Veridian Credit Union’s Post

Black businesses are struggling to thrive, and the fight against racial justice makes it harder A new report from the Alliance for Entrepreneurial Equity finds that Black business owners still face barriers that keep them from thriving, such as lack of access to capital. Black-owned businesses are: Growing, but still underrepresented. Often shut out of financing. Starved for venture capital investment. Underrepresented among government contracts. The 2024 State of Black Business report, just released by the Alliance for Entrepreneurial Equity, finds that Black entrepreneurs face persistent obstacles in getting access to capital, markets, and resources. For our nation’s economic strength and resiliency, it’s imperative to remove systemic barriers and foster a more equitable ecosystem for entrepreneurs. But activists against racial justice, backed by dark-money foundations, are intent on preserving racial inequality by tearing down programs and initiatives aimed at leveling the playing field.

This article from Fast Company strikes a familiar chord, explaining that the American dream of business ownership seems frustratingly out of reach for many Black Americans. It details how they face significantly lower approval rates from banks and lenders than white-owned businesses. I applaud the work of the Business for Good program, featured in this piece, who is working to help level the playing field for Black entrepreneurs. #WealthGap

🏆 BlackTies Member Spotlight 🏆 Meet Shay Myers, creator of Finance for the Culture, an educational platform that provides accessible and digestible financial education to everyday Canadians. She dismantles the fear of finance by simplifying key financial concepts so people can understand how money works and build financial confidence. Just three years ago, Shay had $200 to her name and a 476 credit score, but when she learned the rules of the money game and applied them, her life changed. She saved $40,000 in 9 months and invested $20,000 by the end of that year. She became a licensed financial advisor and educator because she realized she could make systemic change through financial education. “I've inspired countless black folk to address their financial concerns and to ask for help. I've helped them understand how money works, get out of debt, and pay off their student loans and car within 1-2 years. By implementing tools to build wealth for themselves and their families.” So far, Shay has hosted 100+ workshops and helped clients pay off over 100k in debt. She has been featured on TVO Today on The Agenda with Steve Paikin's show twice, as a panellist. Finance doesn’t have to be stiff or overwhelming. Shay’s mission is to revolutionize the industry by taking a holistic approach, building long-lasting relationships and helping people make solid financial plans. The people who inspire her: Sasha Ruddock, Michael M, and kids. #FinancialAdvisor #Finance #BlackExcellence #BlackTies

Supporting Black-owned businesses shouldn't be a trend – it ought to be an act of solidarity and empowerment. In these challenging times, many Black entrepreneurs are facing uphill battles to keep their dreams alive. We must rally together to uplift and support them. Whether it's spreading the word, making a purchase, or simply offering encouragement, every action counts. Let's be their allies and champions for Black-owned businesses today and every day. #SupportBlackOwned #CommunityStrong #SmallBusiness #DM_Konsultants #entreprenuers #womenowned https://lnkd.in/evkFu4qC

As we celebrate #BlackHistoryMonth, many #creditunions are looking for ways to strengthen trust with the African American community. This article from the Urban Institute discusses the history of Black consumers in America, and provides strategies on how to strengthen their engagement with the financial system. Read it here: https://lnkd.in/gFGXHnjG

Doing Business as a Black Man in the UK: Facing the Harsh Reality of Racism Being a Black man running a business in the UK comes with challenges that extend far beyond typical entrepreneurial hurdles. The deep-rooted racism in the UK banking system, along with other institutional biases, affects every aspect of business operations, limiting opportunities and success. Lack of Support and Opportunities Beyond the direct financial discrimination, Black business owners frequently encounter systemic barriers to business networks, mentorship, and support programs. Many feel sidelined from key opportunities or unfairly scrutinized by investors, clients, and suppliers. Even within business circles, the lack of diversity in leadership often perpetuates the exclusion of Black entrepreneurs from mainstream business ecosystems. Everyday Racism in Business Transactions Racism for Black businessmen isn’t limited to major financial decisions; it shows up in daily transactions and interactions. From being treated with suspicion by bank representatives to receiving lower-quality service, racism is a constant presence. This treatment creates additional stress and frustration, impacting business operations and decision-making. Consequences for Business Growth These forms of racism have a tangible impact on the success of Black-owned businesses. The inability to secure financing, lack of access to opportunities, and constant pressure from discrimination can stifle growth, innovation, and competitiveness. Many Black entrepreneurs are forced to work harder to overcome these barriers, with fewer resources and less support. The Path to Change Addressing these entrenched forms of racism in the UK’s financial and business sectors is essential. Banks must take meaningful steps to eradicate discriminatory practices, promote fairness, and ensure equal access to resources. Without systemic change, Black business owners will continue to face significant disadvantages that hold back not only individual success but also broader economic progress. For Black men doing business in the UK, racism is a harsh reality that reveals itself at every turn, from securing financial support to daily transactions. Confronting and dismantling these barriers is crucial for creating an inclusive, thriving business environment.

At Chartway, all backgrounds, viewpoints, and life experiences are welcome, knowing this commitment strengthens our credit union family and our communities. As we commemorate Black History Month, we invite you to check out our blog post, "Black History Month: The Key to Generational Wealth." Join us as we explore the importance of generational wealth in the Black community and gain valuable insight on how to achieve it in today's economic climate. Read here: https://bit.ly/49ncysO

Black History Month is a time to honour the past, but also empower the future. This week, I got the opportunity to write about how my Caribbean background has influenced my relationship with money. Here are three important money lessons I’ve learnt so far: 1. Investing doesn’t discriminate. Everyone deserves the opportunity to grow their wealth 2. There’s power in investing little and often 3. Read more, learn more. Arm yourself with knowledge to build confidence What important money lessons have you learned? https://lnkd.in/eTM76dNb