Ep. 15: Black Economics 101 with Dell Gines, Federal Reserves Bank of KC.

Black Business Matters. We talk about WHY on our latest episode of SEGUCATED.

Dell Gines, senior community development advisor for the Federal Reserve Bank of Kansas City – Omaha Office addresses one of our most pressing barriers to achieving equality: The Racial Wealth Gap. We dive into building and supporting black businesses and a roadmap for economic success in this COVID-19 era. Learn more about Mr. Gines’ work at https://www.iamdellgines.com/.

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Additional stats:

💰 According to the New York Times, for every $100 in white family wealth, black families hold just $5.04.

💵 The Economic Policy Institute found that more than one in four black households have zero or negative net worth, compared to less than one in ten white families without wealth.

💼 Entrepreneurship plays an important role in building wealth in families, communities, and economies, but the opportunity to start and grow a business is not equal for white and Black Americans.

💵 Black-owned non-employer businesses are less than half as likely to get financing as white-owned firms; as a result, Black entrepreneurs are nearly three times more likely to have business growth and profitability negatively impacted by a lack of financial capital.

💰 Given that 70.6% of Black entrepreneurs rely on personal and family savings for financing, lower family wealth overall drives more of a divide in access to capital.

🎓 In addition, Black Americans hold higher levels of student debt, which has been shown to inhibit entrepreneurship by discouraging risk and inhibiting access to capital.

💵 The economic fallout from the pandemic has hit Black-owned and Hispanic-owned firms particularly hard, exacerbating these trends.

✊🏾 Closing racial divides in entrepreneurship would provide a significant infusion of jobs and economic growth.

More on opportunity gaps in the latest US Chamber Report.