Latest news with #MBBA
Yahoo
27-05-2025
- Business
- Yahoo
New Report Explores the Role of Investing in Advancing Wealth-Building for Black Small Business Owners
New study from Financial Health Network highlights how access to investing tools and education can support financial resilience among Black entrepreneurs by shifting behaviors and increasing confidence. BOSTON, May 27, 2025 /PRNewswire/ -- Stackwell, an innovative investing platform harnessing the power of investing to improve financial wellness for all, and the Michigan Black Business Alliance (MBBA), today announced the release of a new report by the Financial Health Network titled "Building Personal Wealth: Empowering Black Small Business Owners Through Investing." The report examine the role that access to investing, education, and behavioral tools can play in improving financial outcomes for Black small business owners. The report is based on finding from the 2024 Small Business Investing Program (SBIP), which was conducted January - December 2024, and was launched by MBBA to promote greater financial security and wellness for Metro-Detroit's small business community. Through the program, which was supported through a contribution from Prudential Financial, eligible MBBA members received funded investment accounts through the Stackwell investing platform and educational resources designed to build foundation investing knowledge and support goal setting. "At the Michigan Black Business Alliance, we believe building personal wealth is essential to closing the racial wealth gap," said Charity Dean, President and CEO of MBBA. "This program allowed us to equip Black entrepreneurs with the tools and confidence to see investing not as a luxury, but as a necessity. The insights from this report confirm what we've always known: when you invest in the financial empowerment of Black business owners, you unlock not just individual success, but generational opportunity." Findings from the report show that participating business owners increased their investing knowledge, confidence, and engagement over time. Many shifted their mindset around investing, began pursuing long-term goals, and took tangible steps toward building wealth. These insights offer a potential model for practitioners seeking new strategies to support underserved small business owners. "This report affirms the impact of Stackwell's playbook – when we meet people where they are, with the right tools and support, we can build financial strength and intergenerational outcomes. We are not only investing in entrepreneurs and their businesses but helping our communities thrive," said Trevor Rozier-Byrd, Founder and CEO of Stackwell. To access the full report, visit: About Michigan Black Business Alliance: The Michigan Black Business Alliance (MBBA) is a leading advocate for Black-owned businesses in Michigan. The mission of the MBBA is to help close the racial wealth gap by developing programs and advocating for policies that result in profitable and sustainable Black owned businesses that are connected to public and private economic opportunities while building trusted relationships. About Stackwell: Stackwell is a fintech platform harnessing the power of investing to make wealth-building possible for everyone. For too long, too many people have felt that investing just isn't for people like them. That's why Stackwell's easy-to-use app and community-driven programs are designed to break down barriers to financial wellness and foster investing confidence. When more people have the opportunity to invest and grow their wealth, entire communities thrive. Media Contact: media@ View original content: SOURCE Stackwell
Yahoo
28-01-2025
- Business
- Yahoo
Michigan Black Business Alliance Continues To Uplift Black-Owned Businesses Amid Trump's DEI Bans
The Michigan Black Business Alliance (MBBA) has continued to be a local advocate for Black-owned businesses throughout the state while President Donald Trump pushed diversity, equity and inclusion (DEI) bans, Fox 2 Detroit reported. As Trump's executive order terminated DEI programs at the federal level, resulting in companies like Target rolling back their diversity initiatives, MBBA wants to be the voice that celebrates the 2,000 minority-owned businesses across the Great Lakes state. 'There are some folks who have told us, 'we're not changing, we're going to double down,'' president and CEO Charity Dean said. 'So, right now, I really think is the time for courage. I think it's time for elected officials. It's a time of courage for corporations.' DEI programs across the country heightened in 2020 following the murder of George Floyd, resulting in the Black Lives Matter movement. Corporations adopted ideologies to enhance diversity initiatives, in addition to opportunities for minority and Black-owned businesses to be included. As surveys and data reveal a slight decline in people thinking the programs are beneficial, groups like MBBA are proving otherwise, especially in Detroit – home to roughly 50,000 Black-owned businesses. When the city hosted the 2024 NFL Draft, a number of minority businesses were not included until the organization stepped in to promote inclusivity. Dean said such opportunities address the racial wealth gap in America. 'There is a wealth gap in our country whether we acknowledge it or not, and it is a racial wealth gap,' she said. 'Black families and white families—the white families are going to have nine times the wealth of a Black family with the same education and the same income.' The Alliance has been dedicated to helping businesses scale in a positive direction. In December 2024, it doubled the size of their headquarters by moving into a new space in downtown Detroit, providing the space for more than 1,800 members to build on their businesses, according to Crain's Detroit Business. MBBA signed a five-year lease for the BLK Biz Hub, which includes a coworking lounge, classrooms, private desks for rent, space for conferences, and a wellness center. Food vendors who are members will also be able to host pop-ups. Dean said new space isn't where things end, as she sees a 'future space being much larger.' However, members have already reaped the benefits of the provided space. Member Ebony Cochran, who owns Blackwood Credit Services, was able to meet with MBBA Chief Strategy Officer Kai Bowman to curate a program designed to educate current and aspiring business owners on why credit is so important. 'Having this space to meet with someone who runs (the MBBA) and for them to take the time to help me is priceless,' Cochran said. 'You can't pay enough for that type of access. Now I know that if this program isn't executed correctly, it's because of me, not because I didn't have the information.' RELATED CONTENT: Black Business Alliance Awarded $100,000 Federal Grant To Help Minority Businesses
Yahoo
28-01-2025
- Business
- Yahoo
Trump DEI roll backs: Detroit organization helps amplify minority owned businesses
The Brief One week into Trump's second term, DEI was rolled back by the administration. Companies like Target have already removed their DEI programs. A Detroit organization is working to help amplify minority owned businesses throughout Michigan. DETROIT (FOX 2) - It is being called a more "merit-based approach" by the new Trump administration as the President signed an executive order to roll back diversity, equity, and inclusion (DEI) programs implemented to improve progress for minorities in the workforce. The backstory In his first week, President Donald Trump signed the order as a repeal at the federal level. These actions are already leading to companies like Target rolling back their diversity initiatives. Big picture view Meanwhile, in Metro Detroit, people like Charity Dean, the President and CEO of the Michigan Black Business Alliance (MBBA), are working to amplify minority-owned businesses. So far, they advocate for 2,000 businesses across Michigan. "There are some folks who have told us, 'we're not changing," said Dean. "We're going to double down.' So, right now, I really think is the time for courage. I think it's time for elected officials. It's a time of courage for corporations." The MBBA worked with Detroit to help include more Black-owned businesses during high-profile events like the 2024 NFL Draft. She says as some DEI programs are removed, the MBBA will continue to stay hard at work to advocate for those without a voice. "There is a wealth gap in our country whether we acknowledge it or not, and it is a racial wealth gap," she said. "Black families and white families—the white families are going to have nine times the wealth of a Black family with the same education and the same income." It was 2020 when George Floyd was killed by then police officer Derek Chauvin. This led to the door opening for DEI programs across the country. In the years since, surveys have shown slightly fewer people think it's beneficial. What's next Companies have removed them, but the MBBA is working to make sure the progress made over the past four years is not undone. "That moment was important for our country and organizations to do a reckoning, and that moment hasn't moved," Dean said. "It hasn't changed. Just because other folks have decided they don't want to focus on it, the moment is still here. So I think the question is when you did it then, did you mean it? If you meant it, then why now?" The Source FOX 2 talked with the MBBA and used information from previous stories.
