More Than $1 Billion For Black And Underserved Communities

26 Sep 23 364 1 0

More Than $1 Billion For Black And Underserved Communities

Cool Story - More Than $1 Billion For Black And Underserved Communities

Over $1 billion has been donated to Black and underprivileged communities by a small number of philanthropies. A wealth database, finance for companies and services, and improvements to digital capability are among the initiatives.

The Black Wealth Data Center (BDC), which will host the new Racial Wealth Equity Database, was established by Bloomberg Philanthropies' Greenwood Initiative. The database will help decision-makers, such as practitioners, elected officials at all levels, and donors, as well as journalists who are trying to increase and document economic opportunity by making it simpler for them to identify and evaluate a wide range of indicators connected to economic well-being and advancement by race.

The new initiative will also develop a network of individuals and groups committed to improving the economic well-being of Black families and communities. Prosperity Now, a Washington, D.C.-based nonprofit organization devoted to achieving racial and ethnic economic fairness, supports the BWDC.

On the website of the Black Wealth Data Center, users will be able to review and cross-analyze wealth data by topics such as asset-to-debt ratio, education, employment, homeownership, and company ownership. Users of the database can also compare wealth statistics by area, age, sex, race, and level of education. To provide new tools for the field to better comprehend racial equity data, the BDC's management will consistently add datasets and features to the database. Executives from BWDC will also bring leaders together and hold events about the power of data to advance solutions for racial wealth equity.

In January 2020, when he spoke in Tulsa, Oklahoma to launch the Greenwood Initiative, Michael R. Bloomberg, the founder of Bloomberg LP and Bloomberg Philanthropies, explained the need for the BWDC. Bloomberg spoke at the time about "the immense challenges that so many Black Americans have experienced, not only in building wealth but also in transferring assets to their children and grandkids, as generations of white families have done."

They think they can create a world free of the connection between race and wealth.

The Greenwood Initiative from Bloomberg Philanthropies is a national initiative to increase the rate of wealth accumulation for Black people and families as well as address investment in Black communities across the country.

Through this program, Bloomberg Philanthropies supports and collaborates with leaders and groups from all around the nation to put into action, scale up, and promote initiatives that boost social and economic mobility and lower wealth disparities in Black communities.

The National Neighborhood Indicators Partnership, the Urban Institute, and Data Kind are collaborating with the BWDC to lay the groundwork for additional data sources and to aid in contextualizing the data. To improve the quality of its data, BWDC will work with current data suppliers to enhance the quantity of local data in its database, as well as incorporate data from private sources.

In 2021, Bloomberg Philanthropies donated $1.66 billion. Visit a website to find out more about the Black Wealth Data Center and the database.

The Jackson, Mississippi-based Hope Credit Union also made a $1 billion commitment to enhancing the quality of life in underserved Deep South areas.

In Alabama, Arkansas, Louisiana, Mississippi, and Tennessee, the funding is meant to enhance lives and aid in closing racial and gender opportunity inequalities. Over the next 10 years, according to HOPE authorities, the investment will help more than 150,000 people.

The U.S. Department of Treasury's Emergency Capital Investment Program (ECIP) invested $92.6 million in HOPE. With its regulatory capital structure, HOPE can draw up to $10 in deposits for every dollar in federal money. The ECIP funds will be used by HOPE to import deposits into areas that lack the local resources required to finance businesses, homebuyers, affordable rental housing, healthcare facilities, educational institutions, nonprofit service providers, and other assets required for families and communities to prosper.

According to a statement from HOPE CEO Bill Bynum, "People in the Deep South are extraordinarily tough and can do anything if they have the tools." "With this historic commitment from the Treasury, HOPE will ensure that access to affordable financial tools will no longer be a barrier to success for families, entrepreneurs, and communities in the Delta, the Black Belt, and rural areas and inner cities throughout the Deep South."

The National Business League (NBL) is launching a campaign in Tuskegee, Alabama, to help 1 million Black-owned businesses become more digitally capable and increase their profitability by interacting with customers online. As a part of the NBL's 122^nd-anniversary celebration, the campaign is being introduced.

By 2028, it is intended to move 1 million Black-owned companies into the digital economy. Black Economic Freedom Movement will launch its five-year initiative in January 2023. The new initiative will begin with a $1.3 million freshly designed organizational technology platform developed to promote the digital transformation and empowerment of Black-owned enterprises.

Leaders of the NBL want to create and promote the ideal digital ecosystem so that the 3.2 million Black-owned companies can prosper both domestically and abroad. The NBL's regional offices in Detroit, Atlanta, and Los Angeles, as well as its national headquarters in Washington, D.C., will serve as the campaign's launch points before it moves on to the organization's biggest local chapters in towns, cities, and settlements with a concentration of Black-owned companies.

The Black Economic Freedom Movement's campaign has three main objectives:

League Digitalization: With a $1.3 million technology infrastructure upgrade, the NBL will become one of the first national trade associations in the United States to go entirely digital. This includes a new website, an online chapter portal, a mobile app, virtual meeting and webinar tools, social media platforms, a resource marketplace, and a learning management system.

Digital-Ready Assessment Tool: The NBL will make a deliberate effort to connect technology and mobility resources to help reduce the digital divide between Black businesses and startups while also launching its online digital-ready assessment tool to evaluate the market preparedness of its members.

Digital Resource Marketplace: Over the course of the next five years, the NBL will also make use of online resources to assist Black businesses and professional entrepreneurs in going digital by offering its members a digital marketplace to aid in their recruitment, growth, and education in cities and chapters.

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