Black businesses were particularly hit when the pandemic hit in 2020, but they bounced back faster in 2021 compared to other ethnic groups, research has shown.
As the possibilities for another recession grow, what might Black-owned businesses do? What did they do to prepare? Will the flood of support, like the “Buy Black” movement, remain strong during an economic storm?
For (bes) Culture explores about this topic with some Black business owners and experts.
One is Kevin Cohee, the CEO of OneUnited Bank, which pays itself as the largest bank owned by Black. He said Black America is better positioned to face a downturn now than ever before. The economic strength of this demographic can help dictate the fate of many Black-owned businesses, especially those like OneUnited. “We’re moving away from the old model of … the last hired and the first fired,” Cohee said of Black America.
But there may be some vulnerabilities for Black business owners, according to Robert Fairlie, a professor at the University of California, Santa Cruz. “If we fall into a recession, I predict it’s not good for Black-owned businesses,” Fairlie said. Forbes. He added that many businesses are already struggling with the pandemic “and don’t have enough reserves of money, owner’s wealth, or access to bank credit to face another recession.” Read more here.
No matter the economic climate, pay to be your true self. That’s just one of the lessons that emerged from For (bes) CultureQueens of Culture event last week. (Shout out to Raquel “Rocky” Harris for holding it back as host!) You owe it to yourself to check out some of the highlights and coverage of the story.
We’ll lose weight if we don’t spotlight some of the HBCU students interning at Forbes this summer: Darreonna Davis, Ariyanna Griffin and Arianna Johnson. They are members of this year’s Forbes HBCU Scholar Journalist Program (formerly called the Forbes Fellowship Program). Check out their latest stories below:
Black Women Are Less Likely To Get Quality Feedback At Work. That Affects Their Income And Leadership Opportunities Over Time
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Are Black Businesses Ready For Another Recession? Even though Black business ownership rankings have changed dramatically after the 2020 recession, many still have some weaknesses that have existed in the past, such as low cash reserves and difficulty in managing. -access credit in relation to other groups.
Why Forbes Queens Of Culture Says Reality Is Your Greatest Power For (bes) Culture Raquel “Rocky” Harris, from left, sat down with celebrity publicist Yvette Noel-Schure, Sunny Hostin of ABC’s “The View,” Recording Academy co-president Valeisha Butterfield Jones, and longtime Hillary Clinton aide Huma Abdein for a frank conversation about what it means to be a trailblazer as a woman of color.
College Sports’ ‘King Of NIL’ Racks Up Endorsement Deals At A Small HBCUNorfolk State’s Rayquan Smith has partnered with 69 brands, and pocketed five -figure value, in the 12 months since the NCAA began allowing sponsorships for athletes.
Patrick Mahomes, Bubba Wallace Join A16z Cultural Leadership Fund Seeking Black Wealth GrowthNFL star Patrick Mahomes and Nascar driver Bubba Wallace join a growing list of athletes investing in a third fund led by venture capital firm Andreessen Horowitz.
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