‘I would not have gone that fast without him,’ a wine company founder tells MarketWatch.
At Love Cork Screw, a Chicago-based wine company that has sold more than 1 million bottles since 2013, founder Chrishon Lampley says she and her staff always had the talent and capacity to deliver. They just needed more opportunities and more avenues to break into broader markets.
Prospects broadened for Lampley, growing her spot where fewer than 1% of wine industry “negociants” — wine merchants who can handle everything from the purchase of grapes onwards in the wine-making and selling process — are Black women. But, she said, there was a part of her that felt, “Really, it took this for you to see me?” Then there was the other feeling: “OK, let’s roll now.
By the time of Floyd’s death under the knee of a now-former Minneapolis police officer who was later convicted of murder, COVID-19 was already underlining the health inequities between white and Black America. Floyd’s killing also unleashed new waves of attention on inequities perpetuated by historical discrimination in government policy and other institutions — including the chasm between Black and white household wealth.
— LaToya Williams-Belfort, executive director of the Fifteen Percent Pledge In the predominantly white, male world of the building trades, Melissa Blair, the owner of B.A.M. Electrical Contracting in Pennsauken, N.J., remembers when phrases like “participation goals” for including women and people of color would sometimes be a source of tension in conversation. They’re less so now, she said.
Commercial electrical contracting is more lucrative than residential work, Blair explained. But residential work is paid up front, while commercial work pay comes later, when back offices cut checks. As a result, contractors need the capital on hand to front their heavy-duty costs. But John Harmon, the founder, president and CEO of the African American Chamber of Commerce of New Jersey, said he believes the increased opportunities and support for Black-owned businesses are real. “This is not some flash-in-the-pan situation,” he said. “This is absolutely real.”
The Fifteen Percent Pledge, founded in June 2020, is working to have Black-owned brands occupy 15% of the shelf space at national retailers, reflecting the approximate 15% of the U.S. population that identifies as Black or mixed-race. Since then, 28 brands — including Gap GPS , Old Navy and Crate & Barrel — have made the pledge and entered into contracts worth a combined $10 billion in revenue with more than 500 Black-owned businesses.
Excluding pandemic-related assistance, 16% of Black-owned firms last year received all sought-after financing, according to the Federal Reserve’s small-business credit survey. That’s down from 26% in 2019, researchers noted. Among all demographics, 31% said they got all the money they wanted when seeking financing last year, down from 51%.
The agency is balancing quick processing and fraud prevention, Kelley added. The two- to three-week turnaround on loans below $500,000 and one month for loans above $5,000 is “on par with or faster than industry standards,” he said.
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