Charlie Corrigan’s Post

Realizing that more must be done to aid in building Black business ownership and retention – the Columbus Urban League has gained the confidence of Goldman Sachs and JPMorgan Chase & Co. that have chosen to make major investments in our programming. CUL has taken the lead in designing services to be culturally relevant, effective and to counteract the structural barriers that exist today.   We are a trusted partner in the small business ecosystem and our entrepreneurial programs work to strengthen the business acumen of the owners, thereby increasing their capability to access capital and contracts.  Firm owners that are challenged with the barriers to receiving the necessary capital to scale and grow, will find the expert coaching and access to the needed resources they are missing from the mainstream banking community. Our Minority Business Assistance Center - Columbus Region partners directly with the Ohio Department of Development - Minority Business Development Division, to support minority businesses with loan products such as the Collateral Enhancement Program (CEP) and Ohio Capital Access Program.(OCAP). Learn more about the Minority Business Assistance Center: https://lnkd.in/gCC6t957 #columbusurbanleague #blackownedbusinesses #minoritybusinessassistancecenter #columbusdispatch https://lnkd.in/gwjpJXpE

Jamie Dimon touts #Florida connections for JPMorgan Chase & Co. — * $210M to #Tampa #economy re a 9K-SF expansion there; 6K #workers * $65M in #charitable contributions * The #namingrights deal for #soccer stadium in #FortLauderdale Overall: 14K #employees in the state, No. 3 for company after #NewYork and #Texas, which each have about twice that. Average #employee makes $87K, twice the state average [which admittedly must be weighted down some by #hospitality-heavy numbers — the shuttle drivers married to housekeepers and so on. "[O]ne-third of all Floridians do business with us through deposits, credit cards or a mortgage,” he wrote in part of his annual letter. Bloomberg #Dimon #banking #jobs #investment #sports #construction https://lnkd.in/gmwJyaWh [Gift link valid for seven days]

Congratulations to the Alpha Kappa Alpha sorority on this power move to economically empower its members, their families and our communities. In light of the racial wealth gap (which has grown, not narrowed over the last 50 years) and the unique financial challenges we face, creating institutions like this that are for us by us can make a real impact. There is power in numbers. Well done, AKAs. Well done. Who's next? "Alpha Kappa Alpha sorority has made history by incorporating its own credit union. The “For Members Only,” or FMO, credit union is now the first Black-owned, sorority-based, women-led digital banking financial institution in the United States. As one of this country’s oldest service organizations, Alpha Kappa Alpha was founded by Black college-educated women. Now, the organization has almost half a million members. Following FMO’s debut at the sorority’s international headquarters in Chicago, Danette Anthony Reed—CEO and international president of AKA—explained the institution’s importance. “Everyone doesn’t understand the impact we make financially, so you have to start doing things so folks know we know how to control our money.”" #aka #alphakappaalpha #business #creditunion #smallbusiness #DEI #blackwomenowned #blackenterprise

In Corporate Responsibility, we operate at the nexus of business, policy, and community, taking a holistic approach to driving inclusive economic growth by bringing together our philanthropy, government relations, research and policy, sustainability, and community engagement functions. In his letter to shareholders, Tim Berry, JPMorgan Chase & Co.'s Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region, writes: “We are not just committed to delivering for communities – we are built for it. With team members around the globe, we partner with local residents to understand what’s happening on the ground and how JPMorgan Chase can use its unique expertise and resources to maximize impact.” Read more: https://lnkd.in/eGkwNAfY

Muriel “Mickie” Siebert was the first woman to become a member of the New York Stock Exchange and the first woman to become the superintendent of banking for New York State. Due to her successes, she became known as The First Woman of Finance. Discover more about Muriel Siebert in this article: https://ow.ly/YfY750QSARu #SenderoWealthManagement #SenderoWomen

A new Black-owned financial institution could emerge west of Texas! The investment group Redemption Holding Co. (RHC), led by former White House Policy Advisor Ashley D. Bell, wants to acquire Holladay Bank & Trust in Holladay, UT, per an outlet. If approved, the Utah financial institution will be renamed Redemption Bank and become the only Minority Depository Institution west of Texas. "All of us require a bank to operate, and the reality was there was no Black-owned bank that we could sit on top of to operate with the way we're currently constructed," Bell told The Sacramento Observer. Alongside Bell will be Dr. Bernice A. King, the youngest child of the late Dr. Martin Luther King Jr. and Coretta Scott King. Per The Wall Street Journal, she will join the bank's advisory board and serve as the senior vice president for impact banking. Read more here ➡️ https://lnkd.in/g5FdWJSy #AFROTECH #Investmentbanking #Banking #BlackOwnedBank

In Corporate Responsibility, we operate at the nexus of business, policy, and community, taking a holistic approach to driving inclusive economic growth by bringing together our philanthropy, government relations, research and policy, sustainability, and community engagement functions. In his letter to shareholders, Tim Berry, JPMorgan Chase & Co. Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region, writes: “We are not just committed to delivering for communities – we are built for it. With team members around the globe, we partner with local residents to understand what’s happening on the ground and how JPMorgan Chase can use its unique expertise and resources to maximize impact.” Read more: https://lnkd.in/eFwpStmd

I can appreciate this point of view a ton.

The reason Black founders are underfunded is because Black capital allocators are underfunded, because Black institutions and individuals with capital are either underfunded or mismanaged. The reason for all this is because we lack any meaningful productive capacity, which means we do not contribute to the economy except as labor and consumers, neither of which have power in Western capitalism. There's no incentive for any other group to solve this problem for us. Civil Rights Era strategies do not work. Black businesses contribute less than 1% to national GDP. Until we address this, everything we do will amount to treating stage 4 cancer with advil. Non-exhaustive list of solutions: 1) Better management of existing resources, such as: a) using political pressure to 10X the number of municipal, state, and federal contracts going to Black-owned businesses, b) demanding that Black institutions move all deposits to Black-owned banks, and increase their private market allocations to Black fund managers (especially VC, PE, and hedge funds), and c) Asset managers coordinating across asset classes (i.e. hedge funds create platforms and aggregate large sources of demand, which are supplied by VC and PE portfolio companies) 2) Every Black accredited investor should have at least 30%-40% of their portfolios in private markets (not including real estate) in order to move the needle. There's another strategy for retail. 3) Picking 1 or 2 HBCUs to focus on and upgrade to R1 research institutions (this feeds more talent & deal flow into the system at early stages and increases the opportunity for massive asymmetric returns) 4) Concentrate the majority of investment activity in bottom-of-pyramid industries, and dominate at least one of them in key markets 5) Coordinate to keep deal flow internal as much as possible. We need to collaborate on pipelines all the way from friends and family through IPO and back into LBO using both private and public equity and debt. 6) Coordinate with African governments and sovereign wealth funds to contribute to their economic development goals and help increase African productive capacity 7) Engage and activate Black employees at every fortune 500 to use their positions to benefit Black-owned businesses (purchasing, distribution, talent, etc.) Finally, we don't need yet another organization or conference or summit to do this. We have plenty if we can get buy-in and effective leadership/management. Unfortunately most legacy organizations are grossly mismanaged and leadership will most likely need to be replaced, governance structures reimagined, and management systems upgraded in most of them. The level of ignorance about basic economic development among the leadership of most Black organizations I've interacted with is truly maddening, but explains why many are focused on the wrong things. Therefore, members of these organizations must stand up and make demands or withdraw support. See comments for how to support.

As part of our Speaker Series, the Black Wealth Club was elated to receive Thasunda Brown Duckett, President & CEO at TIAA. In our conversation, we spoke about how to live your life like a diversified portfolio, how we can close the retirement and wealth gaps for minorities in the US and Canada, and the meaning of wealth. Be on the lookout for upcoming clips highlighting our great chat with Thasunda Brown Duckett. #BlackWealthClub #SpeakerSeries #BlackWealth #BlackLeaders #Finance