Southern Communities Initiative (SCI)

Last week, the Feed The Soul Foundation hosted its first global conference in #Houston to address the ongoing challenges facing Black restaurant owners. A recent report noted that 53% of Black restaurant operators have seen a decrease in profits and an increase in labor and supply costs since 2022, further stretching their capital and putting their businesses at risk. The Feed The Soul Foundation has implemented many community initiatives like scholarships, internship programs and emergency funds for businesses in need. The conference offered a rare opportunity for chefs and #entrepreneurs of many backgrounds to come together and share expertise regarding best business practices. All #Blackentrepreneurs deserve networks of support to help them achieve their dreams and create opportunities in their communities. Greater Houston Partnership LaTanya Flix https://lnkd.in/eDFebNqW

On the eighth #NationalRacialDayofHealing, two of SCI’s board members attended the World Economic Forum to discuss the need for racial healing in order to achieve racial equity. Robert F. Smith (Founder, Chairman, and CEO of Vista Equity Partners) and La June Montgomery Tabron (President and CEO of W.K. Kellogg Foundation) discussed SCI’s work across the six cities that are home to over half of the African-American population.  On racial healing, Tabron noted “We don't believe that you can get to racial equity without the process of racial healing… Through that trust building, then we can speak together about what works in our communities, what isn't working, and then how do we transform those systems together.” The W. K. Kellogg Foundation is helping corporations navigate internal racial healing through its Expanding Equity program, which provides corporations with resources to help them attract and retain diverse talent, increase inclusion and belonging, boost employee engagement and more. Smith spoke of the importance of breaking down barriers to expand the resources and opportunities available in these communities. In particular, he discussed the importance of Community Development Financial Institutions (#CDFIs), as many Black communities are vulnerable to the lack of stable financial institutions like traditional banks in their neighborhoods. We are incredibly proud that our board members are talking about these critical issues at global convenings to help bring resources back to our communities. Expanding our network of partners will be key to closing the #racialwealthgap. Watch their full conversation below. https://lnkd.in/eN8qcbJW

Last week, tech leaders in Atlanta convened at the 2024 State of the Atlanta Black Tech Ecosystem Summit to discuss the current state of Black tech businesses and entrepreneurs. Local leaders like Goodie Nation’s CEO Joey Womack used the conference to discuss the importance of diversity in #entrepreneurship and capital investments, and how the community must step up to help fill opportunity and resource gaps. The Summit highlighted two key issues preventing the city’s tech ecosystem from reaching its full potential: a lack of education in #STEM fields and a lack of investor capital for minority-owned businesses, partially a result of the ongoing attacks on corporate #DEI initiatives. These barriers reveal the systemic issues that have long prevented Black Americans from meaningfully taking part in our economy through #innovation and business ownership. At SCI, these are the exact issues that we are working to solve. By implementing community-oriented solutions that provide education, job credentials and capital, we are working to boost minority business ownership in #Atlanta and the five other Southern cities home to half of the U.S. Black population. Jay Bailey (Russell Innovation Center for Entrepreneurs) Donnie Beamer Jr., CFA https://lnkd.in/eGH2xmPK

While Dr. King was not able to see his dream completed, individuals and organizations like SCI are continuing his important work. #Economicequality and opportunity are necessary for us to empower Black leaders and communities to thrive. Across the six Southern cities home to more than half of all Black Americans, we are working with local partners to expand opportunity, create more minority-owned businesses and generate sustainable wealth. Through our efforts to modernize the technical infrastructure at community development financial institutions and minority depository institutions (#CDFIs & #MDIs), we can enable them to better serve their communities. SCI recently launched its CDFI Digital Transformation Initiative, which aims to modernize 30 CDFIs across the South. This program is projected to increase loan volume by $2-4 billion for CDFIs, serve an additional 15,000-30,000 businesses and grow revenue for underserved small and medium businesses by $500,000-$1,000,000. As we celebrate the legacy of Dr. King today, we must also recommit to our efforts to drive social and economic equality for all Americans. Read more from SCI Co-Founder Robert F. Smith and learn how you can partner with us. #MLKDay https://lnkd.in/etUfE6_M

Today, Southern Communities Initiative (SCI) announced a collaboration with Google that will dramatically expand opportunities for Black Americans in four of its six target cities. Together, they will offer each community access to Google’s digital skills programming, including Google Career Certificates, in rapidly growing technical industries. These certificates will expand available job and career opportunities in high-paying fields like #cybersecurity, digital marketing, IT support and more. This partnership will be administered by SCI’s local partners in #NewOrleans, Louisiana (Urban League Of Louisiana) #Birmingham, Alabama (Prosper), #Houston, Texas (Houston Back on Track), and #Memphis, Tennessee (The Collective Blueprint) to help bridge education and credential gaps Black Americans face in each city. Google’s digital skills development program has a proven track record of expanding opportunity for its graduates, as over 70% of the 200,000+ graduates reported a positive career development within six months of program completion. This is an incredibly exciting partnership between organizations who are aligned in our goals and commitment to drive economic opportunity for underserved communities to close the #racialwealthgap. We look forward to seeing the many lives that this will change and the growth that this will drive in each community. https://lnkd.in/g_-tjKBj

Last week, city officials in #Memphis met for the Truth in Data: Understanding the Black Business Journey information session to discuss ways they can support Black businesses. Over the last five years, intentional efforts and policy decisions have helped the city to boost investment in minority and women-owned businesses from 12% to 27.5%, however, there is still much work to be done to close the city’s #racialwealthgap. Owning a business is one of the surest ways to generate sustainable generational wealth, yet only 7.3% of employer firms in the city are Black-owned despite the fact that the city’s population is 46% Black. Even Black Memphians who do own their own business continue to face barriers to scaling their enterprises, namely the #digitaldivide and limited access to capital. Only 80% of Black-owned businesses in Memphis have access to high-speed internet compared to 90% of white-owned businesses, limiting their ability to engage with consumers and use tech to scale. When it comes to accessing capital, 43% of Black Memphians are unbanked compared to 15% of white Memphians, which also hinders their ability to invest in and scale their businesses. By recognizing the opportunity gaps within Black communities, we can better target the systemic solutions that will revitalize and transform Black businesses. The Collective Blueprint https://lnkd.in/gTpTp8ah

The capillary banking system has long offered Black Americans access to capital where traditional banking infrastructure has been absent. Today, they are more important than ever to deliver financial resources to these communities, as 63% of Black neighborhoods do not have a branch bank. Community development financial institutions (CDFIs) and minority depository institutions (MDIs) are critical to closing the #racialwealthgap, which is why we are hiring a new Director of Digital Transformation for CDFIs and MDIs. If you or someone you know is interested in the position, check out the link below to learn more and apply. https://lnkd.in/gBXVz7Yi https://lnkd.in/gMDzEbm6

At Southern Communities Initiative, our mission is built on the long history of the unjustified economic exclusion of Black Americans from wealth-building opportunities. Bob Dickerson, Executive Director of the Birmingham Business Resource Center and longtime #Birmingham resident, shared his reflections on the economic impact that racism had, and continues to have, on the Black community in the city. Dickerson recalls seeing Black business owners turned down for loans from traditional banks and discriminated against in the hiring process and in the workplace, limiting their wealth-building opportunities. Those policies helped to create the current situation where revenue from Black businesses makes up less than 1% of the city’s business revenue, despite the city being nearly 70% Black. Our past influences our present, but we control our future. That is why we will continue to support Black businesses until we achieve #economicequality. Prosper J. W. Carpenter https://lnkd.in/gU6dak2g

🚨Grant Opportunity Alert🚨 The American City Business Journals has created a list of October grant opportunities for #smallbusinesses. Small businesses are the backbone of the American economy, employing nearly 62 million Americans and driving economic opportunity and growth for their communities. Small businesses also face barriers to accessing capital at larger institutional banks, particularly Black-owned businesses. That’s why alternate financing opportunities like these grants are so important — they can make a huge difference for business owners looking to scale their reach. If you qualify for any of these grants, make sure to get those applications in while there’s still time! https://lnkd.in/gQAg5Yas

#InvestFest2023 was incredible as titans of business like Sean Combs, our #SCI co-founder Robert F. Smith and Monique Rodriguez descended upon Atlanta. They shared the knowledge they’ve gained along their own business journeys and discussed the barriers Black entrepreneurs often face, the importance of ownership and the necessity of capital to effectively grow businesses. It was a weekend of #Blackexcellence. Let’s use everything we learned to unlock economic mobility. https://lnkd.in/dzyFG29N