Business and Finance
An American agency created to help minority-owned businesses win government contracts to also support white businesses
NEW YORK (AP) – A federal judge in Texas ordered a 55-year-old U.S. agency that serves minority-owned businesses to serve people no matter race, siding with white business owners who argued this system discriminated against them.
The ruling was a major victory for conservative activists waging a far-reaching legal battle against racial awareness programs within the workplace, bolstered by last June’s Supreme Court ruling eliminating affirmative motion programs in higher education.
Advocates for minority-owned businesses called the ruling a significant blow to efforts to level the playing field for Black, Latino and other minority business owners who face barriers in accessing financing and other resources.
Judge Mark T. Pittman of the United States District Court for the Northern District of Texas, an appointee of former President Donald Trump, ruled that the Minority Business Development Agency’s qualifying parameters violate the Fifth Amendment’s equal protection guarantees because they presume that racial minorities are inherently disadvantaged .
The agency, a part of the U.S. Department of Commerce, was created through the Nixon administration to combat discrimination within the business world. The Biden administration expanded its scope and reach through the Infrastructure Investment and Jobs Act of 2021, making it a everlasting agency and increasing its funding to $550 million over five years.
The agency, which helps minority-owned businesses obtain financing and government contracts, currently operates in 33 states and Puerto Rico. According to annual reports, the agency helped businesses raise greater than $1.2 billion in capital in fiscal 12 months 2022, including greater than $50 million for Black-owned businesses and greater than $395 million for Latino-owned businesses.
In a sharply worded, 93-page ruling, Pittman said that while the agency’s work could also be intended to “close opportunity gaps” facing minority-owned businesses, “two wrongs don’t make a right.” And MBDA’s racial presumptions are incorrect.”
Pittman ruled that while the agency technically serves any business that may reveal “social or economic disadvantage,” white people and others not included on the “preferred race list” must rebut the belief that they should not disadvantaged. The agency, he said, had been using an “unconstitutional presumption” for “fifty-five years too many.”
“Time is running out today,” Pittman wrote.
Dan Lennington, deputy general counsel on the conservative Wisconsin Institute for Law and Liberty, which filed the lawsuit, called the victory “historic” that would impact dozens of comparable federal, local and state government programs that also goal people of certain races as inherently disadvantaged. He said the ruling would pave the way in which for him and other conservative groups to concentrate on these programs.
“We just think this decision will be widely used across hundreds of programs using the same language,” Lennington said.
Justice Department lawyers representing the Minority Business Development Agency declined to comment on the ruling, which might be appealed to the conservative fifth U.S. Appellate Circuit in New Orleans. In court filings, the Justice Department cited congressional research showing minority business owners face systemic barriers, including being denied loans at rates thrice higher than non-minority businesses, often receiving smaller loans and being charged higher rates. percentages.
John F. Robinson, chairman of the National Minority Business Council, said the ruling is a “blow to minority-owned businesses” and does nothing to help majority-owned businesses because they have already got access to federal resources through the Small Business Administration.
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“This has the potential to harm the entire minority business sector because there will be fewer services available to minority-owned businesses,” Robinson said.
Last 12 months, in an analogous ruling, a Tennessee judge invalidated a program run by the Small Business Administration that directed some government contracts to minority-owned businesses.
Several other lawsuits have targeted government and personal sector programs designed to profit minority-owned businesses, including a case against Fearless Fund, an Atlanta-based organization that gives early-stage financing to businesses owned by women of color.
Arian Simone, CEO of the Fearless Fund, criticized what she called declining corporate involvement in equity programs within the face of growing legal challenges.
“It seems like virtually every day there is a new legal ruling that derails our attempts to close the economic gaps that exist for people of color,” she said in an announcement. “The lack of action by those who claim to place a value on justice has created a vacuum for this to happen.”
But Alphonso David, president and CEO of The Global Black Economic Forum, who helps represent the Fearless Fund, said the Texas ruling doesn’t necessarily predict how the remaining cases will play out.
He pointed to one other ruling Wednesday by which a conservative group lost an attempt to revive a lawsuit against pharmaceutical giant Pfizer over a scholarship program for Black, Latino and Native American specialists.
The 2nd U.S. Circuit Court of Appeals in New York ruled Wednesday that the group Do No Harm lacked standing since it didn’t name the plaintiffs. David said the Fearless Fund is making an analogous argument against the American Equal Rights Alliance, a conservative group that filed the lawsuit on behalf of anonymous women.
Do No Harm chairman Dr Stanley Goldfarb said he was “disappointed with the Tribunal’s decision” and intended to proceed appealing.
Pfizer said it was pleased with the ruling and is “proud of its commitment to diversity, equality and inclusion.” Despite winning the dismissal of the unique lawsuit, the corporate modified the factors for its scholarship program last 12 months to make it open to all races.
DEI advocates celebrated a separate victory on Tuesday when a federal appeals court found a Florida law limiting discussions about race and variety within the workplace unconstitutional.
“I think that over the coming months – and years – we will see an avalanche of lawsuits from all sides, with conservative and liberal judges across the country making decisions that are completely at odds with each other,” said David Glasgow, executive director of the Meltzer Center for Diversity, Inclusion and Belonging on the New York University School of Law. “And that ultimately the case will have to go back to the Supreme Court.”
Business and Finance
First black lottery operator
In a city that pulls thousands and thousands of individuals all over the world, Emmanuel Bailey’s success story began in Washington. He began from humble beginnings, growing up with a single mother and moving from rental to rental throughout town and the Washington, D.C., metropolitan area for many of his childhood. At the peak of the drug epidemic, he saw his hometown affected by crime and poverty, and when he returned from college, his town was considered the murder capital of the country. Yet despite these adversities, he all the time worked hard and looked to a brighter future – a super his mother instilled in him since he was a small child.
As Bailey began his journey to a brighter future, he realized that to achieve success, he needed to pursue a university education. Through these pursuits, he became the primary member of his family to attend and graduate from college. He enrolled at Eastern Kentucky University, earning a bachelor’s degree in business administration. While at EKU, he set out to realize the high level of success his mother expected of him in all areas. After graduating from EKU, he obtained an Executive MBA from the Business School. Robert H. Smith on the University of Maryland.
Emmanuel achieved early success within the financial sector. Over the following 25 years, he rose through the ranks, starting as a branch manager at Citizens Bank of Maryland and ending with vice chairman of Fannie Mae. These roles provided him with invaluable experience as a seasoned entrepreneur and leader. After all the pieces he had achieved at Fannie Mae, it was time to strike out on his own.
Seeing the potential within the lottery industry, Emmanuel founded an operations and management services company to run lotteries more efficiently and effectively. Key service providers (VSC) has management experience in all facets of the state lottery contract, including providing direct supervision and management of lottery agents, retail systems, implementation and maintenance of gaming equipment, and oversight of the performance of the central gaming system. He worked in various positions in state lotteries across the country to achieve real institutional knowledge of the ins and outs of the brand new industry he was entering. Combining his latest knowledge with business sense, he decided to win contracts with the most important names within the industry.
The lottery industry is amazingly competitive, and contracts are sometimes awarded to large national firms. However, as Emmanuel grew his business, hiring experienced staff and expanding VSC’s capabilities, he began to make a reputation for himself as a trusted and talented operator within the industry. He soon partnered with titans in the sector and eventually became the one black business owner to operate a state lottery in your entire United States, in his home “state” of Washington.
But his success didn’t end there.
Bailey continued to hone his expertise, turning VSC right into a multi-million dollar company with over 100 employees. He was honored with the 2020 North American Association of State and Provincial Lotteries (NASPL) Powers Award, which he won based on nominations from the DC Lottery itself. In its nomination, the District of Columbia said Emmanuel “is far from a stereotypical executive… and will ensure that the DC Lottery continues to operate every day and that our company remains profitable into the long-term future.” It continues to grow its business by opening a VSC office in Maryland and searching to expand its geographic reach.
Despite all his success, Emmanuel never forgot his family and his connection to his community. He stays deeply committed to giving back to DC communities. He has donated a whole lot of 1000’s of dollars to varied local DC-based organizations supporting programs comparable to school athletic and humanities departments, educational support and health care. He also served and continues to serve on the boards of many local organizations.
Now Emmanuel looks to the longer term. Always striving to enhance his business, Emmanuel works to enhance operations and improve the efficiency of the DC Lottery, while also giving back to the community and creating more opportunities for young children growing up in circumstances like his own. While his feet are firmly planted within the DMV, his ambitious and entrepreneurial spirit has his eyes on expansion into additional states. He says his best achievement, above all his other achievements, is that he helped his mother retire.
Business and Finance
David Shands and Donni Wiggins host the “My First Million” conference at ATL
December is the birth month of David Shands and Donnie Wiggins, friends and business partners. Most people have fun by throwing a celebration. Others imagine it must be catered for. The chosen ones spend the day relaxing in peace and quiet.
Then there’s Shands and Wiggins.
The two decided that the best birthday gift can be to offer individuals with resources for generational wealth through a conference called “My first million”in Atlanta.
It’s a compromise between how their families and family members need to honor them and their desire to proceed to serve others. Shands acknowledges that almost all people won’t understand, and he unapologetically doesn’t expect them to.
“It’s not up to us to convince anyone why we do what we do,” admits Shands.
“I think everyone does what they do for different reasons, and I would just attribute it to a sense of accomplishment that I can’t explain to anyone else.”
He doesn’t need to clarify this to Wiggins because she understands his feelings. Wiggins has had a passion for serving others for so long as she will be able to remember.
“When I was in middle school, there were child sponsorship ads on TV featuring children from third world countries. I was earning money at the time and I asked my mother to send money,” she says BLACK ENTERPRISES.
She recalls how sad she felt for youngsters living in a world with so many opportunities, but at the same time going hungry. Her mother allowed her to send money, and in return she received letters informing her of their progress.
“It was very real to me,” Wiggins says, now admitting she’s undecided the letters were authentic. “I received a letter from the child I sponsored, a photograph and some updates throughout the 12 months. It was such a sense of being overwhelmed and it was something I felt so good about. I didn’t even tell my friends I used to be doing it.”
She carried this sense throughout her life, even when she lost every little thing, including her house, cars, and money. She still found ways to serve and give back, which is the basis of her friendship with Shands.
They each love seeing people at the peak of their potential, and that is what “My First Million” is all about. There can be no higher birthday gift for them than helping others create generational wealth.
What to expect during the “My First Million” conference.
They each built successful seven-figure empires, then train others, write books about it, and launch an acclaimed podcast Social proof.
Now they’re imparting that knowledge through the My First Million conference, an event for aspiring and existing entrepreneurs. Shands and Wiggins need to prove that being profitable is feasible and encourage people to bet on themselves.
“David and I, on paper, are not two people who should have made millions of dollars. Number one, we want (people) to see it,” Wiggins says. “Then we want them to actually get out of that room with practical and actionable steps.”
Both are clear: this just isn’t a motivational conference. This is a conference where people, irrespective of where they’re of their journey, will come away with clarity about their business and what they must be doing as CEOs. Shands and Wiggins want individuals who do not have a transparent marketing strategy or are considering starting a business to also attend the meeting.
“A few areas we will cover are inspiration, information, plan and partnership,” adds Shands. “We will give you 1-2-3 steps because some people get depressed and uninspired. Even if they know what to do, they won’t leave, go home and do it. So we have to really put something into their heads and hearts that they come away with.”
Sign up and enroll for My First Million Here. The conference will happen on December 13 this 12 months. but Shands and Wiggins say it definitely won’t be the last for those who miss it.
Business and Finance
Operation HOPE on the occasion of the 10th annual world forum
Operation HOPE Inc. takes over Atlanta for the biggest game in the country dedicated to financial literacy and economic empowerment, Saporta reports.
The HOPE Global Forums (HGF) Annual Meeting 2024 strengthens the crucial link between financial education, innovation and community upliftment in hopes of finding solutions to the problems that stifle challenges around the world.
Organized by Operation HOPE founder John Hope Bryant, together with co-chairs Atlanta Mayor Andre Dickens and U.S. Ambassador Andrew Young, the forums, to be held December Sep 11 at the Signia Hotel, will have fun its 10th anniversary with three days of engagement discussions, observations and forward-looking presentations.
Under the theme “The Future,” Hope Bryant says attendees are looking forward to a “powerful moment in history.”
“Over the past decade, we’ve brought together great minds with daring ideas, servant leaders with voices for change, and other people committed to a brand new vision of the world as we realize it. “‘The Future’ is a clear call to action for leaders to help ensure prosperity in every corner of society,” he said.
The extensive program includes influential and well-known speakers who address business, philanthropy, government and civil society. Confirmed speakers include White House correspondent Francesca Chambers, media specialist Van Jones and BET Media Group president and CEO Scott M. Mills.
“John Hope Bryant and his team have been doing this for ten years, and every year HGF raises the bar,” Young said. “Discussions about the FUTURE are important not only for civil dialogue; they are also essential to bridging the economic divide and solving some of today’s most important problems.”
Atlanta is predicted to welcome greater than 5,200 delegates representing greater than 40 countries.
“I have long said that Atlanta is a group project, and through our partnership with HOPE Global Forums, we are inviting the world to join the conversation,” Dickens mentioned. “From home ownership and entrepreneurship to youth engagement and financial education, HGF will offer bold and innovative ideas to ensure a bright future for all.”
It coincided with the organization’s annual meeting launched one other path to enhance financial knowledge with HOPE scholarships. With three tiers of scholarships – HOPE Lite, HOPE Classic and HOPE Silver – clients could have access to free financial coaching and academic resources.
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