On Wednesday, February 16, 2022, 2-3 EST, a Bookings' discussion on the state of black businesses in the US and opportunities for their growth in the future was held online with Andre M. Perry, its presenter, Brookings; Segun Babalola, St. Louis African Chamber of Commerce; Dion Rabouin, Wall Street Journal; Tynesia Boyea-Robinson, CapEq Executive; and Erin Kilmer Neel, Beneficial State Foundation the participants.
It was an upbeat occasion, primarily because several panelists were familiar with the spectacular accomplishments of the government's CDFI--Community Development Financial Institutional Program (came into law in 1994), a major reason for optimism in the redevelopment of black communities and neighborhoods. Another recent development that's taken hold is that financial institutions, whether banks or investment institutions, are hiring as their fund managers, black bankers and legalists; while corporate is hiring black administrators and members on their boards of directors, more so than heretofore! One panelist thought the change was abrupt what with the furor over the death of George Floyd: humanitarian agencies around the world have coughed up large funding amounts for black-owned enterprises, beyond the micro-business size.
The one panelist from a black Chamber of Commerce that has been successful in the St. Louis area said he's been busy, very busy, in putting together loan packages for black entrepreneurs, too.
Evidently, BLACK LIVES MATTER! has had a lasting effect on getting on board the investment global world.
Not just collateral and reserve capital are the pathways to entrepreuneurial success, but knowledge of the community that the businesses are serving has led to additional means to cement loans and grants for new businesses to open up.
What I observed, too, is how enthusiastic and dedicated the panelists themselves were in talking about the near future of black commerce in America. The picture looks bright! Not just in the Southeast US.
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