Black businesses were hit hard when the pandemic hit in 2020, but they rebounded strongly in 2021 compared to other ethnic groups, according to research.
As the chances of another recession increase, how are only black-owned businesses going to fare?Will the avalanche of support, such as the “Buy Black” movement, accompany an economic storm?
For(bes) the Culture asked some specialists and black market experts about this.
A certain Kevin Cohee, CEO of OneUnited Bank, which bills itself as the largest black-owned bank. He said the black United States is better placed to face a slowdown now than in the past. The economic strength of this demographic will help dictate the fate of many black-owned businesses, especially those like OneUnited. “We’re moving further and further away from the old Style of Array. . . last hired and first fired,” Cohee said of black America.
But there would possibly still be vulnerabilities for black business owners, said Robert Fairlie, a professor at the University of California, Santa Cruz. “If we fall into a recession, I expect it to be bad for black-owned businesses,” Fairlie said. He told Forbes. He added that many of those corporations have already struggled with the pandemic “and don’t have significant money reserves, homeowners’ wealth or bank loans to deal with some other recession. “Learn more here.
Regardless of the economic climate, it is advantageous to be original. This is just one of the classes that emerged from For(bes) the Culture’s Queens of Culture last week. (Yell at Raquel “Rocky” Harris for considering him the host!) You owe it to yourself to reveal some of the highlights and politics of the story.
We would be remiss if we didn’t single out some of the HBCU fellows who interned at Forbes this summer: Darreonna Davis, Ariyanna Griffin, and Arianna Johnson. They are members of this year’s Forbes HBCU Academic Journalist Program (formerly called the Forbes Scholarship Program). Check out their most recent stories below:
Black women are less likely to get quality feedback at work. This affects your earnings and leadership opportunities over time.
Digital Therapeutics’ Cara Care startup has raised $7 million for expansion
Stop!
Are black corporations in a position to suffer any other recession?Although the ranks of black business owners have recovered strongly after the 2020 recession, many still have some of the vulnerabilities that existed before, such as low money reserves and difficulties accessing credit compared to other groups.
Why Forbes Culture Queens Say Authenticity Is Their Superpower to (Bes) Raquel “Rocky” Harris of Culture, from left to right, sat down with famed publicist Yvette Noel-Schure, Sunny Hostin of ABC’s “The View,” Co-Chair of the Valeisha Butterfield Jones Recording Academy and Huma Abdein, Hillary Clinton’s longtime assistant, for a frank verbal exchange about what it means to be a pioneer as an African American.
College Sports’ “King of Nothingness” is racking up approval agreements in a small State of Norfolk HBCURayquan Smith has partnered with 69 brands and pocketed a five-figure sum in the 12 months since the NCAA began allowing sponsorship of athletes.
Patrick Mahomes and Bubba Wallace signed up for the A16z cultural leadership fund aimed at expanding black wealth NFL star Patrick Mahomes and NASCAR driving force Bubba Wallace were inscribed on the developing list of athletes investing in a third fund led by venture capital firm Andreessen Horowitz.
From our collaborators
Magic Johnson invests in Metaverse Gaming Mashup in sports, eSports, games and Web3
Opal Lee, Juneteenth’s grandmother, highlights the importance of her voice in activating change
Polaris Slingshot with Black Girls Ride to diversify the motorsport industry
Black DadPreneurs Highlights Fatherhood and Entrepreneurship with New “Parents Making Profits” Podcast on HubSpot Podcast Network
Eyes in Rwanda
Renowned Biden-appointed attorney Corey Minor Smith on the importance of health
To see more, subscribe to our here.