The median net worth of African-American families is $24,100, 7.8x less than Caucasian families of $188,200.
Equity is one of the biggest determinants of a person's wealth in the U.S.
Home and business ownership are keys to building equity and generational wealth.
75.8% of the white population are home owners, while only 46.4% of the black population owns a home.
African Americans are 14.2% of the U.S. population, yet the percentage of businesses owned by African Americans is 2.3%.
The number of black-owned micro-businesses grew from 15% to 26% after the COVID-19 outbreak in 2020.
On average, Black-owned businesses requesting PPP Loans were offered funding for amounts 50% less than white-owned businesses.
43% of black-owned businesses were fully funded for PPP Loan requests, while 79% of white-owned businesses received full funding.
If the percentage of black-owned businesses rose to reflect the population rate of 14.2%, 798,318 businesses would be created.
Transparency is the quality of being easily seen through, while transparency in a business context refers to being open and honest. This requires disclosure of all relevant information so that others can make informed decisions.
Business efficiency describes how effectively a company generates products and services related to the amount of time and money needed to produce them. Efficient companies make the most of their resources, transforming labor, materials, and capital into products and services that create profit for the company.
Business collaboration is the process of businesses working together to achieve a specific and shared goal. It can be a short-term or long-term arrangement connecting business entities. All the entities part of the alliance or association benefit from it.
Innovation in business is the increase in productivity of individuals, processes, and business models, among others. Simply put, innovation presents new ideas to business leaders to increase efficiency with minimum resources. Furthermore, reducing business and other risks.
Community engagement increases the visibility and understanding of issues and empowers communities to have their say over decisions that affect their lives, their towns, cities, and neighborhoods. Giving back improves a company's image in the eyes of community members and results in a better place to live and work for the company, its employees, and the people who live there already.
Many companies follow the "one and done" model for community engagement. Instead of genuinely weaving "giving back" into the culture, businesses host one-off events or fundraisers without strategy or follow-up. Sure, fundraising is fundraising, and any money or volunteer work for a charity is good. Still, when employees see that leadership and the company are invested in giving back, it can change their entire culture for the better.
For that reason, Community is the bedrock of our business. Without that solid foundation, the other pillars of our Core Values could not stand.