The latest updates from the racial economic justice field.
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Dear John,
November is the month of gratitude—gratitude for our families and friends, our health, and our community. John, we're thankful that you are part of the Prosperity Now Community and that together, we’re working to create a world where every child and family can build wealth and thrive. Our movement for racial and ethnic economic justice is made stronger by your continued commitment.
With GivingTuesday fast approaching, I ask you to consider supporting Prosperity Now with a gift. [[link removed]] Between now and November 28, your gift will be matched dollar for dollar and go twice as far in giving us the resources needed to equip and mobilize our field around our shared goal of helping people of color build and pass down wealth to the next generation.
One of the ways Prosperity Now and its partners are helping people of color build generational wealth is by supporting entrepreneurs of color as they seek to sustain and scale their businesses. [[link removed]] November is National Entrepreneur Month, and we take this opportunity to celebrate the many entrepreneurs and innovators of color who are paving the way for future generations, while acknowledging that further support is needed. Research shows that Black-owned businesses are more likely to face financial challenges and be worse-off than White-owned businesses. [[link removed]] Read on to learn more about our continued efforts to level the playing field for entrepreneurs of color.
Until the economy works for everyone, our fight must continue.
In Solidarity,
Cherie Collins Sims, PhD
Interim President and CEO
Entrepreneurship On Our Minds🧠
Small businesses are at the heart of our economy, creating jobs and enabling families to build wealth for generations to come. But entrepreneurs of color face an additional barrier: the systems they must work with and within to run a successful business are historically and inherently racist. From the increased difficulty Black entrepreneurs face in accessing loans and credit compared to their white counterparts [[link removed]], to the lack of support in navigating government regulations to keep their businesses open [[link removed]], change is needed to ensure these entrepreneurs and their businesses can thrive.
While entrepreneurs of color face increased difficulties in maintaining their businesses, they show dedication to their community’s wellbeing through the jobs they create. In fact, research shows that employers of color are more likely to provide employer-sponsored benefits than their white counterparts [[link removed]].
This year, we’ve put the spotlight on inclusive entrepreneurship, what it means, and how we achieve it. We teamed up with the National Association for Latino Community Asset Builders (NALCAB), the Pierce County Business Accelerator, and Small Business Majority to deliver an enticing panel discussion highlighting ways to promote inclusive entrepreneurship through policy. Watch the recording here [[link removed]].
Read More on Our Inclusive Entrepreneurship Work [[link removed]] Small Business Administration Rules Changes (What Do They Mean?)
Calling all CDFIs and Entrepreneurs! Last week, we hosted “Demystifying the New SBA Rules: What This Means for Entrepreneurs of Color,” [[link removed]] a deep dive into the new Small Business Administration (SBA) rule changes and how they can affect the experience of entrepreneurs of color. During the conversation, we learned from business pros with combined decades of experience:
Scott Bossom, Director of Government Guaranteed Lending, SVP, 1st Security Bank Bruce Dobb, Partner, Concerned Capital Adrian Ruddock, Vice President of Lending & Business Consulting Services, Metropolitan Economic Development Association (MEDA) Watch the Full Recording Here [[link removed]] A Very Baby Bonds Day in Massachusetts 👶
Baby Bonds [[link removed]] took center stage 🎤 in the Massachusetts legislature on October 24, as both the Joint Committee on Financial Services and Joint Committee on State Administration and Regulatory Oversight held hearings on legislation to create a statewide Baby Bonds program. The organizations providing testimony at the hearings—which ranged from those focused on child welfare, asset/wealth building (including Prosperity Now Community Champion, Midas Collaborative), social services, financial empowerment and banking—showed the breadth of support for Baby Bonds in Massachusetts.
Shira Markoff, Sr. Policy Fellow, and Lauren Bealore, Associate Director for State and Local Policy (pictured below) both represented and expressed Prosperity Now’s strong support for the legislation. 🎉
Read the Full Blog Here [[link removed]] When Banks Can Refuse Lending to BIPOC Families, We Need Our Laws to Factor in Race
Racial disparities in credit access persist, and the policies that have the power to address the issue are falling short. Read about the new Community Reinvestment Act [[link removed]] rule that's letting the credit needs of low-income BIPOC communities go unmet below.
Read More [[link removed]] Racial Bias in the Home Appraisal Process: A Hidden Barrier to Generational Wealth
Home appraisals play a key role in setting a foundation for generational wealth, offering the homeowner access to the full equity when they pay off their mortgage. But persistent racial bias in the home appraisal process can contribute to the divide between wealth for white families and that of their Black and Brown peers. Our Policy Manager, Seanniece Bamiro, digs into what states and localities can do to ensure that racial bias is eliminated from the appraisal process.
Read the Full Piece on TriplePundit [[link removed]]
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