Category Archives: Business

From HBCU To Bank CEO: 4 HBCU Alums Help Lead America’s Black Bank Revival

Posted on April 10, 2017 by | 1 comment

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – John Quincy Adams

What good is a pipeline if it is not used, promoted, strengthened? Going to an HBCU or graduating from is not the beginning or ending of the African American ecosystem, but it is a key part of it. Unfortunately, the data shows that African American intellect and labor (even HBCU graduates) are primarily being used to build up firms owned by other communities. Recent data from the US Census shows that it is likely that less than one percent of African Americans work for an African American owned firm. It stands to reason that the subdata for HBCU graduates working for an African American firm is likely to parallel.

If HBCU business schools are not being trained to run African American firms and the unique path that they face, then what is the point of having them? Goldman Sachs, J.P. Morgan Chase, Bank of America, and Citigroup all have CEOs that attended PWIs (shocker) and even more to the point, attended Ivy League colleges. It would be fair to say that of the almost 7,000 banking institutions in the United States, if you were to subtract out the African American owned banks, that 75 percent of those banks would not be being run by those who went to HBCUs. However, that is exactly what is happening in the African American banking and private sector in general. The vast majority of our institutions operating in isolation, not in conjunction with each other. HBCUs are not banking with, training for, or encouraging their graduates in choir with African American banks and private sector so therefore the institutional leadership at most of our financial institutions and private firms is using a playbook not tailored to our needs.

However, there does appear to some change on the horizon. OneUnited Bank, headquartered in Boston, Massachusetts, and headed by one of the most powerful women in banking Teri Williams, although not an HBCU alum herself is showing herself to be a strong HBCU advocate, and the bank has two HBCUs banking with them in Roxbury Community College (MA) and Florida Memorial University (FL). Something that should lead to many future opportunities for graduates of the two institutions in the future both through internships and employment creating a future pipeline for more HBCU graduates to head up African American owned  firms. So who are the HBCU graduates sitting in African American owned banks c-suites helping lead the current #BankBlack revival that has seen millions of dollars in deposits over the past year?

Dr. Deborah A. Cole; Tennessee State University

As the president of Citizens Bank, headquartered in Nashville, Tennessee and noted as the oldest African American bank still in operation, Dr. Cole has led an impressive increase in the bank’s balance sheet with assets increasing 5.6 percent over 2016, third among the 20 AAOBs.

Ms. Jacquitta Powell Green; Alabama A&M University

A dual role, Ms. Green as she heads up Mobile, Alabama’s Commonwealth National Bank as CEO and Chairwoman of CNB Bancorp, the bank’s holding company. “Mrs. Green is the Vice President of Northside Exchange, which has offered financial services to the unbanked and underserved of the Mobile area for more than 30 years. In 2001, a national tax preparation franchise extended her an offer, and she established Envision Enterprises to offer unbiased and honest tax preparation services.”

Mr. James A. Sills, III; Morehouse College

Mr. Sills heads up one of the most prominent and well known brands among African American owned banks, Mechanics & Farmers’ Bank in North Carolina. The bank has changed its name to M&F Bank a few years ago in an effort to rebrand and attract a young demographic. “Prior to starting his own company in 2007, Mr. Sills was an Executive Vice President of MBNA America Bank (now Bank of America), the largest credit card institution in the world. In this capacity, he served as the Director of Corporate Technology Solutions for the $80 billion US Card Division.”

Ms. Evelyn F. Smalls; North Carolina Central University

Lastly, Ms. Smalls is the President and CEO of United Bank of Philadelphia. The only HBCU graduate heading up a bank outside of the South. “With over 30 years experience in banking and community development, Mrs. Smalls is responsible for the leadership and management of the Bank including setting the direction of the organization, communicating its vision and adapting the culture and operations to achieve success. Her leadership helped transform the Bank’s strategic focus into a “Business Bank” to ensure small businesses have access to affordable loans through the SBA 7A program.”

 

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State Bank of Texas Acquires Seaway Bank & Trust: Black-Owned Banks Reduced To 20 Nationwide

Posted on March 14, 2017 by | 1 comment

The beginning of the year has not proven kind to African American owned banks in the past three years. To begin 2015, two African American owned banks closed their doors, followed by 2016 where North Milwaukee closed, and now Seaway Bank & Trust will exist in name only. Its deposits and assets were acquired in January 2017 by Sushil Patel, the president of the State Bank of Texas and part of the family that owns the acquiring bank. In an interview, Mr. Patel states on the potential dynamic of their ownership in the midst of the #BankBlack movement, “I’m not a black bank,” he says in an interview. “I’m not a white bank, but I’m definitely not a black bank.”

This means that within the last seven months as of January, $420 million in assets have been wiped from African American owned bank balance sheets. An amount that is equal to ten percent of all remaining African American owned bank assets. For perspective, US banks in total have approximately $15.3 trillion in assets. The loss of $1.5 trillion is an amount twice the initial size of the US bank bailout from the Great Recession. In other words, this hurts and it hurts bad.

For the full FDIC press release on Seaway Bank & Trust’s closure, click here.

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The HBCUpreneur Corner – Tuskegee University’s Kalauna Carter & Kolors By K

Posted on February 12, 2017 by | 1 comment

 

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Name: Kalauna Carter

Alma Mater: Tuskegee University

Business Name & Description: KolorsbyK is an environmentally friendly, FDA approved Nail Polish Company whose mission is empowering all women from the outside in, one Kolor at a time. A Kolor for each mood, occasion or simply just because, from Bright and Bold, Heavy Metals or Soft Pastels, we at KolorsbyK have the perfect Kolors for you. Each bottle of nail polish as well as the Kolor is handmade and 5 FREE of: Camphor, Toulene, Formaldehyde, Formaldehyde Resins, and Dibutyl Phthalate (DBP) all of which are non-environmentally friendly and cancer causing chemicals. ALL products are cruelty free and are NOT TESTED on animals.

What year did you found your company? 2016; I founded the company the summer shortly after graduating.

What has been the most exciting and/or fearful moment during your HBCUpreneur career? Overall, this has been such a rewarding experience. I have learned so much about the whole concept of how being a business woman works and I am still learning. This entire process thus far has shown me my strengths and weaknesses. I have received so much support. In the beginning, I remember feeling fearful that I would fail or none of my polish would sale, but I remember my parents and my cousin Teresa encouraging me every step of the way.

What made you want to start your own company? The passion behind starting my business was based on the strong connection I have to the environment and its connection to us. I wanted to do something that could be beneficial to all communities and further help us become healthier with the products we select to use on bodies, specifically as women on our nails.

How do you handle complex problems? In situations where complex problems could take place, I try to think with as much logic as I can. First, I think to myself can I fix this and/or if it is out my control. Then, I try to make the best of the complex problem and create a plan on how to avoid it in the future.

Who was the most influential person/people for you during your time in college? The most influential person for me while I was in college was my big sister Kaleah. Growing up she was the most beautiful and smartest girl I knew and I was lucky enough to call her my sister. She was involved in her church, achieved good grades, and still managed her personal life. I admired her for her ability to balance and maintain and I remember telling myself I would do the same when I got the opportunity to go to college as well.

What is something you wish you had known prior to starting your company? The one thing I wish I had been prepared for when starting my company was the bad days, the slow days. Everything is all good when you are doing big numbers, but when things slow down and then the days where you don’t have any sales. Those are days I wish I had been better prepared prior too.

How is vegan nail polish made, and what separates it in particular from traditionally made nail polish? Environmentally friendly nail polish leaves out several chemicals. In regards to KolorsbyK, it is handmade made without the use of animal byproducts making it vegan and without camphor, formaldehyde or formaldehyde resins, Dibutyl Phthalate and Toulene. All of which are prone to cause cancer. Vegan polish is made without the use of animal byproducts.

Technology seems to be disrupting every industry, but most nail services, social media aside, seems largely untouched by technology over the past few decades. Do you see technology disrupting the industry in the near future? If so, in what ways? In regards to technology, I don’t see it disrupting the nail industry in the near future.

In terms of distribution, is Kolors By K focused more on direct to consumer or direct to professionals or mixture of both? Why was that strategy chosen? Being a one woman business, I tend to focus on the direct to consumer sales, but I have had the opportunity to sale a few of my collections to Lavish Nails and Spa in Vancouver, WA and currently have some other opportunities in the works.

According to Nail Magazine, over 75 percent of the approximately 130,000 nail salons as of 2015 in the US were located in states with HBCUs and major African American population centers like California, New York, Illinois, and Massachusetts. The nail industry as a whole is an almost $9 billion a year industry, but African Americans have largely been resigned to consumers. Despite this, very few are owned by African Americans. Why do you believe so few of us have tried our hand at this ownership given its large economic presence in many of our communities? I honestly believe that many of us have not tried our hand at this ownership given its large economic presence in our communities primarily because we don’t have the access to the resources to do so. It will be just that, it will take us HBCUpreneurs to open those doors and create opportunities for those within our own community.

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What do you believe HBCUs can do to spur more innovation and entrepreneurship while their students are in school either as undergraduate or graduate students? I believe that HBCUs can hold workshops and small business classes to spark the flame in students and instill in them how important their degree (paper) is, but it is just an important to invest in yourself. It’s fine to work for someone else, but think how much more rewarding it would be to work for yourself when you have the opportunity to do so.

How do you deal with rejection? I deal with rejection from this standpoint “What God has for me, is for me and no man can or will get in the way of that. Whatever doesn’t come to me, was not meant for me.”

When you have down time how do you like to spend it? I like to spend my downtime brainstorming new ideas for KolorsbyK, reading and working out.

What was your most memorable HBCU memory? My most memorable HBCU memory was being able to speak alongside the Madam First Lady, Mrs. Obama at the 2015 Spring Commencement at Tuskegee University. I had to opportunity to speak with her and she gave me some amazing advice that motivated me to start KolorsbyK.

In leaving is there any advice you have for budding HBCUpreneurs? Pray and GO FOR IT. The only thing in YOUR way is YOU.

Website: kolorsbyk.bigcartel.com
Facebook: kolorsbyk
Instagram: @KolorsbyK

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Virginia State’s President Abdullah Leading By Example: Establishes Banking Relationship at VSU Credit Union

Posted on January 22, 2017 by | Leave a comment

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In a release on Twitter, Kevin Davenport, Virginia State University’s Chief Financial Officer, announced that President Makolah Abdullah would be establishing a personal banking relationship with Virginia State University Federal Credit Union, which is the  fourth largest HBCU-based credit union with $8.6 million assets.

It is a move that is prominent after the massive banking black movement began last year. Noted web traffic to HBCU Money would spike anytime there was a police shooting last year to our African American Bank and Credit Union directories. Many African American owned banks and credit unions reporting thousands of accounts being opened and millions of dollars being moved as African Americans looked to take more ownership of their economic power. The movement also coupled with years of financial abuse by banks like Wells Fargo, Bank of America, and others towards the African American community.

The decision by President Abdullah is an important moment as college presidents tend to be more a more financially affluent group. Financially affluent African Americans have often been a group that has been missing among African American owned financial institutions as clients, leaving many institutions to try and survive by piecemealing less financially stable customers and contributing to decades of stagnant products and services offered. We hope this will spur many other HBCU presidents to move their banking relationships and continue to set the example for their students and our community that in order to build a stronger African American ecosystem our institutions, all of them, need our support, investment, and patronage.

Of course, the major missing piece is moving institutional accounts. HBCUs control billions in institutional money and could significantly enlarge the $10.4 billion that is now controlled by 339 African American owned banks and credit unions left. However, very few African American financial institutions are capable of handling institutional accounts. Currently, OneUnited Bank, the largest African American owned bank or credit union with $648 million in assets, has two HBCUs, Roxbury Community College and Florida Memorial as institutional clients. As the banks and credit unions become more stable with growing deposits from individuals, then they will be able to offer the more complex products that institutions and businesses need. So while President Abdullah maybe just one account, the halo effect could begin a second wave in the #BankBlack movement in 2017 and beyond.

 

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The HBCUpreneur Corner – Howard University’s Najla T. & Good As Green

Posted on December 12, 2016 by | Leave a comment

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Name: Najla T.

Alma Mater: Howard University

Business Name & Description: Good As Green, LLC is a creative vegan food company that provides beneficial superfoods and fresh produce transformed into exotic, gourmet meals. We have provided food for nonprofit organizations and shipped some of our menu items directly to loyal customers, and we host fun brunch and dinner pop-up events.

What year did you found your company? Good As Green, LLC was officially established this year (2016), but I have been providing meals for my clients as a personal trainer since 2014. That’s actually how my company began.

What has been the most exciting and/or fearful moment during your HBCUpreneur career? I have had a company in the past, that I provided media services such as video editing and marketing presentations. That was when I graduated college, as I graduated from the John H. Johnson School of Communications (Old Howard) with a degree in Communication. When I was experiencing an arduous time finding opportunities, I just created my own and freelanced for a while. It was very exciting when I first began and I was doing what I really enjoyed, but it was DIFFICULT and REALLY ROUGH! I had to move back home, save money, work multiple gigs, and work was inconsistent. Although, this time around, I’m much more fulfilled. I’m happy for the inconsistencies and still involved with media, but now as a health and fitness consultant. I was SO afraid to launch Good As Green, especially because of what happened with my first company, but I have such a wonderful support system and so many people encouraged me to take the leap. I was afraid since I didn’t attend culinary school, but people OTHER than my family enjoyed my food and I’ve helped so many people adopt plant-based lifestyles, so the fear subsided. When I launched a pop-up in DC back in September, everything that could go wrong tried to, but it ended up being a successful first event. I was nervous before, during, and after the event! I knew I made the right decision when so many people attended the pop-up, including one of my non-vegan friends all the way from New Jersey, and genuinely enjoyed the food (we are brutally honest up North LOL). People who don’t even like beets enjoyed my Smoky Beets burgers, so I received many requests to deliver and ship them.

One of the most rewarding moments was when I provided breakfast for Run Hope Work, a non-profit organization that provides mentorship and trade certification for Washington, D.C. youth. They were highly apprehensive and skeptical at first, but they really enjoyed the food I provided! I made Sweet Potato French Toast, Smoky Beet Sausage, Good As Home Fries (we use green bananas instead of potatoes), Apple Pie Oatmeal, Loaded Breakfast Burritos, Smoky Arugula Avocado Toast, Alkaline water, and Homemade Hemp Protein Shakes (that they described as vanilla milkshakes). That week that I provided breakfast was confirmation for me because these guys were eating McDonald’s and carryout. Many said they hadn’t eaten “green stuff” before and they really didn’t know if vegan food would taste good. It made me feel good and is my mission. I provide creative whole foods, not just tofu or seitan. I also list the benefits of most of the ingredients I use.

What made you want to start your own company? I really enjoy helping people! The first time, I was forced into creating my own opportunity, but this time around, it’s much more rewarding. As a personal trainer, the most important component that I found my clients struggling with the most was food. Some clients told me straight up, “I’m too lazy to cook.” I didn’t want to waste my time or my clients’ money by allowing them to sabotage themselves, so I did their meal prep for them and all they had to do was add their own meat if interested. So many of my clients never added the meat and were completely satisfied. I then began providing meals for people simply curious about vegan food. I wanted to replicate the feeling I had when people told me that I assisted them in living healthier and so Good As Green began!

Who was the most influential person/people for you during your time in college? It’s really interesting when you attend an HBCU. Most of the time, you really just have to figure things out on your own or make due with what you have. It really prepped me for where I am today. I’ve always been a go-getter, but I’m a lot more resourceful because college helped me learn that.

How do you handle complex problems? I believe meditation is important. It keeps you calm, centered, and assured that there is a solution that you must work to find. I’ve always been good at figuring things out. My mother and grandmother taught me how to research what I didn’t know and try, even if I don’t know exactly how it pan out. Being tuned into the universe helps you KNOW it will all work out.

What is something you wish you had known prior to starting your company? I wish I had known a LOT of things, but I don’t want to focus on those things because I have since figured out ways to correct them and I don’t feel like getting the side eye from fellow business owners, LOL.

Data from Innova Market Insights has shown a 60 percent rise in the number of global food and beverage launches using a vegetarian claim between 2011 and 2015 and vegan google searched have climbed over 30 percent from 2014 to 2015. The vegan lifestyle though has always been around for a long time even if it did not have a name, but what do you believe has caused its recent surge among the American population in the past decade into more mainstream? The funny thing is back in 2011, I predicted this would happen. With the rise in disease diagnoses, people are looking for alternative methods to conventional medicine. People want to live longer and better. Many people do not see the direct link between food and disease. I believe that people became more health conscious when the GMO bill was passed. The United States of America is the most meat-centric country. I believe people were beginning to notice the effects of that. People now see the spike in obesity, heart disease, and cancer and they want to change that. In 2013, when I began a project focused on vegetarianism, people couldn’t see my vision because it wasn’t yet normalized the way it is now. I am happy to see the acceptance of the lifestyle and now we have more and better options (instead of suggesting a simple salad).

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Your business model is certainly unique where you are essentially combining a restaurant, event planning, and clubesque all in one. What was the inspiration and euphoric moment that made you decide on this business model? I know what I like when I go out. I hate that I have to eat first before an event because there probably aren’t going to be any vegan option. I hate that I have to eat AFTER an event, if anything is even open, because there aren’t many options. Most of the restaurants that offer vegan cuisine are fast-food. People assume that vegans are just one way: we all wear clothes from Whole Foods and preach about veganism all day. That’s definitely not me or the vegan friends in my circle!  I enjoy experiences. I enjoy vibing with others and meeting new people.  I decided to offer fun events with healthy, delicious food and beneficial beverages. As Howard Alum, everything is an event! I wanted to creative a dope atmosphere with dope people, good music, and food that just happened to be vegan. Since that was done successfully in September and now that I’m getting inquiries for other cities, I know this is a demand.

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Products are always a way to leverage and grow a company’s visibility and revenue. Do you see Good As Green eventually moving in that direction or will you keep the focus on the core business at hand? At this time, I’m not particularly sure about that, but I am receiving a lot of orders for my Smoky Beet Burgers. This area is still new to me and there are lots of challenges, but it seems to keep Good As Green profitable in-between pop-up events. I’m still perfecting this, but people really seem to love it. My main focus, though, is on my pop-up and other events.

HBCU agriculture or HBCU 1890 schools that operate farms seem like a natural fit for your company. In what ways do you think you could find collaborative ground with them? I hadn’t thought of it until this question. I love bartering and collaborative efforts, especially with HBCUs. I will definitely look into it and gladly accept advice about it!

What do you believe HBCUs can do to spur more innovation and entrepreneurship while their students are in school either as undergraduate or graduate students? I am not particularly sure about other HBCUs, and I’m sure they do also, but Howard highly encourages entrepreneurship. Most of our courses required independent projects. As a Broadcast Journalism major, I had to learn ALL the aspects of broadcast production, not just on-air work. I learned about radio production, video production and editing, script writing, and the running of a newsroom. This especially came in handy when I ran my own projects. I would be out on assignment, lugging a camera, microphone, and other equipment, while students from other schools had a crew/team. It definitely came in handy after school! Honestly though, I wish the institution was more supportive of the alumni.

How do you deal with rejection? I reject rejection. I don’t believe in the word “No” when it comes to something I’m passionate about. It’s just not a good fit for you in this particular situation at this particular time. That’s all it means to me.

When you have down time how do you like to spend it? When I have down time, I love going on food adventures because I’m greedy and I don’t consider it “down time,” because I schedule it into my day, but I really enjoy working out. I wish I could travel more. I’m working hard at spending more time with family and friends. That seems very rare when you are running your own business!

What was your most memorable HBCU memory? I really wish that I lived more in my moments at Howard! I had such great times with great people! I loved hanging out in the Caf’, Bisonette practice, and hanging out on the yard. Of course I loved when Homecoming came around. I believe the most memorable moment at Howard was meeting Debbie Allen and standing next to her. She was actually my inspiration for choosing Howard! At the time, I was in many dance and performing arts programs, so I believed I was going to walk in her shadow. I also admired her direction for A Different World, so when she was standing next to me, I secretly lost it! She was sweeter than I imagined and I was grateful to receive some of her wisdom.

In leaving is there any advice you have for budding HBCUpreneurs? I would definitely encourage budding HBCUpreneurs to never give up. It will be challenging and you will always have to decide on a new direction or reinvention, but stay true to YOUR vision. Once you take that leap, it’s a continual learning process that you won’t understand until you actually do it. All the research in the world won’t be comparable to the actual experience. It is important to engage your supporters. IT IS OKAY TO RECEIVE HELP! That’s one of the biggest lessons I learned. We have a great network within the HBCU community, so let’s support and patronize each other’s businesses! Also, It’s OK to promote yourself. You MUST because if you’re not excited about it, who else will?

To follow Najla and Good As Green, check out the company’s social media and contact information below:

http://www.GoodAsGreen.net

Instagram: @GoodAsGreenEats

Twitter: @GoodAsGreenEats

Facebook: @GoodAsGreenEats

Phone: 347-871-1220

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