WASHINGTON – U.S. Secretary of Commerce Gina M. Raimondo is pleased to announce that the U.S. Department of Commerce Minority Business Development Agency (MBDA) is made permanent and will be expanded and elevated with the passage of this historic legislation. This action allows the agency to increase their programs and outreach to the Nation’s more than 9 million minority-owned businesses.
“President Biden has made clear his commitment to not just rebuilding to how things were before COVID-19, but to building back better and more equitably,” said U.S. Department of Commerce Secretary Gina M. Raimondo. “The Minority Business Development Agency is ready to step into this historic moment and build on its success – because we recognize that America’s road to recovery runs through our minority business community. Making MBDA a statutory Agency provides MBDA with the authorities, workforce and resources needed to help level the playing field on behalf of minority businesses and minority entrepreneurs.”
“The Department of Commerce and MBDA play a pivotal role in promoting the growth and competitiveness of minority-owned businesses,” said U.S. Department of Commerce Deputy Secretary Don Graves. “This legislation is transformative and signifies a new era in minority business development and progress toward addressing the long-standing racial disparities in access to capital, contracts, and business ecosystems.”
“Created by Executive Order in 1969, the Minority Business Development Agency is the only federal agency solely dedicated to the growth and global competitiveness of minority business enterprises,” said Miguel Estién, Acting National Director of the Minority Business Development Agency. “The Minority Business Development Act of 2021 is one of the most significant pieces of legislation impacting the minority business community in the last 50 years. I look forward to helping lead the Agency’s transformation at this critical juncture in our nation’s history.”
The bill expands the geographic reach of the MBDA by authorizing the creation of regional MBDA offices, rural business centers, and increasing the number and scope of existing programs.
The Act also:
Creates a presidentially appointed and Senate-confirmed Under Secretary of Commerce for Minority Business Development to lead the agency.
Increases the MBDA’s grant-making capacity to partner with community and national nonprofits engaged in private and public sector development as well as research.
Mandates the creation of the Parren J. Mitchel Entrepreneurship Education Grants Program to cultivate the next generation of minority entrepreneurs on the campuses HBCUs and MSIs across the Nation.
Creates a council to advise the Under Secretary on supporting MBEs; and
Authorizes the Under Secretary to coordinate federal MBE programs.
The MBDA will report on the implementation milestones of the Minority Business Development Act of 2021 through the website, www.MBDA.gov.
Sources: White House and MBDA • Cover Photo: bdpatoday
JPMorgan Chase reaffirms commitments to creating economic opportunities for Black Americans
WASHINGTON—One year after launching the Advancing Black Pathways (ABP) program, JPMorgan Chase is reaffirming its commitment to help more black Americans achieve sustained economic success. ABP builds on the firm’s existing efforts to help communities of color by focusing on three key areas where black Americans have historically trailed other ethnic groups: wealth creation, educational outcomes and career success.
“We’re committed to bringing the full force of our firm to provide improved access to education, job training and wealth creation for the black community,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “We believe we’ve laid a strong foundation for Advancing Black Pathways to achieve lasting, meaningful impact, but recognize that we have a long way to go towards accomplishing that goal.”
According to Prosperity Now, if the current trends persist, the median wealth of black Americans will fall to $0 by 2053 1. In addition, despite accounting for nearly 13% of the U.S. population 2, black people occupy less than 8% of the nation’s white-collar jobs 3. The educational achievement gap is significant as well. Only 46% of black college students complete four-year degree programs within six years, compared to 69% of white students and 77% of Asian American students 4.
“JPMorgan Chase formed Advancing Black Pathways over a year ago to invest in black individuals, families and businesses in an effort to help more African Americans fully participate in our growing economy,” said Thasunda Brown Duckett, CEO of Chase Consumer Banking and executive sponsor of ABP.
“We’re proud of the progress we’ve made through Advancing Black Pathways to hire more black talent, invest in black owned-businesses and help black Americans of all wealth levels achieve their long-term financial goals. We look forward to building on these efforts for years to come,” Duckett said.
Here are some highlights of what JPMorgan Chase accomplished through ABP to help black Americans in 2019.
1. Wealth Creation:
In partnership with Essence Communications, ABP engaged nearly 16,000 people, primarily black women, in dialogue about how to achieve financial wellness through Currency Conversations. ABP gathered women in bank branches and in other locations nationwide to explore basic financial topics and set goals as a key step towards long-term wealth creation.The firm focused on this demographic because more than 70% of black women are either the sole or primary breadwinners for their families, according to the Center for American Progress 5 .
ABP partnered with the firm’s Supplier Diversity group to support black businesses in 2019, helping to double the number of black suppliers to JPMorgan Chase. The firm was also inducted into the Billion Dollar Roundtable, an exclusive group of U.S.-based companies that have spent at least $1 billion with diverse suppliers, and work collectively to advance supplier diversity.
2. Education and Careers:
ABP created an apprentice program dedicated to helping black college underclassmen get on a path to internships and entry-level roles with the firm after graduation. The initial class of 50 apprentices worked on real-time business challenges for Business Banking clients in Plano, Texas; Columbus, Ohio; and Wilmington, Delaware. The firm hired more than 1,000 black students in 2019. ABP will help drive the firm’s efforts to hire at least 4,000 by 2024 as apprentices, interns and full-time analysts.
Through ABP’s efforts, the firm delivered financial health training to more than 4,000 students, including 2,000 summer interns. The training consisted of live instruction on a wide range of personal finance topics, including budgeting and saving, credit health, and how to manage a monthly budget. Incoming Howard University students were required to take this training as part of their freshman orientation program, which will be delivered to additional Historically Black Colleges and Universities (HBCUs) in 2020.
JPMorgan Chase launched the Advisory Development Program in 2018, which seeks to expand racial, ethnic and gender diversity of financial advisors. Today, with support from ABP, this program has 222 participants—25% of whom are black.”
How JPMorgan Chase Is Building on its Commitment to Helping the Black Community
1. Student Financial Hardship Fund
Through ABP, JPMorgan Chase is committing $1 million to help students attending HBCUs cover the cost of personal finance emergencies. The United Negro College Fund (UNCF) and Thurgood Marshall College Fund (TMCF) will evenly administer these funds to students who attend publicly-supported HBCUs within their respective networks of 84 member schools.
Students can access these funds to pay for a wide range of expenses – including outstanding tuition balances, apartment deposits, unanticipated car repairs, medical expenses, unpaid utility bills and short-term food insecurity. Students can also use these funds to buy textbooks, or travel home for family-related emergencies.
“TMCF prides itself on removing as many barriers to opportunity as possible for the nearly 300,000 students in our 47 member-school network,” said Harry L. Williams, TMCF President and CEO. “Mission-driven partners like JPMorgan Chase understand that finances can be a significant hurdle for our students but they are doing something about it through this important scholarship.”
UNCF President and CEO Michael Lomax said that for low-income families – like those of the 92% of UNCF students who qualify for financial aid – the money needed to handle an emergency can mean the difference between staying in school and dropping out.
“This program is vital because once students leave school due to financial hardship, there is a huge risk that they will never return,” Lomax said. “We owe it to these students to be there for them when their college education is at risk.”
UNCF is the nation’s largest private provider of scholarships and other educational support to African American students.
2. Advancing Black Entrepreneurship
JPMorgan Chase also announced a new initiative to improve access to capital and business advisory services for black small business owners. This initiative— which is still under development and will launch later in 2020— will prepare black entrepreneurs for the loan application process and provide improved access to Chase’s Business Banking advisory services.
To create the program, ABP and Chase’s Business Bank formed a coalition with four partners: the National Minority Supplier Development Council, National Urban League, U.S. Black Chambers and Black Enterprise. McKinsey & Co. and E. Smith Advisors will assist the effort as consultants.
“In addition to homeownership, entrepreneurship holds an important key towards closing the racial wealth divide,” said Sekou Kaalund, Head of Advancing Black Pathways. “Black entrepreneurs are job creators, and possess a net worth that’s 12 times higher than black non-entrepreneurs 6, so we must do our part to promote and advance small business ownership.”
3. Helping Non-Profit Organizations Advance Racial Equity in Local Communities
Prosperity Now: JPMorgan Chase announced a $3 million commitment over two years to help nonprofit leaders of color in Minneapolis and Seattle address racial economic inequality. This new philanthropic investment brings the firm’s support for this initiative to more than $8.8 million across eight cities – Dallas, Wilmington, New Orleans, Miami, Baltimore, Chicago, Seattle and Minneapolis – since 2015. The initiative provides leaders with intensive leadership training, resource development and support for network building to enable them to both help their clients build wealth and strengthen
their organizations. It also supports critical research and policy efforts to help address the racial wealth divide. Research from Prosperity Now shows that from 1983-2013, the wealth of African American households declined by 75% compared with a 14% percent increase for white American households. “Through our partnership with JPMorgan Chase, we are building a national network of leaders of color working to achieve racial economic equity,” said Lillian Singh, Vice President of Racial Wealth Equity. “Through the release of our city-level racial wealth divide profiles, there is consensus that we must address growing racial economic inequality – so we are investing in the capacity and resilience of organizations to harness public, private, philanthropic, and political partnerships as they build power to serve their clients and build community-level assets.”
Inclusiv: The firm is making a $1 million commitment to Inclusiv to help people in low- and moderate-income communities in Detroit and Cleveland, improve their financial health. With JPMorgan Chase’s support, up to 10 Minority Depository Institutions (MDI) credit unions will increase their operational capacity to better serve more people in the communities where they operate. In addition, with JPMorgan Chase’s support, Inclusiv will build tailored FINtech solutions to address the needs of low-and-moderate-income individuals. Inclusiv will share best practices and lessons learned with the 264 credit unions in their network that spans 48 states. “Inclusiv was organized over 40 years ago by primarily minority credit unions, and these institutions continue to serve a critical function today, acting as a force for economic empowerment and inclusion within communities traditionally excluded from accessing safe and affordable financial services,” said Cathie Mahon, Inclusiv President and CEO. “African American credit unions are, and will continue to be, some of the best tools we have to strengthen our communities and fight back against the growing divide of income inequality and the racial wealth gap.”
Additional Efforts by JPMorgan Chase to Help Communities of Color
In addition to ABP, JPMorgan Chase has a number of programs designed to help people of color achieve economic and career success. These programs include:
The Entrepreneurs of Color Fund: A program that has provided support to more than 400 minority-owned businesses through community lending partners across five U.S. metro areas.
The Fellowship Initiative (TFI): The Fellowship Initiative (TFI): Launched in 2010, TFI is a three-year intensive program that provides young men of color with academic support, college preparation, professional development and mentorships. In the decade since TFI’s launch, the program has expanded to serve 200 Fellows across four cities (NYC, LA, Chicago and Dallas). One hundred percent of TFI graduates have been accepted into college. Four have been hired by our firm. JPMorgan Chase is expanding the program and also working with nonprofit partners across the country to implement the TFI model to reach significantly more young men of color.
Advancing Black Leaders (ABL): Launched in early 2016, ABL is a firm-wide strategy focused on increasing black representation across all businesses and levels. The ABL team works with senior leaders and the HR community to identify and implement strategies that close the gap in attracting, hiring, retaining and advancing black talent within JPMorgan Chase. Through strategic sourcing, internal talent development, manager accountability and a focus on students, the program is committed to creating an inclusive environment where all can thrive and advance.
— Source and photos: JPMorgan Chase,H.O.P.E. Project DMV, and National BDPA
WASHINGTON — On May 8, 2019, Congresswoman Eleanor Holmes Norton (D-DC) formally introduced a bill that she and others hope will help to stop federal agencies from overlooking Black-, other minority-, and women-owned businesses when establishing advertising contracts.
The “Federal Government Advertising Equity Accountability Act”, formerly H.R. 7215, was reintroduced in the 116th Congress as H.R. 2576. The new bill requests and requires all federal agencies to include in their annual budget justifications the amount spent on advertising contracts with Small Disadvantaged Businesses (SDBs) and businesses owned by Blacks, women and other minorities in the previous fiscal year.
The legislation, which is co-sponsored by California Democratic Congresswoman Barbara Lee and Wisconsin Democratic Congresswoman Gwen Moore, also requires that each agency provide projections of their spending for the upcoming fiscal year.
“The National Newspaper Publishers Association (NNPA) applauds and salutes the outstanding leadership of Congresswoman Norton for introducing one of the most important Congressional bills to potentially benefit the Black Press of America,” said NNPA President and CEO Dr. Benjamin F. Chavis, Jr.
“For too long, millions of annual federal advertising dollars have not been spent with Black-, other minority- and women-owned newspapers and media businesses,” Chavis said.
Chavis also thanked Representatives Barbara Lee (D-CA) and Gwen Moore (D-WI) for co-sponsoring “this game-changing legislation.”
“We further thank Congressional Black Caucus (CBC) Chair, Congresswoman Karen Bass (D-CA), and all the members of the CBC for their resolute support of the Black Press of America,” he said.
Appropriations Bills Norton and Lee also sent letters to all 12 House appropriations subcommittees requesting that they direct each agency under their jurisdiction to include the pertinent information in their fiscal year 2021 budget justifications.
An accompanying House fiscal year 2020 Labor-HHS-Education Appropriations bill – the first fiscal year 2020 report released thus far and the second largest appropriations bill – further directs the agencies to include data in their fiscal year 2021 budget justifications.
“As the largest advertiser in the United States, the federal government has an obligation to ensure fair access for minority and women-owned media companies,” said Norton, who earlier this month was ranked as the most effective House Democrat by the Center for Effective Lawmaking.
Led by professors at the University of Virginia and Vanderbilt University, the Center for Effective Lawmaking defines legislative effectiveness as the “proven ability to advance a member’s agenda items through the legislative process and into law.”
It’s that reason that Norton and the nation’s Black-, other minority- and women-owned media companies are optimistic that her proposed legislation will aid their businesses, which have long played a vital role in local communities.
“My bill would ensure that federal agencies are striving to reach minorities and women, who often get their news from outlets that serve more specific communities,” Norton said.
Lee added that it’s important that federal agencies comply.
She said that African American-, women-, and other minority-owned businesses should always have a seat at the table when it comes to government advertising and contracts.
Government Accounting Office (GAO) Findings
In 2016, Norton led members of Congress in requesting a GAO report on their advertising contracts.
Released in July 2018, the GAO report showed that, in fiscal year 2017, only 16 percent of the federal government’s advertising contract obligations went to businesses owned by minorities and women.
“In 2017, the GAO examined spending on advertising contracts with minority-owned businesses by five agencies – the Department of Defense, the Department of the Treasury, the Department of Health and Human Services, the Department of the Interior, and the National Aeronautics and Space Administration – and found that only five percent of the $4.3 billion available for advertising contracts went to minority businesses,” Norton said.
“In light of these concerning figures, we, and several Members, sent a letter to the GAO in April 2016 requesting updated information on the amount of federal advertising dollars spent with SDBs and businesses owned by minorities and women,” she said.
“The GAO’s findings make it clear that there is still much progress to be made,” Norton said.
“BigTech”, “FinTech”, Prime/Sub Contractor, and Advertising Agency trends
Further, she said the regular collection of information on federal advertising contracts with SDBs and businesses owned by women and minorities is essential to bridging the divide between current statistics and a more inclusive advertising landscape.
“Collection would also promote transparency and encourage federal agencies to strive to reach minorities, who often receive their daily news from smaller media outlets that serve communities of color,” Norton said.
“Collection of this information would also demonstrate that the promotion of equity in advertising, and in all areas of government, should be a continuous effort that is central to the mission of every agency,” she said.
By Stacy M. Brown, NNPA Newswire Correspondent
Photo credits NNPA and Black Press USA
bdpatoday | Paths Forward and Next Steps?
For Advertising and Public Relations Agencies
This bill primarily supports growth and sustainability for small community and county newspapers which include small, minority, women, and veteran-owned businesses in rural America and America’s largest urban metropolitan areas. New federal advertising reporting requirements help federal prime contractors and their subcontractors meet and exceed public sector supplier diversity and small business goals for corporations who wish to continue to trade (win contracts) with the federal government.
Increase paid advertising with, small, minority, women, veteran-owned, and HBCU/MSI publications to meet or exceed diversity and inclusion goals
Include NNPA, NAHP, and HBCU/MSI publications in marketing and new advertising campaigns
This bill primarily supports growth and sustainability for small, minority, and women owned businesses, National Newspaper Publishers Association (NNPA) newspapers, National Association of Hispanic Publications (NAHP) newspapers, and HBCU/MSI publications:
Download Congresswoman Norton’s “Dear Colleague Letter” to voice additional support and share with peers to directly send to Senators and Congressional Representatives
Increase readership and advertising revenues — pivot to TECH
Hire STEM interns; train more tech journalists
Regularly publish digital transformational trends with related career and government contracting opportunities
Publish articles for new readers by covering all vertical industry segments (i.e. health, transportation, manufacturing, banking, defense, etc.)
Modeled after “PARADE Magazine” featured every Sunday, NNPA and NAHP newspapers may consider supplementing weekly or monthly newspaper editions with “STEM” tabloids. For example, NNPA/NAHP “STEM Value Packs” may include:
[T] Shared advertisement revenues with BDPA for TECH/CYBER/I.T. tabloids in local newspapers and HBCU/MSI newspapers: https://bdpatoday.com (ISSN 1946-1429) is published weekly, monthly, or as a specially themed Industry or Local BDPA edition
Capturing new or more federal contracts for printing, publishing, and advertising?
Complete or update corporate profiles on the federal government’s System for Award Management (SAM.gov) portal. A DUNS number, a CAGE Code, and appropriate NAICS code(s) are required for federal prime and subcontracts— new publishers, businesses, and start-ups should visit SBA.gov first
Research the market to sell products or services to the federal government. The Government Services Agency’s (GSA) acquisition solutions for small businesses and publishers offer private sector professional services, equipment, supplies, and IT to government organizations and the military. GSA is Uncle Sam’s “Amazon.” Start here. → https://www.gsa.gov/small-business/get-started
Continuity of Operations and Disaster Recovery (CoOP/DR) contracts or BCDR Preparedness grants. Secure publishing/printing opportunities with federal/state/local agencies in advance of natural disasters to publish updated instructions, emergency planning, maps, and shelter locations. Power, Internet access, and WiFi services may not be available during or after major disruptive events → https://www.fema.gov/grants
Review special requirements and contracting opportunities for HUB Zones or Opportunity Zones. Several Historically Black College or University/Minority Serving Institution (HBCU/MSI) campuses are in rural areas, HUB Zones, and in some cases may be the largest employer in town
HBCU/MSI, NNPA, and NAHP publications also may expand community outreach, training, and career development opportunities into regional “news deserts” or distressed communities
Digital transformation, preservation, and archiving contracts or STEM grants. Publishers and printers may secure new opportunities to help agencies and organizations transition their documents and legacy data onto new multimedia platforms.
CHICAGO, NEW YORK & TEL AVIV, ISRAEL – McDonald’s Corporation (MCD) and Dynamic Yield Ltd. announced an agreement by which McDonald’s will acquire Dynamic Yield, a leader in personalization and decision logic technology. With this acquisition of Dynamic Yield, based in New York and Tel Aviv, McDonald’s builds on its significant technology investments for growth.
McDonald’s will utilize this decision technology to provide an even more personalized customer experience by varying outdoor digital Drive Thru menu displays to show food based on time of day, weather, current restaurant traffic and trending menu items. The decision technology can also instantly suggest and display additional items to a customer’s order based on their current selections.
This will enable McDonald’s to be one of the first companies to integrate decision technology into the customer point of sale at a brick and mortar location. McDonald’s tested this technology in several U.S. restaurants in 2018. Upon closing of the acquisition, McDonald’s will begin to roll this technology out in the Drive Thru at restaurants in the United States in 2019 and then expand the use to other top international markets. McDonald’s will also begin work to integrate the technology into all of its digital customer experience touchpoints, such as self-order kiosks and McDonald’s Global Mobile App.
Dynamic Yield’s ability to meet McDonald’s customer needs, coupled with their commitment to grow capabilities around ever-changing consumer trends and evolving marketing technologies, allows for the continued advancement and elevation of the McDonald’s customer experience with technology and innovation.
“Technology is a critical element of our Velocity Growth Plan, enhancing the experience for our customers by providing greater convenience on their terms,” said Steve Easterbrook, President and Chief Executive Officer, McDonald’s Corporation. “With this acquisition, we’re expanding both our ability to increase the role technology and data will play in our future and the speed with which we’ll be able to implement our vision of creating more personalized experiences for our customers.”
Liad Agmon, co-founder and CEO of Dynamic Yield, added: “We started Dynamic Yield seven years ago with the premise that customer-centric brands must make personalization a core activity. We’re thrilled to be joining an iconic global brand such as McDonald’s and are excited to innovate in ways that have a real impact on people’s daily lives.”
McDonald’s recent advancements in the tech space – including the development of McDonald’s Global Mobile App, Mobile Order and Pay, indoor and outdoor digital menu boards and self-order kiosks – have transformed customer experiences in and around its restaurants, by giving customers more ways to pay and personalize their orders to meet their needs.
Upon closing, McDonald’s will become sole owner and will continue to invest in Dynamic Yield’s core personalization product and world-class teams. Dynamic Yield will remain a stand-alone company and employees will continue to operate out of offices around the world. Dynamic Yield will also continue to serve their current, and attract future, clients.
Founded in 1940, the McDonald’s Corporation is a National BDPA Sponsor. As an American fast food company, it is an Industry leader optimizing customer experiences (CX) at each point of sale. For BDPA Members, McDonald’s has current openings for Data Modelers, Data Architects, and Cloud Architects. Industry will yield more opportunities to deliver food orders via drones, autonomous vehicles, or explore on-premise edge computing to move vast points-of-sale data processing power to the “edge” of computer networks.
Commerce, Retail, and points-of-sale: On-line vs. Brick-and-Mortar
by Sally P. Schreiber, J.D. Journal of Accountancy
WASHINGTON—Congress on Thursday passed the Trade Facilitation and Trade Enforcement Act of 2015, H.R. 644, which would make permanent the “moratorium on states and localities taxing Internet access or placing multiple and discriminatory taxes on internet commerce” (Conference Report, p. 231).
The Senate passed the bill on a 75–20 vote. It had been passed by the House of Representatives in December and now goes to President Barack Obama, who is expected to sign it into law. Learn more…