A BLACK PERSPECTIVE OF WHERE PLEDGED CORPORATE DOLLARS SHOULD GO
Hello, my name is Quintin “Q” Williams. I’m a 31-year old African-American male and Co-Founder/Chief Global Designer of a new performance basketball brand based in Los Angeles, CA named Q4SPORTS.
As a Black entrepreneur who designs sneakers, I have a unique role that caters towards shaping not only fashion culture, but also the culture of ownership within the Black community. I accept this role proudly and confidently because I know and understand how business impacts communities. I’m here to raise questions that we all should work to have answers to if we agree that Black Lives Matter.
We are living through tumultuous and transformative times in race relations in this “Land of the Free”. As someone who was raised in a small town in the southern heat of Elko, GA, I am well aware of the role that race plays in our country. Displaying the Confederate flag on vehicles or in front yards is considered part of “Southern Heritage” where I’m from. It has been interesting, to say the least, to witness people wake up to the reality of white privilege and racist structures that still live on American soil today — more-so because racism and violence has been here the entire time. Personally what makes this moment in time so intriguing is that it was sparked by the death of an unarmed Black man in Minnesota by the name of George Floyd. Before George, there were many other unarmed Black men killed by the hands of police, so the question is what made this one impact the world the way that it did? What made this incident get America and it’s corporate entities to question their internal structures and pledge such “radical” change? One could argue that the pandemic has placed people in state of awareness unlike any time before. Being stuck at home in front of television airways has forced people to focus on the inequities of this country. So in essence, stagnation has sparked a new revolution of Black equality in America.
What makes this moment dissimilar from earlier eras of civil rights and economic empowerment eras in America is the multitude of individuals and organizations publicly owning accountability and committing to do better specifically for Black people. Wole Coaxum, founder of Mobility Capital Finance — a Black start-up focused on providing free or less expensive financial services to people with low-to-moderate incomes, was quoted saying, “The issues, including the lack of access to banking and financial tools, were hiding in plain sight. But for a community to have a social justice plan without an economic plan is like one hand clapping.” To see multiple corporations pledge to improve their internal work environments and to donate various funds to Black empowerment movements and causes is invigorating, but we need to look carefully at where these funds are going.
Are there Black voices directing where those monies are being wired to? Are these funds truly being distributed to the proper areas of Black communities that need them the most?
With my Bachelor’s Degree in Industrial Design from the Savannah College of Art & Design coupled with my experience as a company founder, I’m well-versed in identifying problems and ideating potential solutions. So while I make no claim to being a political scholar, I am an African American male with vision and I have a vested interest in seeing real positive change in the lives of Black people in America. We have been longing for opportunities and assistance in achieving the dreams this America pitched to us; opportunities and assistance to which all Americans should have access.
So, with that said, where should all of that money go?! Here are a few that come to mind to start that conversation: Financial Empowerment, Food Literacy and Distribution, Education Repair, and Mental Health. Over the next few weeks, we’ll dive into these topics deeper, but let’s begin the journey with ways for an improved financial state for the Black economy as it sets the stage for the others to take place. First up… Financial Literacy.
FINANCIAL LITERACY: Financial literacy and empowerment in the Black community is essential for true progress. The legendary Dr. Claud Anderson said it best, “True racism exists only when one group holds a disproportionate share of wealth and power over another group then uses those resources to marginalize, exploit, exclude and subordinate the weaker group.” Black business opportunities can never be fully envisioned and executed without this literacy. While historically, we’ve had notable millionaire and billionaires, i.e. Madam C.J. Walker, O.W. Gurley, Oprah Winfrey, and Bob Johnson, those financial success stories don’t amount to the hundreds of mega wealthy white success stories. We currently are living in the Age of Information, so we have to ability to access the information, but we need leaders in the financial space to directly teach the new generation of entrepreneurs and leaders so the absorbed knowledge can used to execute new business strategies.
Imagine if a portion of that money was strictly directed only to programs that were dedicated strictly to aiding Black people to learn and understand finances and business growth. How would that impact generations of Black wealth, entrepreneurship, and ownership? Black Wall Street would be well and alive for Generation Alpha today if it were not literally torn and burnt down. If those businesses had the chance of being bequeathed to their offspring, we would be in a totally different economic environment in 2020. I know this to be true because it has been true for other marginalized groups that have immigrated and resided across America for decades. They have taken their financial literacy and applied it accordingly to grow entrepreneurs, leading to ownership in businesses and homes, which ultimately leads to ownership of communities. One of the major issues in America today is that African Americans do not own enough to be able to control how their communities are treated and/or funded. We will continue to be left behind if society continues to fail to invest in our financial literacy.
BLACK FINANCIAL INSTITUTIONS: Financial literacy is a start, but we must also consider who is funding and/or lending to Black people in order to start those endeavors. There are approximately 4,700+ banks in America and only twenty-one are Black-owned with less than $5B in assets. By comparison, the other US corporate banks amass over $20T. See the disparity in financial opportunities and the “gate-keeping” here? Banking and lending in America has historically disenfranchised Black people. Changing the system will allow us to build a bridge of equality in this nation. The funds that are being pledged from corporations MUST be directed to increasing the number of Black-owned banks and hedge funds because it gives a solid foundation to start and keep Black enterprise alive. Financial institutions, properly leveraged, can build financial freedom for Black America.
As we reflect on the major shifts in our American culture of late, it’s important to embrace the history behind how this culture developed. Black people in America need more assistance than any other race because we’ve been denied access to it like no other. I’m ecstatic to see our white counterparts and major corporations take on some responsibility and accountability for the long trail of injustices done upon my people, but that’s only part of the solution. The follow-up will have to rely on Black people to take those improvements and manifest a new generation of empowered Americans.
My perspective as an educated, well-travelled, black business-owner has afforded me opportunities and networks that has transformed my life for optimal growth and success. I’m currently living the life that most Black people strive for! I’ve recognized through the years that I don’t see as many Black faces in this position as compared to my white counterparts due to lack of opportunity and education. We must rectify these issues so that more of us can reach our potentials. Imagine a nation where everyone had these windows of success bestowed to them? We would only build a better America for tomorrow. What’s more patriotic than that?
