June 10, 2021
LAWT News Service
The Center by Lendistry announced the launch of the Los Angeles County Small Business Resiliency Program. This initiative is a collaborative business advising and education program designed to help minority-owned small businesses in Los Angeles County based in low- to moderate-income census tracts areas.
“Despite being a major hub for diverse small business growth and entrepreneurship, the legacy of institutionalized racism and discrimination still plagues the Los Angeles County small business economy. The Los Angeles County Small Business Resiliency Program brings together a coalition of business support organizations that will leverage each other’s collective strengths to reach underserved businesses and level the playing field for businesses owned by people of color, creating a small business ecosystem that works for everyone,” said Constance Anderson, President of The Center by Lendistry.
The Program offers small businesses the following:
● On-demand webinars serve as a guided prerequisite curriculum for one-on-one advising, which helps business owners to begin thinking critically about how their businesses have been impacted by the COVID-19 pandemic, and how they may need to pivot.
● One-on-one technical assistance (TA), helps businesses address their unique needs, including acquiring new capital and customers, understanding financial, change and risk management, adjusting business models, and operating under new safety regulations.
● Complementary recovery funds to compensate small business owners for the time they spend accessing support through the program. To receive a grant, businesses must first complete the on-demand courses and complete one-on-one business advising services.
Small business owners located in Los Angeles County who are interested in receiving support can click here to find more information about eligibility and program requirements.
The program is part of the Los Angeles County Initiative for Inclusive Small Business (IISB), a collective of economic development organizations, capital and service providers, and local business owners who are working to address the historical barriers that have limited access to entrepreneurial opportunities for business owners of color. IISB was formed following the release of the December 2020 report, Los Angeles County Small Business Ecosystem Assessment by Lendistry, The Center by Lendistry, Next Street and Community Allies, and with financial support from JPMorgan Chase & Co. The report highlighted a shocking discovery that local small business owners face a historic capital gap of $60 billion annually, which has been exacerbated by the pandemic and the resulting financial crisis.
The IISB coalition is led by Lendistry, The Center by Lendistry, Concerned Capital, Next Street, and Community Allies, and includes support and participation from over 40 local organizations across the county. Funding for complementary small business recovery grants has been provided by Banner Bank.
“As leaders of the community we have learned over the last year that none of us can succeed alone,” said Sarah Bowles, Vice President of Global Philanthropy with JPMorgan Chase. “Many small businesses in Los Angeles still require technical assistance to navigate this next stage of the recovery. So as we emerge from this economic uncertainty, it is critical for us to provide resources that support minority small business owners who continue to be disproportionately impacted by the pandemic.”
“Small businesses are the backbone of the local, regional and national economy, and ensuring they have access to financing and financial assistance has been a priority throughout our 130-year history. Helping create this program is one more way we can bring about positive change while helping businesses thrive,” said Mark J. Grescovich, Banner Bank President and Chief Executive Officer. “In addition to this program focused on LA County, Lendistry is assisting us in getting similar assistance to other small businesses in need throughout the California markets we serve.”
Participating business support organizations include: The Center by Lendistry, Asian Pacific Islander Small Business Program, CDC Small Business Finance, Inclusive Action for the City, Los Angeles Regional Small Business Development Center Network, and Vermont Slauson Economic Development Corporation.
June 10, 2021
LAWT News Service
Legendary Banker and Philanthropist Darrel Brown and expert Tax Accountant and Real Estate specialist David Murphy are featured speakers for the Los Angeles Urban League (LAUL) and Parkside Economic Development Corporation (PEDC) Black Wealth Attainment And Retention Program which is set to take place on Thursday, June 10, 2021 at 5 pm PST.
The free webinar is the third of a series of six sessions addressing attaining and retaining wealth in the Black community.
“BWAARP provides financial and cultural insightful information designed to help us attain, retain and transfer wealth to families and enhance our community.
Session three of the series gives us key tools and ideas to gain and maximize home and business ownership,” remarked Rev. Jerrold Smith, chairman & CEO of Parkside EDC. “We are grateful for LAUL’s collaboration and support.”
Building Black wealth and economic empowerment are ideals that the LAUL and PEDC both care about deeply.
The disadvantages that Black and Brown communities face in building generational wealth prompted the two community services organizations to host the series on building Black wealth. Messrs. Brown and Murphy will share their expertise on the topics listed below:
• Get the Lender to Say Yes
• Start and Stay in Business
• Understand the Psychology of Money
• Avoid and Prepare for Audits
• Reduce Capital Gains
“We are honored to be partners with Parkside Economic Development Corporation in this campaign to transfer wealth building information to the Black community,” said Brian K. Williams, chief operating officer of the Los Angeles Urban League. “We are elated to have two of the best financial experts leading this month’s discussion.
Register today for this FREE zoom workshop, A Foundation Built on Home and Business Ownership, at LAUL.org/BWAARP.
The path to financial liberation for the Black community continues with BWAARP, The Black Wealth Attainment and Retention Program Thursday, June 10 at 5 pm PST.
June 10, 2021
By Betti Halsell
Contributing Writer
Chase Bank looks to challenge financial barriers in underserved communities with the modernization of the financial firm itself. May 6, 2021 marked that historical moment of change in Los Angeles; a reimagined financially integrated community center in the Bakewell building, on corner of Crenshaw Blvd. and Vernon Blvd., has created a new model of banking in the Crenshaw District by responding directly to the needs of the surrounding community.
On Wednesday, June 2, JPMorgan Chase Chief Executive Officer Jamie Dimon, visited the new community center branch; he described the cultural evolution of Chase and how the institution looks to become a pillar of growth in the Crenshaw community.
The public center’s goal unites the act of banking and the genuine needs of the community.
Dimon reflected on this intensified process between the community and financial circulation, stating, “A community branch was an idea—we had this $30 billion racial equity commitment which is huge— but at the end of the day, it all takes place on a local level.” Dimon shared his excitement of being a part of this innovation and watching it unfold.
The JPMorgan Chase Path Forward initiative has a mission to address “structural barriers in the U.S. that have created profound racial inequalitiesmade worse by the COVID-19 pandemic.” The $30 billion commitment will support projects geared towards affordable housing, minority-owned businesses, financial health, and workforce diversity.
There is a substantial amount of Black and Latinx families experiencing a housing affordability crisis. According to the data collected by Chase, homeownership among Black and Brown ethnicities are 25 percent lower than their White counterparts. In addition to being more vulnerable as the cost of living rises, recent statistics show 19 percent of South Los Angelenos live below the poverty line. Dimon shared his concerns as Chase looks to “Improve financial health and access to banking in Black and Latinx communities.” They are addressing the racial disparities by diversifying the Chase culture from within the company. The banking firm plans to hire over 100 community managers and open additional Community Center branches in multiple underserved communities.
The Path Forward initiative is actively creating a solution to address multiple social issues. As part of the directive, Chase is promoting and expanding their support in loans and mortgage rates. Some of their goals include financing an additional 100,000 affordable rental units through a $14 billion commitment in new loans and other investments.
Chase has acknowledged “the existing racial wealth gap,” as well as the chronic damage it creates for the people living below the poverty line. The community center is the physical existence of the Path Forward initiative at work.
Steps towards financial literacy and freedom start with the knowledge of real wealth; the Chase community center on looks to circulate the power of monetary growth by providing financial literacy courses and panels on the fundamentals of the economic culture.
Considering the impact of these tutorials, Dimon stated, “We wanted to do more for the community; we wanted to participate more and someone came up with idea to broaden what we do and have a community branch to do community building—not just banking.”
The mission of the new center is focused on the people, which includes the community-based business owners who reside in that area. The reimagined banking experience is one of the first physical molds in California, spawned from the $30 billion, five-year commitment made by the JPMorgan Chase financial firm in response to the racial wealth gap.
The objective for Chase is to be a model for social responsibility, an effort they feel should take place in every major corporation. Dimon provided his thoughts on the Chase community center on Crenshaw Blvd., and how it is aligned with his overall goal for financial corporation. “We’ve done pockets of this all over the place; this seems to be working far better—don’t ask me, ask the clients walking in, and the businesses walking in, and the vendors we hire, and that will be the measure,” Dimon said.
As one walks through the Chase community center, there is a scent of a progressive movement within the branch; daily services of the financial firm will be fully operational, along with an extra cog turning the wheel towards economic growth within the community.
Groundbreaking work is expected of Chase; one of their initial areas of progression started decades ago with The Fellowship Initiative (TFI). According to an article the L.A. Sentinel processed in 2020, “TFI has matched more than 350 high school fellows in New York, Chicago, Dallas and Los Angeles, with JPMorgan Chase employees who serve as mentors,” Dimon stated, who lit up when describing memories of students who he has met over the years, speaking specifically about the collegiate journey.
Peering into the future of Chase, there is a vision for additional community centers evolving into a foundation for growth throughout the nation. Dimon reflected on the people looking to utilize these services, stating, “I hope they get that feeling that things are possible.”
Dimon shared that the only way to know the needs of the people is to directly interact with their community, which is the primary framework during the incubating stage of the community center. He confirmed the breakthrough of this idea came from trying something different.
There is a universal acceptance of everyone when they come through the Chase doors, searching for the financial resources to help raise their quality of life. Dimon admitted to the need of banks to do their share in healing the wound of racial inequality by creating a welcoming place for financial growth.
The Chase Community Center stands a beacon of hope for increased community wealth. The building's owner, Danny J. Bakewell, Sr. greeted Dimon, solidifying the tremendous moment happening in the Crenshaw District. "The Bakewell Company was pleased to participate with Chase Bank in welcoming their CEO Jamie Dimon to their new Crenshaw Community Center branch. I appreciate a person of his financial prowess taking time from his hectic schedule to visit our community. And while his physical presence is meaningful and we praise his efforts, we should also challenge and inspire Mr. Dimon to continue to use his knowledge and influence to support even more businesses and individuals that make up this community. I believe the bank’s new community center, and its financial literacy agenda, makes Chase a strong catalyst in assuring a plan for economic stability and growth for the people and businesses of the Crenshaw District and beyond,” Bakewell, Sr. said.
The local banking center looks to offer modernized services such as a tech bar, public wi-fi, a wide-screen video projection area, and a community workspace that will host financial literacy seminars and panels covering crucial financial topics such as the process of creating and using a savings account, budgeting, credit score improvement, as well as the fundamental steps to buying a house.
Dimon shared his experience in growing with Chase; he has worked in banking for over 30 years. The CEO parted with advice, saying the best thing anyone can do for their finances is to learn. He shared that growing wealth is “learnable.”
“Don’t be afraid of it, learn everything.” Dimon said. The JPMorgan Chase CEO affirmed the essence of the community center program is to make people feel comfortable and welcomed by people who have empathetically been through the same experiences.
The Chase community branch is located in the Bakewell Building on 4401 Crenshaw Blvd, Los Angeles, CA 90043. Learn more about the Path Forward initiative by going to the Chase’s website atwww.chase.com.
June 03, 2021
By Stacy M. Brown
NNPA Newswire Senior National Correspondent
The United States Senate has confirmed Chiquita Brooks-LaSure to head the Centers for Medicare & Medicaid Services (CMS).
The 55 to 44 vote makes Brooks-LaSure the first Black woman to lead CMS in its nearly six-decade history.
The agency oversees Medicare, Medicaid, and the Children’s Health Insurance Program (CHIP).
“During my career, I’ve seen how communities of color too often experience worse health outcomes, which we’ve seen so acutely during this pandemic,” Brooks-LaSure told the Senate.
“Last year in April, my own hometown, a predominately Black community where my parents still live, experienced higher rates of COVID-19 infections and deaths compared to much of the surrounding communities. I look forward to working with each of you to expand access to quality care for all communities.”
The confirmation continues a campaign pledge of President Joe Biden and Vice President Kamala Harris to put together a cabinet that reflects America’s diversity.
President Biden also has repeatedly stated a desire to appoint and hire qualified African Americans for various positions. Earlier this week, Attorney Kristen Clarke won confirmation to lead the Justice Department’s Civil Rights division, making her the first Black woman to hold the post.
Also, Karine Jean-Pierre, the principal deputy press secretary for the White House, became just the second Black woman in history – and the first openly gay individual – to lead an official White House briefing.
The previous administration’s cabinet was dominated by White males, while White women held the press secretary positions.
Republican lawmakers loyal to the previous administration have continued to oppose President Biden’s nominations – particularly nominees who are Black women.
They’ve often used coded, race-baiting, language like “too radical,” to express their opposition to the Black women nominees.
A Georgetown and Princeton University graduate, Brooks-LaSure, had served as managing director at Manatt Health, where she focused on helping clients understand the implications of regulatory and legislative policies across private insurance, Medicaid, and Medicare.
She also served for four years in the Obama administration at the U.S. Department of Health and Human Services, where she worked as director of coverage policy in the Office of Health Reform.
Later, Brooks-LaSure served as deputy center and policy director for the Center for Consumer Information and Insurance Oversight at the Centers for Medicare and Medicaid Services.
While at the Health Department, Brooks-Lasure led efforts to implement the Affordable Care Act.
“We congratulate Ms. Brooks-LaSure on her historic confirmation,” Chip Kahn, president, and CEO of the Federation of American Hospitals, said in a statement.
“While the fight against COVID is not over, as the pandemic winds down, we need to move forward on the broader health care agenda, and I am confident our new Administrator is exceptionally equipped to provide the leadership that is crucial for CMS at this time and beyond.”