In celebration of Black History Month, CNBC Invest in You is featuring weekly stories from CNBC contributors and members of the Financial Wellness Council, including the lessons they’ve learned growing up, their advice to Black youth, their sources of inspiration and how they are working to close the racial wealth gap. As protests swept through the nation …
Black business leaders: How to build wealth and career success Read More »
Independent wealth managers and financial advisors have many important political issues and business challenges to keep tabs on in 2022. That was the key takeaway at last week’s annual OneVoice conference held by the Financial Services Institute, a trade and advocacy group representing 90 independent wealth managers and more than 30,000 financial advisors. During the …
8 issues independent wealth managers are watching closely in 2022 Read More »
CIBC has launched a $15-million business loan program for Black entrepreneurs, joining other banks in offering a specific program for the demographic. The Black Entrepreneurship Program (BEP) offers loans of between $5,000 to $250,000 to Black business owners, and is supported by a team of 39 specialists. David Leuty, senior vice-president of business banking with CIBC, said …
CIBC’s loan program for Black entrepreneurs launched Read More »
The wealth gap in the U.S. between Black households and white households remains a stark divide, with the Federal Reserve Board of Governors finding in 2019 that the median white household’s wealth was greater than $188,000, while the median for Black families was $24,000. This data is indicative of a systemic struggle for Black Americans, …
Bridging the Wealth Divide Begins With Connection to Black Clients Read More »
“The work that we’re doing, and its connection to his legacy, is ensuring that the power belongs with Black communities and Black-founded nonprofits,” said Aisha Alexander-Young, CEO of Giving Gap. Reginald F. Lewis became the first Black American to build a billion-dollar company and rose to prominence with his autobiography, Why Should White Guys Have All the …
Ivy Mcgregor, Rich Paul, Trae Da Truth, and Mai Lassiter have dedicated their lives and their careers to paving the way in industries that have historically excluded Black people by effecting meaningful change and redistributing the weight of the power scales. Despite America’s large racial wealth gap, 2022 is witnessing a rise Black philanthropy. According to the Federal …
Nearly all real estate lending relies on “appraised value”—an estimate of a property’s value based on comparable sales or income. It is used to determine project feasibility, acquiring or constructing buildings and financing the built environment. It’s the sanctioned underwriting tool used by banks, regulators and government for real estate loans. Appraised value lending is …
When Tanya Hayles founded popular online community Black Moms Connection (BMC), she didn’t want the group’s purpose to be merely inspirational – she wanted tangible outcomes for Black mothers in the community. “Moms in the group were asking questions like, ‘How do I start a business?’ or, ‘How do I save for my child’s education?’ I wanted …
Nearly one-quarter of adults in the U.S. are unbanked (they do not have a checking, savings, or money market account) or underbanked (they have a bank account but also use an alternative financial service product), according to the Federal Reserve. That’s nearly 60 million people! Sheena Allen—raised in Terry, Mississippi, started building apps in college, worked …
Black Female Founder From Mississippi Seizes Fintech Opportunities Others Missed Read More »
The pandemic placed financial pressures on many Americans, but not all groups have been affected equally. Studies show the wealth gap has widened, leaving the ultra-wealthy in a better position and placing Black and Latino households, in particular, in a worse state than before the public health crisis. A new poll from online life insurance …
21% of Black Americans Say Pandemic Revealed Need to Better Prepare Financially Read More »
