all time and be able to profoundly help thousands of Black-owned businesses in the process. The last big movement for Black people was the Million Man March, but organizers feel that the time has come for another big movement.

Participating organizations and representatives and members from an additional 30+ organizations and Facebook groups will be sharing the information during the initial roll-out. Collectively, they represent over 750K followers and members who will be asked to spread the word as well. Everyone will include #shopblackweek and #SBW2019 to help it go viral.

Shop Black Week organizers REQUEST registration on their website because they need as much participation as possible from strong organizations, FaceBook groups, LinkedIn Groups and other social groups who are willing to share this information with their followers and members. Those who wish to participate should register on their website as a show of solidarity in this movement and to be documented in this historical moment.

For businesses, organizations and individual supporters who want to participate or want more information, they should visit www.shopblackweek.org.

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Black, Hispanic Workers Hit Hardest with Fewer Living-Wage Jobs

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The rising cost of living continues to take a toll on working families, with a growing percentage of American workers unable to find a living-wage job or their current job fails to boost them over the poverty line after adjusting for inflation, according to the monthly True Rate of Unemployment report by the Ludwig Institute for Shared Economic Prosperity.

The report for the month of October topped 23.6%, a 1.3 percentage point increase over the previous month. This is the biggest month-over-month increase since the beginning of the pandemic in April 2020, and an indication that low- and middle-income workers are having a tougher time just to cover basic necessities.

“Until the last quarter, this administration has been doing well raising living standards for many middle- and lower-income Americans. However, both inflation and the Fed’s response to it – a precipitous rise in interest rates – are taking a big bite out of this progress. American families are hurting due to a combination of higher prices and wages failing to keep up,” said Gene Ludwig, the chair of the Ludwig Institute for Shared Economic Prosperity. “Policymakers from both sides of the aisle would be well served to take heed and implement proactive policies creating good-paying jobs capable of supporting a family, and at a bare minimum, cover basic needs and provide for a reasonable quality of life.”

The unemployment report by the Ludwig Institute can spell particularly bad news for low- and middle-income workers when one considers that the Consumer Price Index (CPI) is understating the impact of inflation on middle- and lower-income households. Last week, the Ludwig Institute released data supporting its True Living Cost  Index, a measure of the effect of rising prices on the ability of families to pay for minimum adequate needs in seven categories: food, housing, healthcare, transportation, basic technology, childcare, and apparel/personal care. It found that from 2020 to 2021, the price of necessities has increased 5.8% versus the Consumer Price Index’s 4.7%.

“If we are to address the kitchen table issues most important to American families, it must begin with addressing how we measure the economy – one size does not fit all,” Ludwig said. “The sooner we understand the dire and very real challenges facing middle- and lower-income households, the sooner we can work together for meaningful, sustainable solutions.”

Ludwig’s unemployment report tracks the “functionally unemployed,” defined as the jobless, plus those seeking but unable to secure full-time employment paying above the poverty line after adjusting for inflation. Functional unemployment increased for all major demographics:

  • Black workers experienced the largest increase of 3.4 percentage points, from 24.8% to 28.2%.
  • Hispanic workers increased 2.4 percentage points, from 23.5% to 25.9%;
  • White workers increased 0.75 percentage points, from 21.8% to 22.5%;
  • Male workers jumped 1.9 percentage points (17.2% to 19.1%), and for
  • Female workers, it increased 0.4 percentage points, from 28.1% to 28.5%.

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Business

Online Tool Helps in Finding Grants and Tax Incentives

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Black-owned fintech and finance company Novae LLC announced the launch of a new online tool designed to help small businesses to find grants and tax incentives that can help them to grow exponentially.

Called Novae Grants, the new tool will allow users to search a database of thousands of financial assistance opportunities from both the government and the private sector. Tax credits that small businesses may qualify for will also be included in the database.

Novae founder Reco McCambry says that the grants his team is gathering for inclusion in the database range from $500 to $5 million in size, and are designed to help business owners serve their communities. The grants include town- and city-based grants to revitalize local businesses and create jobs, and federal and think tank grants to support renewable energy, tech, and innovation.

“The idea is to make it as easy as possible for small businesses to locate the support they need to grow,” McCambry says. “Whether you’re a mom and pop shop or a good-sized startup, you may be doing something that one of these agencies wants to promote for the sake of the public good.”

McCambry notes that most of the grants which have so far been located and placed in the Novae Grants database are intended for small businesses with 6-100 employees, though some are also intended for larger businesses and sole proprietor startups.

“We know that local businesses make us more secure,” McCambry told me in our interview, “and we know that innovation often comes from startups. There are a lot of organizations that recognize this and offer funding to support these missions. But not many people know how to find these grants, and many assume they won’t qualify because they aren’t in some specialized public service role. Our mission is to change that and bring this money into our communities.”

The Novae Grants search engine is now available at novaemoney.com. In addition to grants, Novae also helps companies build business credit, provides access to traditional business funding, and offers businesses the ability to provide consumer financing for their high-ticket offerings.

Novae and CEO McCambry’s mission to increase access to financing for businesses and customers in underserved communities has helped the company and its CEO to earn numerous awards and distinctions in recent years. Novae has been included on the Inc 5000 list of the 5000 fastest-growing businesses in America for two years running, while McCambry was recently named Innovator of the Year at the annual Bank Customer Experience Summit and received an Outstanding Leadership Award at Money2.0 this Spring.

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Sail Away On A Quick Escape

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Calling all active and veteran military, first responders, law enforcement officers, and educators, you can sail away for free. As a way to celebrate the dedication of those serving their communities, “The Heroes Sail Free” complimentary offer from Margaritaville at Sea is inviting all of the mentioned on a much-deserved 3-day, 2-night cruise from the Port of Palm Beach to the Grand Bahama Island. Program details can be located on the cruise line website at www.margaritavilleatsea.com (under offers).

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