Browse Tag

investing - Page 5

Published on
2 mins read

Netflix is investing $100 Million in Black Owned Financial Institutions

Black Owned Financial Institutions

Netflix on Tuesday announced plans to deposit 2% of its cash, or an estimated $100 million, into Black owned financial institutions and community development organizations, which have a better track record of lending to minority borrowers than mainstream consumer banks.

“We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow.
According to the FDIC, banks that are Black-owned or led represent a mere one percent of America’s commercial banking assets,” Netflix said in a statement.

As the first step in this $100 million commitment, Netflix will be holding $35 million of our cash in two vehicles:

  • $25 million will be moved to a newly established fund called the Black Economic Development Initiative. It will be managed by the Local Initiatives Support Corporation (LISC), a non-profit with a track record of developing underinvested communities. They will invest the funds into Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.
  • $10 million will go to Hope Credit Union in the form of a Transformational Deposit to fuel economic opportunity in underserved communities across the Deep South. Bill Bynum, CEO of HOPE, has spent the last three decades advancing economic mobility in distressed communities.

“This capital will fuel social mobility and opportunity in the low- and moderate-income communities these groups serve. We plan to redirect even more of our cash to Black-led and focused institutions as we grow, and we hope others will do the same.”

 

-Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram &Twitter

 Get your SHOPPE BLACK Apparel!

You might be interested in

Published on
7 mins read

One of the Largest Black Owned Venture Capital Firms Just Doubled in Size With a $250 Million Round

black owned venture capital

One of the largest Black-Owned Venture Capital Firms just doubled in size. Two years after closing their debut fund of $150 million, Base10 co-founders Adeyemi Ajao and TJ Nahigian are back with a $250 million investment fund and a sense of vindication for their thesis of investing in startups making automation for the people.

For Ajao, an immigrant who grew up in Nigeria and Spain before moving to the U.S., the new fund is a confirmation that even without having an explicit focus on minority investments, it’s possible to create a portfolio led by a diverse mix of founders. Indeed, roughly 60% of the firm’s investments have been into companies led or co-led by women or minority founders.

Part of the firm’s diversity simply comes from the geographic diversification of the portfolio, said Ajao. “We like to invest in Latin America [and] we like to invest outside of Silicon Valley… We have always had the knack of look where others are not looking.”

And as part of that commitment, the firm is making a diversity pledge, including doubling-down on a commitment to diversity through its investment process, hiring practices and bias training; and a commitment of 1% of the firm’s profits from its management company and another 1% commitment of its carried interest to support organizations fighting for inclusion and racial equality.

Ajao and Nahigian have already enlisted firms like Precursor Ventures, Illumen Capital, and Plexo Capital in the new commitment.

Drawing on Ajao’s connections in the Spanish and Latin American community of entrepreneurs has meant that Base10 already has a geographically and racially diverse portfolio. Latin American companies account for about five of the firm’s 28 publicly listed portfolio companies, with other portfolio companies coming from the Netherlands and Germany.

Ajao and Nehigian have also spread the wealth pretty broadly across the U.S., with companies in Atlanta, Austin, Los Angeles, Stamford, Connecticut and Seattle, in addition to the traditional startup hub of San Francisco.

At Base10, the typical check size will remain in the $500,000 to $5 million range and the focus remains on experienced founders in industries as diverse as agriculture, construction, waste management, shipping and logistics.

Investments include Cottage, which is building adjacent dwelling units for the California market; Faber, which provides staffing for commercial construction; the Mexico City-based digital freight forwarder, NowPorts; birth-control delivery startup The Pill Club; on-demand staffing company Wonolo and TokenSoft, a platform for compliant token sales.

The new capital is a huge vote of confidence in both Nahigian, a Los Angeles native who spent years as an investor at Summit Partners, Accel and Coatue Management before founding the mobile job platform, Jobr; and Ajao, who only began working in venture as a corporate investor with Workday Ventures.

Previously, the serial entrepreneur launched several companies, including Identified, which was sold to Workday, and Tuenti, which Telefonica acquired for $100 million back in 2010. Ajao also has the distinction of co-founding Cabify, which raised at a $1.4 billion valuation back in 2018.

And he was Nahigian’s first investor in Jobr. The pair stayed in touch, discussed startups and potential deals, and ultimately decided to go into business together back when the firm was first getting off the ground.

These days, Ajao believes the public’s fears of automation coming for people’s jobs have been replaced with a realization that automation is “essential to survival for millions of people and small and medium businesses” looking to stay afloat amid the wave of economic shocks caused by the COVID-19 pandemic.

“Moreover, with issues of racial, economic, and gender inequality front and center, it is evident today more than ever that we have a collective responsibility to focus on urgently solving problems that are actually important for 99% of people,” Ajao wrote in a blog post announcing the new Base10 fund.

As the co-founder of what is one of the largest Black-led venture funds, with $400 million in assets under management, Ajao is taking this moment to situate his fund in a place that supports the development of technology for the 99%.

Examples of portfolio companies stepping in to solve real business problems abound, writes Ajao in his blog post, from a family-owned restaurant in San Francisco using Virtual Kitchen Company to transition its operations to a full-service delivery model; to restaurants across the Southeast using PopMenu. There’re also newer portfolio company investments like AMI, a Salesforce-style software platform for direct marketers.

As employers responded to the economic slowdown caused by the COVID-19 epidemic by slashing jobs, many laid-off workers turned to direct sales to support their families, Ajao said. Tools like AMI are helping these stay-at-home entrepreneurs continue to make money as their main source of income.

New investments in the firm’s second fund include companies like Wise, which gives online storefronts and gig economy workers a way to set up bank accounts online easily; Mimic, which is building a distributed kitchen network for Brazil; and Lana, the financial management service for gig workers in Latin America.

These new deals illustrate the firm’s belief that “the tech industry’s collective responsibility [is] to focus on the problems that affect 99% of people, and to work in tandem with communities, governments, and existing Real Economy companies to solve these problems.”

Ultimately, Ajao and Nahigian are attributing their success to what amounts to the old (and overused) investment cliche that investors go where opportunities are going to be.

“If the VC industry as a whole is overlooking minorities, you can generate alpha by simply taking steps to ensure that you don’t have this same blind spot,” Ajao writes.

 

Source: Tech Crunch

 

 

 

You might be interested in

Published on
3 mins read

LeBron James, Maverick Carter Raise $100M To Build a Media Empire

LeBron James and his longtime business partner Maverick Carter have reportedly launched a new venture to expand their media empire.

The pair raised $100 million to start the SpringHill Co., a conglomerate that aims to produce content from usually marginalized voices, Bloomberg Businessweek reported Thursday.

“When we talk about storytelling, we want to be able to hit home, to hit a lot of homes where they feel like they can be a part of that story,” James told the magazine. “And they feel like, Oh, you know what? I can relate to that.”

lebron james

With James as chairman and Carter as CEO, the firm combines the duo’s SpringHill Entertainment and Uninterrupted LLC, which have birthed entertainment projects such as a forthcoming “Space Jam” sequel and an HBO talk show, with a marketing agency called the Robot Co., according to Businessweek.

SpringHill was reportedly formed on the same day in March that the NBA suspended its season because of the coronavirus pandemic. But the ensuing lockdowns haven’t hampered the company’s early days — Carter recently inked a TV deal with Disney and has a basketball-themed Netflix film in the works, Businessweek reported.

James and Carter reportedly attended the same high school that James left to join the Cleveland Cavaliers in 2003. The pair worked together on “The Decision,” a live broadcast of James’ 2010 announcement that he was leaving Cleveland for the Miami Heat, Businessweek reported. They went on to start SpringHill Entertainment, which shares its name with the Akron, Ohio, apartment complex where James grew up.

lebron james

The pair’s new company is backed by a slate of investors including Guggenheim Partners, UC Investments, SC Holdings and News Corp. heir Elisabeth Murdoch, with a board that includes tennis legend Serena Williams, Boston Red Sox chairman Tom Werner and LiveNation CEO Michael Rapino, Businessweek’s lengthy profile says. (News Corp. owns The Post.)

“This is ultimately a company that’s about point of view, the community you serve, and empowerment,” investment banker Paul Wachter, who helped facilitate the project and also sits on the board, told Businessweek. “This is a company designed to move the culture.”

 

Source: NY Post

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram &Twitter

 Get your SHOPPE BLACK Apparel!

You might be interested in

Published on
6 mins read

Black Owned Health products brand receives investment from Magic Johnson

black owned natural products

Naturade partners Kareem Cook and Claude Tellis, want to bring the plant-based revolution to those who need these products the most—the urban communities and food deserts that are underserved by the natural products industry. Now, Naturade is announcing the next big step in making that a reality: They have partnered with Earvin “Magic” Johnson Jr. and Grant Hill—NBA superstars and businessmen who will help amplify Naturade’s message and mission.

black owned natural products

“Magic Johnson has been tracking us and watching what we’ve been doing for a few years and he decided to become a significant equity owner,” says Cook.

Explaining how this fits with the company’s goals—above and beyond the bottom line—Cook says, “There are 86 million prediabetics in the country according to the American Diabetes Association. The health supplement industry is a $13 billion industry and growing. Prediabetic numbers are growing as well. How can those two things exist at the same time—how can that paradox exist?”

The problem, Cook notes, is that companies in the natural space aren’t targeting the consumers who need the products the most. “It’s because they don’t think that people who are less mindful of health will buy their products. The goal for most companies is to make money; they want to sell to the Whole Foods of the world—they want to sell to the premium stores where they can sell a product for a high price and people will buy it. And that’s a great business model but it doesn’t solve the problem.”

Cooks shares, “I grew up in the Bronx. Why should people in my family have to get on a bus and a train to get to a Whole Foods to buy these products when they should be able to go downstairs to a local store and have the same access? We’re talking about access. Magic understands that from his own business dealings. He proved people wrong so many times before, and this is an opportunity to prove people wrong again, and to make a successful business doing it.”

Speaking about the partnership, Magic Johnson said, “I’ve followed Kareem and Claude’s journey for some time and their mission aligns well with my own passion to live a healthy lifestyle. I strongly believe in exercise and being intentional about what I eat and drink. Therefore joining Naturade was an easy decision. Together we are proving that if you offer people healthy products that taste good and can positively impact their well-being, they will make the changes necessary to improve their lives.”

Also pointing to the big picture, Cook says, “You’re spreading health and education. For instance the silent killer in our community is diabetes and that’s because it’s cultural to eat a lot of products that have sugar in them. But people don’t realize there’s sugar in things like rice and bread. So the educational component is part of this business—not only just selling products that help people get healthy and lose weight…but also educating people on why they should make changes.”

On the education front, Naturade, which has been in business since 1926 and was purchased by Cook and Tellis in 2012, has a lot happening. “We go to Expo West and all the same places everyone else goes to, but we also go to the Essence Festival, where there’s 500,000 women of color, who fit right in the middle of the community that need the products and education the most. But out of the 30 to 40 companies similar to us that are at Expo West, we’re the only ones at the Essence Festival. And it’s critical that we do that—that we not only let people see us and know that we exist, but that we also educate people on what’s happening.”

Then there’s the star power: “Magic Johnson and Grant Hill and other people will be coming on board who are able to amplify the message because they have such strong followings, and they have people look up to them and respect their decisions in the way they’re living their lives.”

These educational efforts, Cook adds, show more people that they can make a positive change by cutting sugar and adding more plants into their diet. “People are aspirational…and there are some things that they feel are too far out of reach, but this is not one of them. It’s aspirational but achievable. And we’re showing that there are people that you relate to that are doing this already.”

Source: Whole Foods Magazine

 

Related: Black Owned Nutritional Supplements Company Vows To Help Black Communities Live Healthier

You might be interested in

Published on
8 mins read

Kobe Bryant leaves behind a Business Empire that stretched beyond the Basketball court

kobe bryant business

Kobe Bryant’s legacy extends beyond his time on the basketball court. He was also known to the business world as a brand-builder; an investor; and a coach to other athletes and company founders.

Bryant died Sunday in a helicopter crash in Calabasas, California at the age of 41.

“For 20 seasons, Kobe showed us what is possible when remarkable talent blends with an absolute devotion to winning,” NBA Commissioner Adam Silver said in a statement Sunday. “He was generous with the wisdom he acquired and saw it as his mission to share with future generations of players.”

Beyond the court

Bryant diversified his career by breaking into the investing world even before leaving the NBA. In 2013, he co-founded venture capital firm Bryant Stibel along with Web.com founder Jeff Stibel.

kobe bryant business

In creating the company, Bryant followed the model of a select number of other sports legends who have been able to transform skills developed on the court into business success. NBA Hall of Fame point guard Earvin “Magic” Johnson was among the first in 1987, when he founded investment firm Magic Johnson Enterprises, which invested in a number of sizable businesses, including Starbucks and New York’s LaGuardia airport.

Bryant’s firm now has more than $2 billion in assets, with investments in dozens of technology, media and data companies. Bryant Stibel claims at least 10 successful exits, including Dell and Alibaba. It also has investments in Fortnite creator Epic Games, digital payment company Klarna and household products firm The Honest Company.

“You’ve got to have strong entrepreneurs, that’s really the key for us is looking at the people,” Bryant said in an interview with CNBC in September. “Yes, it’s important to see those returns, right? But it’s also important to have great opportunity, great relationships with our investors, great opportunities with our entrepreneurs to help them grow and put them in situations where they can be successful.”

Separate from the firm, Bryant also made millions of dollars on his investment in sports drink Body Armor, which in 2018 boosted its valuation by selling a stake to Coca Cola.

kobe bryant quotes

Bryant’s reputation as a star athlete and brand builder has been one of the portfolio’skeys to success.

“When Kobe puts his stamp of approval on something and really gets behind you as a partner, the world of sports and everyone across the spectrum of the sports industry takes note and you’re suddenly validated in a way that most startups just don’t experience until much further on,” skincare brand Art of Sport founders Brian Lee and Matthias Metternich said in a statement about the company’s development prior to Sunday on Bryant Stibel’s website.

Other athletes have taken note of Bryant’s experience as an investor.

“I think Kobe’s somebody who’s been super fun to kind of pick his brain about some things,” Olympic swimmer Michael Phelps told the Wall Street Journal in August. “We’ve had the privilege and the opportunity in our sports to be successful and reach the pinnacle and we know what it takes to get to that top level. So now, it’s always the challenge for the athletes to find that drive outside of the sport.”

In 2016, Bryant founded Granity Studios, a media company that focuses on creative storytelling around sports.

Through this company, the basketball star wrote and narrated a short film called “Dear Basketball,” which won the Academy Award for best animated short film in 2018. Granity has also released a set of books for young adults, along with Bryant’s autobiography, “The Mamba Mentality: How I Play.”

 

Building the Black Mamba brand

Bryant, known in basketball as “Black Mamba,” began to build his brand as an athlete early in his career as a Nike (NKE) endorser.

Bryant first signed a deal with Nike in 2003. He was one of an elite group of NBA players who signed with the brand that year, including LeBron James and Carmelo Anthony. That helped the shoe company solidify its position in the basketball world for the next couple decades following Michael Jordan’s 2003 retirement.

8 Feb 1997: Guard Kobe Bryant of the Los Angeles Lakers holds the Slam Dunk Contest trophy at the Gund Arena in Cleveland, Ohio. Credit: Brian Bahr /Allsport

As Bryant’s success on the court grew, so too did his Nike partnership. The brand put out multiple lines of Kobe shoes and gear. In 2017, the company brought Bryant on stage with then-CEO Mark Parker at its annual investor meeting to celebrate the launch of Nike’s new business strategy.

Nike partnered with Bryant and the Los Angeles Boys and Girls Club to launch a youth basketball league, called the Mamba League, in 2017, to give hundreds of kids free access to the sport. Bryant later created the Mamba Sports Academy to provide broader athletic and lifestyle training to competitors at all levels in a number of sports.

Bryant was on his way to a Mamba Sports Academy game Sunday when the helicopter crashed.

“We are devastated by today’s tragic news. We extend our deepest sympathies to those closest to Kobe, especially his family and friends,” Nike said in a statement Sunday. “He was one of the greatest athletes of his generation and has had an immeasurable impact on the world of sport and the community of basketball. He was a beloved member of the Nike family. We will miss him greatly. Mamba forever.”

Bryant has also been involved in the NBA’s efforts to expand its audience beyond the United States, particularly in China. In 2015, he worked with Alibaba Group to release the basketball star’s documentary “Kobe Bryant’s Muse” through its Tmall Magic Box TV in China.

The deal also involved working with Bryant to create a new social media platform “bringing new avenues of connecting China’s young people directly to Kobe and his philosophies,” according to a press release from Alibaba announcing the partnership. Additionally, the company sells a number of Kobe-branded products on its retail platform.

Bryant also had endorsement deals with a number of other brands throughout his career, including McDonald’s (MCD), Sprite, Nintendo (NTDOF) and Turkish Airlines.

 

SOURCE: CNN Business

You might be interested in

Published on
9 mins read

This Black Owned Commercial Real Estate Firm’s Members Have Managed Over $15 Billion in Transactions

black owned commercial real estate

T. Dallas Smith & Company is a Black owned commercial real estate services firm that specializes in Tenant and Buyer representation services for corporate users of office, industrial, and land.

The firm is Atlanta based, with offices in Dallas, TX, Los Angeles, CA and Trenton, NJ and projects across the country.

black owned commercial real estate
T. Dallas Smith – Principal, Founder & CEO

The members of the firm, in their combined CRE experience, have managed over $15 billion in transactions.

Part of that team is Cedric Michael, Principal and Vice President of T. Dallas Smith & Company. We caught up with Cedric to learn more about him and about the firm.

black owned commercial real estate
Cedric Matheny – Principal, VP

How did you get involved in real estate and why?

I was in high school having an obligatory meeting with my guidance counselor who had just asked me what I wanted to do with my life when his cellphone rang.

In the few minutes it took him to respond to the call, he closed a residential real estate deal worth more than some people bring home in a week. And real estate was his weekend gig.

My mind immediately started racing. If he could operate like that from a phone it meant flexibility. If he could close deals in a day it meant income. However, I knew I didn’t want to work weekends, so residential real estate was out for me.

But I thought, even at that age, I could be successful with commercial real estate Monday-Friday and in a way that did not plant me at a desk 40+ hours a week. I was sold and started mapping my plan to accomplish that goal immediately!

How were you affected by the 2008 financial crash and how did you overcome it?

Prior to that time, my life was G-O-O-D! I had just graduated from college with a Finance and Real Estate degree. While in college, I was working at Bank of America and was named the #1 Small Business Banker in the country. Still in college, I was promoted to Assistant Client Manager. I had my career path laid out and owned a little real estate myself.

The crash was truly a crash for me because the bottom fell out! Two weeks after graduation, I got laid off. Quickly, all of my investments went away. I was evicted from my apartment. I had to take a step back to an old job and move back into my dad’s basement.

It was like a Job experience for me because I lost all of my material possessions but I didn’t lose my faith. At one of my darkest points, a guy who I had only known in circles, Leonte Benton, invited me to hang out.

It was literally the meeting that changed my life. After I shared my story with him, he insisted on introducing me to this new firm he was working with called T. Dallas Smith & Company. I met Dallas and joined the firm a year later after getting my life in order.

Today, Leonte Benton and I are principals and owners of the commercial real estate firm under the leadership of founding principal, T. Dallas Smith.

L to R – Robert Scott (Principal, EVP), Corey Ferguson (Principal, VP), Dexter Warrior (Principal, COO), T. Dallas Smith (Principal, CEO), Leonte Benton (Principal, SVP), Cedric Matheny (Principal, VP)

How is the firm exposing more Black men and women to commercial real estate as a possible career path?

We cover it from almost every angle. We are the largest African American commercial real estate firm in the country focused solely on tenant and buyer representation so it’s in our DNA.

  • In the community, we work with an organization called Next Generation Men and Women teaching them about commercial real estate; showing them how it applies to their lives and being the example of success they need to see.
  • Because we can’t hire every minority in search of a career in commercial real estate, we partner with high profile organizations like the Atlanta Commercial Board on initiatives that keep diversity and inclusion on the table and at the table. This way, when young black men and women seek positions outside of T. Dallas Smith & Company, we ensure as many companies and firms as possible know their value and see them as positive additions to their workforce.
  • We speak at inner-city schools and universities as often as we are invited.
  • We fill our social media platforms with pictures, stories, tips and facts about the commercial real estate industry and our stake in it. 
  • And finally, we live the life we talk about when we don’t know who’s looking. The best exposure to any life is a living example of that life.
black owned commercial real estate
TDS High school and college interns

What advice do you have for an aspiring commercial real estate professional?

I would advise them to make sure they understand finance and to master Microsoft Office (specifically Excel). Establish relationships within the commercial real estate industry.

Find a mentor. Most importantly, live like a lion! The lion is our moniker because it’s the leader in the jungle. It knows if it doesn’t hunt, it doesn’t eat.

It’s nimble and quick. It patiently studies the terrain and makes its move at the right time and with the right pride (rarely does it travel alone). It’s bold and brave. Live life courageously, listen to your instincts and go for what you want!

What are some 2019 commercial market trends that you expect to continue through 2020?

Rising rental rates.  Over the last 12 months, we have seen rates in Atlanta increase on average 12 percent. This trend is not isolated only to Atlanta, but across all major markets in the US. Companies are making decisions on how they use space differently.

While the bottom line remains significantly at the top, things like atmosphere, culture and space collaboration are also driving how businesses select spaces in preparation for a majority Millennial workforce.

Where do you see the firm 5 years from now?

The firm started from humble beginnings and has been a growing firm since. We have negotiated projects across the country valued at more than $15 billion. I think we will only be limited by our ability to believe in the next five years.

What I would like to see by the year 2024 is our expansion into international real estate, a greater representation of women of color and T. Dallas Smith & Company in the top 10 Commercial Real Estate Companies doing business globally.

–Tony O. Lawson

Related: Family Owned Real Estate Business closes $500 million in Transactions in One Year

Follow us on Facebook, Instagram & Twitter

You might be interested in

Published on
2 mins read

Byron Allen Acquires 11 TV Stations for $290 Million

Byron allen acquires

Entertainment Studios CEO Byron Allen is expanding his TV station holdings with the purchase of 11 small-market network affiliates from USA Television for $290 million.

The largest of the stations is in market No. 79, Huntsville/Decatur/Florence in Alabama. The deal unveiled Tuesday with Atlanta-based USA Television brings Allen’s investments this year in small- and mid-sized market TV stations to $455 million.

In July, Allen Media Broadcasting cut a deal with Bayou City Broadcasting to buy four stations in Indiana and Louisiana for $165 million.

“I have known Byron Allen for decades and we are delighted that these stations will now be part of his dynamic company, and that Heartland management will continue to guide them,” said USA Television CEO Robert S. Prather, Jr. “These stations are dedicated to their local communities and this transaction will enable them to become even stronger on both their broadcast and digital platforms.”

Prather, former head of Atlanta-based broadcaster Gray Television, has been buying up stations during the past few years in partnership with USA Television parent Heartland Media and Atlanta-based private equity firm MSouth Equity Partners.

“Bob Prather is an excellent broadcaster and he has done a brilliant job of assembling a stellar management team to operate these very strong network affiliate broadcast stations,” said Allen, chairman-CEO of Entertainment Studios/Allen Media.

“This is another milestone for our company, as we have now agreed to purchase our second broadcast network affiliate station group within the past three months, and continue to aggressively look for other opportunities to grow our global media company through strategic acquisitions.”

Allen Media is fast becoming one of the nation’s largest African American owners of local TV stations.

The USA Television station deal includes stations in Fort Wayne, Ind. (Fox’s WFFT), Eugene, Ore (ABC’s KEZI), Chico-Redding in California (NBC’s KNVN), Rochester, Minn. (CBS’ KIMT) and Terre Haute, Ind. (CBS’ WTHI).

 

Source: Variety

You might be interested in

Published on
1 min read

Black Banks That Are Still Operating In 2021

black banks

The number of Black banks operating in the U.S. fell 54 percent between 2001 and 2016. Many have either been acquired or have simply gone out of business.

We’ve compiled the most recent and up to date list of the banks that are still Black owned and managed and are still operating in 2021.

Black Banks

Alamerica Bank (Birmingham, AL)

Broadway Federal Bank  (Los Angeles, CA)

Carver Federal Savings Bank (New York, NY)

Carver State Bank (Savannah, GA)

Citizens Trust Bank (Atlanta, GA)

black banks
Citizens Trust Bank

Citizen Trust Bank (Birmingham, AL)

Citizens Bank (Nashville, TN)

Columbia Savings and Loan (Milwaukee, WI)

City National Bank (Newark, NJ)

Commonwealth National Bank (Mobile, AL)

First Independence Bank (Detroit, MI)

The Harbor Bank (Baltimore, MD)

GN Bank (Chicago, IL)

Industrial Bank (Washington D.C.)

black banks
Industrial Bank

Liberty Bank (New Orleans, LA)

Liberty Bank (Baton Rouge, LA)

Liberty Bank (Kansas City, MO)

Liberty Bank (Chicago, IL)

Liberty Bank (Jackson, MS)

Mechanics & Farmers Bank (Durham, NC)

OneUnited Bank (Miami, FL)

OneUnited Bank (Boston, MA)

United Bank of Philadelphia (Philadelphia, PA)

Unity National Bank (Houston, TX)

 

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram & Twitter

 

You might be interested in

Published on
3 mins read

Queen Latifah is Investing in a $14 Million Real Estate Project in NJ

Hip-hop icon Queen Latifah is returning to her hometown of Newark to invest in a cluster of multi-family town homes along Springfield Avenue and South 17th Street.

The $14 million project is expected to break ground in the summer.

Latifah, a co-president of BlueSugar Corporation, is working with GonSosa Development on the project, which is anchored outside of the city’s downtown, spanning the West and South wards.

The project includes 20 three-family town homes and a three-story mixed-used building with an additional 16 units. Plans for the building include a fitness center and 1,900 square feet of commercial space that will be rented to nonprofits. The 60 units in the townhouses will be market rate; the 16 units in the building will be affordable.

A rendering of the 76-unit residential town homes coming to Springfield Avenue and South 17th Street in Newark. (Courtesy: BlueSugar Corporation and GonSosa Development) BlueSugar Corporation and GonSosa Development

Rents for the market rate units will start around $1,800 a month and are expected to open by December 2020. The affordable housing building is expected to be finished in December 2021; units there will be priced according to a person’s income.

Cristina Pinzon, a spokeswoman for the developers, said both companies recognize the need for affordable housing in and around Newark.

A rendering of the 76-unit residential town homes coming to Springfield Avenue and South 17th Street in Newark.  (Courtesy: BlueSugar Corporation and GonSosa Development) (BlueSugar Corporation and GonSosa Development)

“They understand how difficult it is to make ends meet for many residents and want to be part of the solution. They remain dedicated to making life better in communities like Newark,” she said in a statement.

Latifah, who was born in Newark and raised in East Orange, has previously embraced her Jersey roots. As the commencement speaker for Rutgers-Newark last May, Latifah told the graduating class, “I couldn’t be more proud to be one of Newark’s own today, this is home.”

“Today’s Newark is stirring again, stirring because our greatest export was never a product, it’s always been the people. People like each of you — unique, strong, creative individuals,” she went on to say.

Source: NJ.com

You might be interested in

Published on
4 mins read

Former NBA Star John Salley Invests in Plant-based Pesticide Company

john salley

Four-time NBA champion, vegan, and wellness entrepreneur John Salley has acquired an equity stake in plant-based pesticide company, PureCrop1.

“I have successfully invested in several early-stage companies and feel PureCrop1 is a game changer, valuable to all sizes of Agriculture and can also be utilized by many companies I work with,” Salley, who will also act as a spokesperson for the company, said in a statement.

john salley
Four-time NBA Champion John Salley, PureCrop1 President Chris Hale and Founder Ray Drysdale

According to the website, PureCrop1 makes biodegradable, nontoxic pesticides from renewable, plant-based sources like grain and seed crops. Compared to Monsanto, known for the controversial use of Roundup, PureCrop1’s formula leaves no poisonous residue on crops and is safe for people, animals, and the planet.

He continued, “It’s all about clean Agriculture, and elimination of toxic products sprayed on our fruits, vegetables, plants and of course the exploding cannabis industry. From my vantage point, PureCrop1 is an elite natural product, and is poised to grow by leaps and bounds in all forms of Agriculture.”

According to PureCrop1, its nontoxic pesticide has been proven to be effective in providing crops with natural resistance to disease and insects.

“I am really happy and excited to have John part of our team. John is well known, an intelligent successful business professional, and active in a healthy lifestyle,” said Ray Drysdale, founder of PureCrop1.

Championing a Safer Cannabis Industry

This is not the first time that the former athlete has invested in green businesses. Salley is a known cannabis reform advocate who also champions safe pesticides. Last February, Salley took an ownership position in GreenSpace Labs, a biotech company that provides testing services, lab supplies, and software to medical cannabis patients and growers. He aided in the launch of the GreenLite Screener, the company’s mobile pesticide screening device.

“I got involved with GreenSpace because I believe in the importance of clean cannabis, same as I believe in the importance of clean food,” Salley told Benzinga last March. “I always saw on movies that every drug was tested for purity. So why not test cannabis?”

Earlier this year, Salley co-founded the premium cannabis brand Deuces22 with his daughter, Tyla Salley, who serves as president and CEO. Named after the Brooklyn native’s NBA number, the LA-based company produces sustainably-sourced pre-rolls, vape pens, and topicals.

“There are a lot of cannabis brands all over the industry now, popping up and shutting down. But I wanted to make sure our brand was organic and, at the same time, luxury,” Tyla said. “I wanted people to know they can trust us, that we are not going to give them anything that can hurt them, but also that all the cannabis we provide is top shelf in every aspect, every time – and maintain this consistency over time.”

The pair hope to make Deuces22 the first CBD company to be available in CVS and Walgreens pharmacies.

Source: Live Kindly

You might be interested in

1 … 3 4 5 6