business

The murder of George Floyd in Minneapolis a year ago put a spotlight on racial inequality in all forms — including business. The resulting conversation about race has changed where many consumers have been spending their cash. Searches on Yelp for Black-owned businesses across the country jumped 3,085% from February of 2020 to February 2021, according to a data analysis by Yelp.

Disparities in family wealth and discriminatory lending patterns are major contributors to Black and Latino entrepreneurs accessing capital and loans to start and grow businesses in Massachusetts, according to a study released by the Boston Foundation last week.

For too long, our education and workforce systems have failed to see Black, Latinx, and English Language Learner students as holders and creators of knowledge. If we want to build the diverse workforce of tomorrow, it is crucial that we invest today in equity-minded systems and practices that value the cultural wealth young people possess and the knowledge, skills, and abilities they bring to the workforce.

Recognizing that something more must be done to address the City of Boston’s persistent and growing racial wealth gap, former Mayor Martin Walsh created the Office of Financial Empowerment (OFE) to connect Boston residents with skills and resources to improve their financial empowerment and advance their economic equity.

When Chef Anthony Caldwell was doing time in state prison, he never imagined he would one day own a popular Boston restaurant or that he would end up on a nationally televised cooking program with celebrities like Martha Stewart.

Under Greater Boston Chamber of Commmerce president Jim Rooney, the influential business organization has another revolution in mind – this one a fundamental change in commercial opportunity for people of color in a nation undergoing a broad racial reckoning.

For many people, credit scores can be intimidating and confusing, involving complex numbers and difficult calculations. The thing is, they’re also important: credit scores can have a major impact on your finances—especially down the road, when you’re applying for a credit card, car loan, or mortgage.

To spur immediate recovery from pandemic setbacks and induce long-term economic and social equity for Black-owned hospitality businesses, Nia Grace and Royal Smith launched the Boston Black Hospitality Coalition.

Jae’da Turner is in the business of spreading the word. The Boston native and entrepreneur runs Black Owned Bos., a platform dedicated to highlighting and supporting Black-owned businesses in Boston.

As part of its virtual event series, the Black Economic Council of Massachusetts held a panel of Black women leaders in business. State Rep. Chynah Tyler joined the conversation with the three entrepreneurs, with WBUR’s Paris Alston moderating.

Although many officials have called for a “return to normal,” millions of small businesses and communities need something new instead. In Black America especially, the “old normal” never delivered equitable access to wealth-building opportunities that served much of white America. Instead, a lengthy history of public policies designed to create and sustain a burgeoning middle class systemically excluded Blacks and other people of color. 

At a City Council hearing on March 19, Boston’s Office of Small Business Development revealed that Grove Hall has the highest rate of empty storefronts in the city. But it isn’t due to businesses folding during the pandemic.