Business

Black small business owners brace for impact of President Trump’s tariffs

By Gerren Keith Gaynor President Donald Trump‘s Wednesday announcement of soaring reciprocal tariffs on U.S. imports has resulted in a slump in global markets and serious concerns among investors and consumers alike. The concerns are particularly felt by Black small businesses. “I’m concerned as to whether we’ll be able to survive this,” said Gladys Harrison, owner of Big Mama’s Kitchen & Catering in Omaha, Nebraska. Harrison told theGrio that despite opening the soul food eatery’s doors during the 2007 financial crisis and enduring the challenges of the 2020 coronavirus pandemic, “Food prices were very reasonable.” She explained, “We could provide

EDPA celebrates Alabama HBCU Innovation Internship graduates with Day of Development

The Economic Development Partnership of Alabama (EDPA) graduated the third cohort of the HBCU Innovation Internship Program. The event, held at Innovation Depot in downtown Birmingham, was not one of pomp and circumstance but instead was a professional development opportunity for the graduating participants, as well as members of the incoming fourth cohort. Students had the opportunity to sharpen their networking and interview skills with group and one-on-one talks with professionals from Alabama Power and other area businesses and organizations. Graduating participants made presentations sharing highlights of their internship experience. For the second half of the day, the incoming fourth cohort had the chance to

As retailers drop DEI, some Black customers drop them

By Janelle Griffith Protests from conservatives and a new president in the White House who describes diversity initiatives as “illegal and immoral” have cleared the runway for private companies to roll back or completely abandon diversity, equity and inclusion commitments. Companies, including Target, Walmart, McDonald’s and Amazon, announced plans to scale back or cut DEI programs in their businesses, signaling to some Black customers that it’s time to rethink where they spend their cash. NBC News spoke to nearly two dozen Black people across the country about why they are boycotting certain companies and the impact that changes to DEI initiatives

U.S. retailers publicly scrap some ‘DEI’ initiatives while quietly supporting others

Several U.S. retailers that publicly scrapped diversity, equity and inclusion programs — including Target, Amazon and Tractor Supply — are maintaining certain efforts behind the scenes. The three retailers, while they’ve ended DEI programs on paper, have told advocacy groups and individuals they will continue to offer financial support for some LGBTQ+ Pride and racial justice events, as well as provide internal support for resource groups for underrepresented employees. These contradictions between public remarks to investors and those made to individuals or small groups illustrate the tightrope they’ve walked since U.S. President Donald Trump deemed some elements of DEI illegal and threatened possible investigations into firms that practice it. Advocates say DEI programs aren’t

Experian & HomeFree-USA award $40,000 scholarship to Fisk University team for solution to bridging credit education gap among young people

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Courtesy of Fisk University A four-student team from Fisk University took the top prize in the #IYKYK Pitch Competition (If You Know, You Know) for their business idea to make financial literacy and credit education a rite of passage for young adults, sponsored by Experian and HomeFree-USA. Nicknamed Team FinLit, Ansana Regmi, Destiny Marshall, Remilekun Ore and Sovit Lekhak earned a $40,000 scholarship for their proposal, “FinLit HQ.” It’s a personalized gaming experience for teenagers that helps them develop good financial habits and combat money dysmorphia. As they enter their early twenties, users move onto more advanced app-based credit education via gaming missions for real-world financial scenarios,

Paramount ends DEI policies, cites Trump executive order

By Russell Leung, CNBC and Lillian Rizzo, CNBC Paramount Global told its employees this week that it’s ending numerous diversity, equity and inclusion policies, according to a memo obtained by CNBC. In the memo sent to employees Wednesday, Paramount said it would comply with President Donald Trump’s executive order banning the practice in the federal government and demanding that agencies investigate private companies over their DEI programs. Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins cited the executive order in the memo, as well as the Supreme Court and federal mandates, as the impetus for the media giant’s policy changes. Among the changes, the company said it “will no

As retailers drop DEI programs, Black founders could face obstacles to staying on shelves

By Melissa Repko, CNBC Fragrance brand Brown Girl Jane’s perfume bottles sit on shelves at Sephora near some of the most storied labels in the fashion and beauty world, including Prada and Dior. For the Black-owned brand, getting a retailer to bet on it was just the start, Brown Girl Jane CEO and co-founder Malaika Jones said. She said Sephora has supported the company so it can better compete with well-known brands with huge marketing budgets and glossy celebrity endorsements. Brown Girl Jane got a $100,000 grant last year to help grow its business through Sephora’s Accelerate program, which aims to boost founders

The College Cost Reduction Act Would Be Harmful to HBCUs, MSIs, and Their Students

First introduced in January 2024 by Congresswoman Virginia Foxx, the College Cost Reduction Act (CCRA) would represent a significant shift in higher education finance and the student loan repayment system for millions of students and the institutions they attend. From replacing affordable student loan repayment programs to fully repealing regulations meant to protect students from for-profit and predatory colleges, the CCRA would leave many students without protections that ensure they have access to an affordable and accessible college education. Additionally, many of CCRA’s proposals would significantly impact historically underinvested institutions or institutions that serve low-income or minority students, such as Historically Black

Google tells employees why it’s ending DEI hiring goals

By Alex Heath Google is joining Meta, Amazon, and other big tech companies in winding down its diversity, equity, and inclusion (DEI) programs. In a Wednesday memo to employees that I obtained (and you can read below), Google’s head of HR, Fiona Cicconi, said there will no longer be DEI hiring targets due to the company’s status as a federal contractor and recent “court decisions and US Executive Orders on this topic.” As The Wall Street Journal notes, Google also removed a line included in previous annual SEC reports saying that it’s “committed to making diversity, equity, and inclusion part of everything we do.”

50 Plus 1 Sports Will Invest $70M To Save Saint Augustine’s University

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Courtesy of Saint Augustine’s University It’s been a challenging few years for one of North Carolina’s oldest HBCUs. In December 2022, Saint Augustine’s University was placed on probation after failing to meet accreditation standards. The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) removed the HBCU’s membership following significant financial issues, including a $32 million debt and an IRS battle. But the HBCU is inching one step closer to the light at the end of the tunnel after the Black-owned development company 50 Plus 1 Sports invested $70 million to save the university. “We were introduced to the University back in October,

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