ATLANTA, Nov. 5, 2020 /PRNewswire/ — “Shop Black Week” began years ago as a meeting of the minds that included determined Black business owners and community organizers as a campaign to promote Black economic empowerment that soon escalated and became a world-wide movement. The idea of Shop Black Week (SBW) was to encourage consumers to simply add “shopping with a Black-owned business” to their to-do-list. The Official Shop Black Week 2020 campaign has over 200 organizations involved, which represents over 1.5 million members, subscribers and followers who will share and hashtag #shopblackweek to encourage mass participation. The SBW campaign simply asks every American to make at least one purchase from a Black-owned business from November 20-27th and into the holiday season.
Systemic economic disparities are not new; however, the COVID-19 pandemic brought this to the forefront. Recently, an overwhelming amount of attention has been placed on the disparities and injustices within the Black community. Because the SBW organizers are Black business owners themselves, they were more than aware of these disparities and even more than aware that nothing short of a major movement would be necessary to address this issue knowing that many small businesses suffered and had to shut down.
As Black business-owners, the SBW campaign began as a S.O.S. (Save Our-Selves) call to action. However, it seems that others want in on the Black movement because it is in fashion these days. Recently, TikTok, Wal-Mart, Amazon and Shopify (all non-Black owned entities) have launched Black initiatives, and specifically TikTok has termed their “new initiative,” unbelievably, “Shop Black Week” too. According to the organizers of the Official Shop Black Week, in an attempt to preempt the Official Shop Black Week campaign, the corporate giant has created a new start date, one week before the official grassroots campaign launches. “Google ‘shop black week,’ to see hundreds of results displayed; visit the website to see all of our participating organizations and partners. As the true Official ‘Shop Black Week,’ we are concerned that these large corporate giants have not responded to our request for partnership, but instead, they are attempting seemingly to capitalize off Black consumers and business owners,” said Carla Tillman, PhD, Shop Black Week’s National Director.
The copycat shop-black-week promoters indicated that they have hand-picked and pre-selected some Black-owned vendors to feature. “That’s great!” says Sharon S. Gordon, media partner of SBW, “however, organizers of the Official Shop Black Week campaign welcome all types of Black-owned businesses who would be able to keep 100% of the proceeds from their products and services.” A qualified business simply has to register and pass the vetting process by signing up at shopblackweek.org. Organizers of the Official SBW forecast an average of 30,000 daily website visitors who will be searching to find quality Black-owned businesses to support.
Everyone making a purchase from a Black-owned business during Shop Black Week November 20-27th should hashtag #shopblackweek and let everyone know about any purchases including business names, locations, dates and photos.
Press Contact, Latoya Meshell, (833) 991-0911 or email@example.com
Increasing Financial Literacy is Critical in Black Wealth
The nation’s 44 million African-Americans account for 13% of the U.S. population and significantly impact the economy, with $1.2 trillion in purchases annually. But the financial well-being of African-Americans lags behind the U.S. population and whites in particular.
The reason for these gaps is increased financial literacy. According to the TIAA Institute-GFLEC Personal Finance Index, there is a strong link between financial literacy and financial wellness among African-Americans. The report examines the current state of financial literacy and financial wellness among African-American adults.
The P-Fin Index measures eight key areas of personal finance knowledge: earning, consuming, saving, investing, borrowing and managing debt, insuring, comprehending risk and uncertainty, and go-to information sources.
Personal finance knowledge among African-American adults lags behind that of whites. On average, African-Americans answered 38% of the index questions correctly, with only 28% answering over one-half of the index questions correctly. The comparable figures among whites were 55% and 62%, respectively.
Financial literacy varies across demographic groups within the Black population. The observed patterns are consistent with variations identified in the U.S. population—financial literacy is greater among men, older individuals, more formal education, and higher incomes.
Insurance is the area where personal finance knowledge is lowest among African-Americans. Other areas where knowledge lags are in comprehending risk, investing, and identifying go-to information sources.
Borrowing and debt management is the area of highest personal finance knowledge among Black Americans.
There is a strong link between financial literacy and financial wellness among African-Americans. Those who are more financially literate are more likely to plan and save for retirement, have non-retirement savings, and to manage their debt better; they are also less likely to be financially fragile.
Saying Goodbye to Another Year and a Positive Future
Looking back at 2022 gives me much promise. The future looks so bright I have to put on shades. Not only did we just celebrate our 12th edition of the Blackbook Yearbook & Directory last week, but I also look forward to celebrating 30 years of Avista Products in April.
In the next 10 years, the San Antonio to Austin corridor is expected to generate over $40 billion in extra revenue from the manufacturing sector. That is an average of $4 billion per year. Those who move here or get hired will need to find a new place to live, worship, educate, eat, entertain, etc. I think you get the picture. For 2023 the city of San Antonio’s budget is $3.4 billion. Not bad! The business and the people are coming. I’m hoping the Black business community will also benefit from the growth.
Avista Products is heavily involved in technology, with our roots in graphic design. We have seen a lot of changes in the industry. From the beginning of HTML to the metaverse, the tech world has been exploding with Artificial intelligence or AI. This new technology (AI) has helped us produce graphics based on concepts we thought about. Storytelling is part of our culture. You can literally write the words to describe the image you want to create, and AI will create it for you. This week’s cover combines AI and manual input – possibly a perfect collaboration. Technology will definitely make our lives easier.
In the famous words of Pastor TD Jakes, “Hold on, I’m not finished.” Recently, scientists have announced nuclear fusion stabilization. Of course, nuclear power is not news, but its waste and stability are a risk to the world that’s already experiencing extreme climate change. This new version does not produce a harmful by-product. It’s like announcing the internet is fully developed. It’s expected it won’t be mainstream for another 20 years, but for the wealthy, they will probably get it in five to 10 years. Can you imagine buying your energy once, passing it down to future generations, or buying gas for your car once? Scientists are also experimenting with computers and smartphones that are 100 times faster and smaller. I’m excited about what the future holds.
Innovation is also coming from Avista Products and Black Life Texas. We are now in 78 locations citywide, including 41 HEB locations and select Jim’s Restaurants. Stay tuned as we increase our event coverage, stories, and culture-engaged commentary. We are proud to provide the San Antonio community with a product that understands the Black community, recognizes and honors its leaders, and is willing to objectively cover issues you likely won’t see in mainstream media.
Thank you for being a reader. Happy New Year!
Owner of Avista Products
Publisher – Black Life Texas and Blackbook Yearbook & Directory
Online Tool Helps in Finding Grants and Tax Incentives
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.
Increasing Financial Literacy is Critical in Black Wealth
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