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Facebook commits $200 million to Black-owned businesses and organizations

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  • Facebook on Thursday announced it will commit $200 million to Black-owned businesses and organizations.
  • Facebook will also commit to increase the representation of people of color in the company’s leadership positions by 30%, including 30% more Black people, COO Sheryl Sandberg said.

Facebook on Thursday announced it will commit $200 million to Black-owned businesses and organizations.

“The past few weeks have compelled us to confront the reality of violence and injustice which members of the Black community face on a daily basis,” Facebook COO Sheryl Sandberg wrote in a post announcing the company’s initiative. “We have shared words of support for our friends, colleagues and communities. We need to take action as well.”

Read more @ CNBC.com

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Beyoncé Drops Surprise Song ‘Black Parade’ To Benefit Black-Owned Small Businesses On Juneteenth

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Beyoncé has pulled “a Beyoncé” yet again—and it comes with a powerful message and purpose.

On June 19—also known as Juneteenth which is the holiday commemorating the effective end of slavery in the United States that has taken on a deeper meaning in 2020 in the midst of calls for racial justice and recognition that Black lives matter—the superstar surprise-dropped her new song “Black Parade,” as well as an extended, five-minute-plus version exclusively on TIDAL.

The track was co-written and co-produced by Bey herself and marks the first new music from the singer since her contributions to last year’s Lion King companion album The Gift. The song’s message is not only meant to empower the Black community, but will also directly benefit Black-owned small businesses.

Beyoncé shared a message celebrating Juneteenth Weekend—deciding to extend the June 19 holiday in a powerful move—and explaining more on the song’s purpose on her website:

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BLACK-OWNED STEM COMPANY LANDS PARTNERSHIP WITH THE NFL

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According to the U.S. Department of Commerce, employment in STEM occupations grew at a much more rapid pace than non-STEM occupations over the last decade: 24.4% vs 4%, respectively. STEM occupations are projected to grow by 8.9% from 2014 to 2024, compared to 6.4% growth for non-STEM occupations.

Shaon Berry, the CEO of Metro Esports, is well-aware of these trend lines and is using his company to bridge the gap for students looking to understand the importance STEM education will play in their futures.

Metro Esports is a digital, social, mobile, and live-event management agency and LAN gaming/training center, headquartered just outside Philadelphia. Known for innovative production, creative thinking, and inclusive market-driven strategies, Metro Esports engages a broad and diverse audience of technology and gaming enthusiasts.

Read more @ Black Enterprise

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75 Black Owned Businesses to Support

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Voting with your pocketbook is one of the best ways to effect change in a capitalist society.


The U.S. is home to roughly 2.5 million black-owned businesses, according to the Census Bureau. Although the vast majority are sole proprietorships or small-scale affairs, an increasing number have regional reach and national ambitions. Below, we resurface 10 black entrepreneurs who have recently been featured in Forbes and provide a directory of an additional 65 black-owned businesses to support. It is by no means an exhaustive list: We aren’t including numerous high-profile celebrity entrepreneurs like Oprah Winfrey or Rihanna or the many successful black business owners who sell services to other corporations, like World Wide Technology’s David Steward. These entrepreneurs and owners sell cosmetics, clothing, books, cars and financial products that you can buy. Fewer offer healthcare or consumer tech products, in part, because they lack access to venture funding. If you are interested in learning more about other black-owned businesses, there are a number of apps and directories online, including The Buy From A Black Woman Directory, The Black-Owned Market, Etsy’s Black Owned Shops, Black Enterprise’s Top 100 list, Bank Black and Bon Appetit’s list of Black-owned restaurants.

Here are 10 black-owned businesses we’ve highlighted in print and online.

Founded by Maitland in 1995, the $9 billion investment firm is an expert in defensive investment strategies involving convertible bonds, designed to protect against downside while capturing most of the stock market’s gains. The firm’s $500 million publicly-traded closed-end fund, Advent Convertible & Income (Ticker: AVK), is the easiest for public investors to access with no investment minimums, but it carries the most risk due to a leveraged structure. Principally owned by Maitland, whose surgeon father once operated on Dr. Martin Luther King Jr., 55% of Advent’s staff are women and minorities. (For more, see our Forbes magazine feature.) 

One of the top-performing investment firms in the world, Brown Capital’s flagship Small Company Fund has generated an average annual return of 12%-plus since 1992, about double the Russell 2000 Growth Index. While that fund is closed to investors, Brown Capital has successfully expanded into international small-cap stocks and mid-cap stocks, which are funds anyone can buy. A former T. Rowe Price portfolio manager, founder Eddie Brown started the business in 1983. Now fully-owned by employees, 70% of the fast-growing firm’s workforce are minorities. (For more, see our Forbes magazine feature.)

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