WASHINGTON, D.C. – Why have middle-income African Americans and Hispanics seen little, if any, improvement in their economic status relative to whites?
New research from the Urban Institute's Opportunity and Ownership Project points to an ever-widening wealth chasm.
In 2010, white families averaged six times the wealth of African-American and Hispanic households ($632,000 versus $98,000 and $110,000, respectively), up from a 5-to-1 ratio in 1983. Wealth is total assets, such as bank and retirement accounts and home value, minus debts, including mortgages, student loans, and credit-card balances.
(The New Tri State Defender is exploring the behind-the-scenes work in building more minority- and women-owned businesses. This is installment two.)
The revolution would be televised if the City of Memphis lost much-needed funds because its Division of Finance used vendors that were not up to snuff – minority- and women-owned businesses or not.
Avoiding potential mistakes in the process of finding qualified MWBEs is part of the job assigned to the city's Office of Contract Compliance. That work is being carried out amid periodic expressions of sheer dissatisfaction, such as voiced at the Minority Business Development Oversight Committee (MDOC) last week (April 17). In that instance the rub was unhappiness about the level of MWBEs the Division of Finance uses to assist in managing the city's $2 billion pension fund.
Bank On Memphis' celebration of National Financial Literacy Month culminates Friday (April 26) with a series of financial literacy workshops at Court Square downtown.
Several Bank On Memphis partner financial institutions and credit counseling services will discuss savings and checking account options, as well as tips for credit repair.
The National Foundation for Credit Counseling recently released the results of its annual Consumer Financial Literacy Survey noting that only 40 percent of adults have a budget and track spending. Research from credit data management firm TransUnion Interactive Inc. shows that the Memphis metro area had the lowest consumer credit score among major metropolitan areas.
Ron Busby, president of the U.S. Black Chamber, Inc., will be the keynote speaker at the 2013 Annual Benny Awards Lucheon sponsored by the Black Business Association of Memphis (BBA).
BENNY is an acronym for Black Entrepreneurship and Networking Need You. The BENNY Awards recognize "superior achievement in business by minority- and women-owned businesses and by supportive corporations."
The luncheon event will be held on June 21st at the Memphis Marriott, 2625 Thousand Oaks Blvd., from 11:30 a.m. to 1 p.m.
As the owner of the Hattiloo Theatre, Ekundayo Bandele is bringing the arts to a community that just may need a reminder of its great history. The productions coming from his stage rival those in other metropolitan cities, including Chicago and New York and maybe even London, England.
Carlee McCullough: What brought you to Memphis?
Ekundayo Bandele: I first moved to Memphis in 1994 with my youngest daughter, Hattie, and then in 1995 Lou was born. I moved here to care for my father who was then ill. My father died in 1996. I left Memphis and returned to New York. I traveled through Europe. I was in Spain, France and England before I returned to New York as an art broker. I moved to Memphis in 2004 permanently to be closer to my girls.
One of the city's least known – but arguably most important – committees held its most recent meeting on April 10th.
Mandated by city ordinance, the Minority Business Development Oversight Committee is charged with assuring that the city's minority- and women-owned businesses (MWBEs) get a fair chance at gaining contracts from both the public and private sectors.
The meeting's agenda called for evaluating a report (from the city's financial management office) that outlined local and MWBE firms' inclusion in managing the city's pension fund. Also on tap was a review of the Memphis Police Department's business plan as an example of forward-thinking MWBE inclusion. A third item related to refining the committee's mission and vision statements.