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U.S. District Judge Linda Taylor has halted the Trump administration’s proposal to freeze federal loans and grants. In a ruling delivered on Tuesday, January 28, Judge Taylor condemned the policy as “arbitrary and capricious,” pointing to language from the administration’s memo that failed to sufficiently justify the freeze or address its potential impact on millions of Americans. This decision is a significant development in a case closely watched by students, homeowners, and small business owners nationwide. According to the Associated Press, the White House memo, dated earlier this month, proposed suspending federal loan and grant disbursements to “mitigate fiscal risk” and “streamline budgetary concerns.” Judge Taylor, however, pointed to specific language in the memo that acknowledged the policy would lead to “temporary disruptions” in funding for programs supporting vulnerable populations. In her decision, she highlighted that the administration’s justification failed to...
Draya Michele — model, swimwear designer, actress, and frequent Twitter trending topic — has some questions, and we’re here to answer them. In a tweet, Michele called out her “scamming scammers” and asked about the steps to paying back an SBA (Small Business Association) loan, under which falls other loan types like the aforementioned PPP loans. Hey I got a question for my little scamming scammers. Lol. If you get a SBA loan and it’s under a business name what are the steps to paying it back and if it is under the business name and you go into default does it go under your personal credit? — Draya Michele (@drayamichele) March 17, 2022 As one might imagine, the comments did not go over well, with one alleged former employee of the SBA summing up the answer as succinctly as the social platform would allow. I worked for SBA for 3 years. With a question like this, you giving them every reason to look at you and they will — The Cowboy Isley (@HankorJefe) March 17, 2022 Fortunately...
Kevin Durant has been making business moves all year round, and his latest venture marks a new milestone. According to Adweek, Durant and his manager Rich Kleiman recently inked a two-year partnership with blockchain platform Dapper Labs’ NBA Top Shot. Their multimedia platform Boardroom will feature Dapper Labs’ NFT marketplace for NBA Top Shot — making Durant the first player to back NBA Top Shot. As previously reported by AfroTech, Boardroom — which relaunched in 2021 — is backed by Kevin Durant and Kleiman’s investment firm Thirty Five Ventures. The platform’s coverage for NBA Top Shot will include news and feature stories, giveaways, spotlights around key moments, fan-to-fan trading and behind-the-scenes video content, Adweek reports. “Through NBA Top Shot, Dapper Labs has proven that they can provide not just value but community with basketball fans, and they were able to build trust with fans very early on in the crypto space,” Durant said in a statement to Adweek. “Still,...
Kevin Durant is one of the latest public figures to lend a helping hand to the cannabis space. However, instead of cashing in like other celebrities, he’s more focused on a plan to destigmatize the industry. Earlier this month, the Brooklyn Nets player and his investment firm, Thirty Five Ventures, in addition to its sports media network, Boardroom, inked a multi-year deal with cannabis e-commerce company Weedmaps — dubbed the “Yelp for pot.” The inclusive collaboration will reportedly combat the many misconceptions around cannabis and advocate for its legalization. Moreover, the new partnership includes a sponsorship deal with Boardroom that will help advance the conversation around athletes’ use of cannabis and its wellness properties that can be beneficial for recovery. In addition to that, Boardroom will also work with Weedmaps to produce an original content series, which is tentatively slated to debut in 2022. “Now more than ever, there is so much opportunity for growth in the...
As it pushes to support more Black and Latinx women entrepreneurs in innovation and technology, New Jersey-based digitalundivided launched a new fellowship program, according to a news release. The social impact nonprofit is hosting the Do You Fellowship as a 12-month program to boost 12 Black and Latinx women founders with coaching support, $5,000 in funding and other professional development resources. The inaugural cohort will also receive access to digitalundivided’s newly formed Mentorship Council which is a growing network of CEOs, investors, industry leaders and other supports looking to help guide minority women founders. “We launched the Do You Fellowship to better position these diverse founders to lead, raise capital, become profitable, and scale,” Lauren Maillian, CEO of digitalundivided, said in a release. “The Do You Fellowship received incredible support from corporate, foundation, and accelerator partners, all eager to invest in this first, powerhouse cohort of...
Two days ago, President Joe Biden rolled out a fact sheet on his proposed American Rescue Plan. Now, Black-owned businesses are waiting at the ready to see if, indeed, the new Democratic president will do better by them than his predecessor. In a statement posted to the White House’s official website, the Biden administration acknowledged that one in ten Black workers, and one in 11 LatinX workers, are unemployed as a result of the COVID-19 pandemic. To that end, then, his proposed American Rescue Plan will not only address this growing racial and economic disparity but will infuse additional money to the Black-owned businesses who were all but forgotten in the previous round of Small Business Administration (SBA) funding and Paycheck Protection Plan (PPP) loans. The comprehensive plan will also address other socio-economic issues created by the COVID-19 pandemic, including the growing hunger crisis, the increased assistance to veterans, and “equitable delivery” of additional...
Young entrepreneurs are disproportionately suffering in the U.S. industries hardest hit by the coronavirus pandemic. LendingTree researchers found that 45% of businesses with owners younger than 25 years old are in industries with unemployment rates higher than the national average of 13% in May. That figure jumps to nearly 47% for business owners between the ages of 25 and 34. These hardest-hit sectors make up 40% of all businesses in the U.S. Many of these nonessential businesses closed their doors at some point in recent months to obey government mandates meant to limit the spread of the coronavirus. Most are reopening — as of this writing, about eight in 10 businesses in the U.S. are fully or partially open as local authorities ease restrictions. Key findings Young business owners operate in high-risk industries Asian business owners vulnerable to pandemic effects Methodology Key findings Across every industry, the majority of business owners are white and male — 85% of business...
From entrepreneurs and small minority-owned businesses to Black and brown communities, low-income and financially-excluded individuals in America deal with many social and economic disadvantages that make it difficult to seek out loans. According to Forbes , minority-owned firms are much less likely to be approved for small business loans than white-owned firms, which speaks volumes considering minority-owned establishments lead a significant portion of the nation’s businesses. A 2017 report from the FDIC stated that 6.5 percent of U.S. households were unbanked and 18.7 percent were underbanked. Of those unbanked households, more than half cited not having enough money to keep in an account. In an effort to solve these issues, Kiva and SoLo Funds have partnered together to offer these populations of people affordable loan products for personal and business lending. Both companies have supported thousands of Americans through their communities of lenders, according to Kiva’s blog ,...
Last week the government’s Payment Protection Program (PPP) came under fire after major corporations received millions in COVID-19 relief while small businesses were denied any federal aid. Now, Black government officials are calling for more to be done in the area of small Black-owned businesses receiving financial help just as the major corporations have. Black Enterprise reports that Rep. Ayanna Pressley of Massachusetts and members of the Congressional Black Caucus are calling for the Treasury Department to compile racial data in regards to which businesses and corporations are receiving PPP funds. Rep. Ayanna Pressley believes racial data is needed to make sure the $349 billion issued by the government via the CARES Act is being allocated fairly. “I’m pushing for that racial data collection when it comes to who the lenders are lending to. That which gets measured gets done,” Pressley told Basic Black . “And so having that data and that transparency in real-time will allow us to...
For business owners who need help funding their venture, loans from the U.S. Small Business Administration can be a popular financing option. The SBA aims to help small business owners who have trouble qualifying for traditional business financing , said Terri Denison, SBA Georgia district director. However, that doesn’t mean everyone with less-than-perfect credit can receive SBA loans. “What we’re looking for is that middle section — the borrower that has a good, solid business plan and idea, but maybe there’s something that’s not quite meeting all the requirements of a lender’s conventional loan,” Denison said. If you fit that description, keep reading to explore the pros and cons of SBA loans. We’ll dive into the benefits of an SBA loan, as well as some downsides you could expect. What are SBA loans? Pros and cons of SBA loans The bottom line What are SBA loans? The SBA doesn’t directly lend to small business owners — rather, it backs loans made through partnering lenders,...
There are many small-business grants specifically catered to women business owners, and we’ve compiled a list of our top recommendations. The number of women-owned businesses in the U.S. has grown 45 percent since 2007, which is five times faster than the national average. As the number of women entering the small-business scene has increased, so have financing options specifically for women business owners. We know how much time can be put into grant applications, so we’ve done some of the research for you. Recommended Databases and Foundations for Women We recommend you leverage free databases and search tools to ensure your search is entirely comprehensive. Although we analyzed more than 100 small-business grants, other grants may fit your business perfectly. GrantsforWomen.org Grantsforwomen.org is the one of the most comprehensive search tools for grants and challenges specifically for women. The site doesn’t have the easiest filtering tool, but it does list dozens of grants...