8 minute read
Business
Black Professionals Month Offers Support to Community of African-American Entrepreneurs
Stacy M. Brown WI Senior Writer
Despite gains in education and employment opportunities since the civil rights era, Black professionals show a significant underrepresentation in leadership advancement and wealth generation.
A Society for Human Resources Management survey recently revealed that Black professionals hold only 3.2 percent of all executive or senior leadership roles and less than one percent of Fortune 500 CEO positions.
Jerome Hutchinson, Jr., and Denise Kaigler, two African-American entrepreneurs, hope to change the equation dramatically, founding Black Professionals Month [BPM], a strategic initiative to ignite the change they believe African Americans need.
“Since 2007, my companies have connected Black professionals to key relationships, information and opportunities to enhance their career success,” stated Hutchinson, the chief servant officer and founder of ICABA World Network, the world’s leading community-enhancing online network for Black professionals and entrepreneurs.
“By recognizing and convening Black professionals annually, we hope to enhance efforts to increase leadership roles and sustain wealth-building for Black professionals,” Hutchinson stated.
An award-winning digital marketer, career coach and brand and communications strategist, Kaigler called her association with Black Professionals Month a no-brainer.
Kaigler, the founder of MDK Brand Management and author of “Forty Dollars and a Brand: How to Overcome Challenges, Defy the Odds and Live Your Awesomeness,” researched the troubling statistics and immersed herself into Black Professionals Month.
“I was seeing one particular statistic that showed that Black people occupy 3-to-5-percent of all senior and executive-level roles,” Kaigler said. “All of the talk, energy and investments made in diversity, equity and inclusion programs in corporate America are having little impact. The gap hasn’t closed at all in the past five-to-10years, so something must be done. Black Professionals Month is an opportunity to help Black Americans increase our presence around the world.”
On Friday, October 1, an unprecedented 31 days of virtual programs, events and recognition kicked off to help ignite the leadership advancement of Black professionals.
Hutchinson and Kaigler have dedicated the month to build sol-
5 Jerome Hutchinson, Jr., and Denise Kaigler. (Courtesy photo)
id collaborations, enhance leadership and secure and sustain greater wealth for Black professionals globally.
Visitors can participate in interactive BPM “mainstream” to “top tier” career advancement workshops that focus on personal branding, leadership development and career pathing.
Discussions will center on issues affecting Black professionals in the workplace and organizers plan to help honor diversity leaders during the Diversity, Equity & Inclusion Conference and Awards.
Hutchinson and Kaigler said attendees will be able to network with company leaders during BPM “Industry Spotlights” and learn about and explore potential career opportunities across select industries.
They also can attend subject-matter expert events to “deepen the understanding of critical areas that can impact the growth and advancement of Black professionals.”
“As a Black woman and former C-suite executive, I am deeply passionate about developing programs that can help Black professionals overcome challenges and reach their career goals,” Kaigler insisted.
Over the past 12 years, Hutchinson noted that he’d built a network of more than 13,000 Black professionals and entrepreneurs.
“We are looking to be that onestop-shop, if you will, for Black professionals who want to connect, collaborate and build a trusted community,” Hutchinson said. “We didn’t want this as a one-off. We wanted something sustainable. I shared my ideas with [Kaigler] and this is not going to stop. It’s really a movement.”
The cost to register to attend Black Professionals Month ranges from $49 for a day pass to $99 for the leader package. An executive package, which includes an entire month of access to programs and events, costs $199.
To learn more, to attend or to become a sponsor, visit www. BlackProfessionalsMonth.com.WI @StacyBrownMedia
African-American Entrepreneurs Head SPAC in $126.5 Million IPO to Acquire Black-owned Firms
Stacy M. Brown WI Senior Writer
Shawn Rochester, who authored “The Black Tax: The Cost of Being Black in America,” and Robin Watkins, a highly-regarded financial and operations accountant, have made Wall Street history.
In fact, they stand poised to break through more barriers in the financial world.
Their latest venture, Minority Equality Opportunities Acquisitions, Inc. [MEOA], has raised $126.5 million, earmarked to help minority businesses and enterprises grow and prosper through mergers and acquisitions.
“It’s amazing to be a part of this,” said Watkins, a Drexel University graduate.
While Rochester serves as CEO of MEOA, Watkins counts as the company’s CFO.
“I come from a family of entrepreneurs,” Watkins remarked in an interview that took place inside the National Newspaper Publishers Association’s new state-of-the-art television studios in the District.
Because her grandfather owned a trucking company and café in Lawrenceville, Virginia with her father and other family members establishing themselves as entrepreneurs, she leaped at this latest opportunity.
“It’s historic and it’s amazing,” Watkins stated.
MEOA raised the money after its initial public offering in August and now counts as the first special purpose acquisition company – or SPAC – headed by African Americans.
“We are trading now on the Nasdaq under MEOAU,” said Rochester, who earned a master’s degree in Business Administration from The University of Chicago Booth School of Business with a focus in Accounting, Finance and Entrepreneurship.
MEOA will target MBEs and Black-owned businesses nationwide.
“We’re really a blank check company that’s funded through an IPO,” Watkins said. “The funds are held in
5 Shawn Rochester and Robin Watkins are poised to break through more barriers in the financial world. (Courtesy photo)
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Chase Bank’s $30 Billion Racial Equity Program Reaches Wards 7 and 8
DR Barnes WI Staff Writer
When banks are closing branches all across the country and more consumers are accessing banking services digitally, JP Morgan Chase is doing just the opposite in its effort to bridge the racial wealth divide in black and brown communities.
Wards 7 and 8 community leaders were joined by Chase President & CEO Jamie Dimon, D.C. Mayor Muriel Bowser and a host of Chase executives at the grand opening of its newest branch and the Greater Washington region’s first community center bank at the Skyland Town Center in Southeast on Tuesday, Sept. 28.
This is important because we’re sitting here in the most powerful city in the world where economic disparities which continue to exist in the Nation’s Capital remain unacceptable. They are not sustainable,” said Peter Scher, head of Corporate Responsibility and chair of JP Morgan Chase Mid-Atlantic Region.
With about one-quarter of Washington’s population either unbanked or underbanked and 26% of the D.C. area below 200% of the federal poverty line, Dimon said in an interview with The Washington Informer, “COVID-19 and the murder of George Floyd pointed out what we already knew -- that the Black community has been left back for a long time.”
“I’m not diminishing that we aren’t the greatest society on the planet but we’ve got to look at our flaws,” he said.
In October 2020, JP Morgan Chase, the world’s leading financial services company, announced a $30 billion commitment to advance racial equity.
“We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people,” Dimon said during the announcement. “It’s long past time that society addresses racial inequities in a more
5 D.C. Mayor Muriel Bowser with JP Morgan Chase President and CEO Jamie Dimon cut the ribbon of the new Chase Banking Center at its official grand opening at Skyland Town Center in Southeast. (DR Barnes/The Washington Informer)
tangible, meaningful way.”
Dimon said he is “gratified to see a lot of companies, and white CEOs raise their hands and say, ‘We have to do more.’”
Chase is going a step further.
“This $30 billion effort is huge,” he added. “It’s one of the biggest you’ve ever seen -- $80 billion in mortgages for Blacks and Latinx; $12 billion in affordable housing; $350 million for small businesses -- and a lot for financial education. But at the end of the day, a lot of it happens here,” he said as he looked around the inside of the third-newest Chase branch east of the Anacostia River.
The branch’s mission is to help residents and small businesses in wards 7 and 8 realize a better financial future through free financial health and home buying workshops, business mentorship, skills
CHASE Page 22
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