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Wednesday, January 15, 2020

Report: Black business owners are denied bank loans twice as often as white business owners

Black business owners are routinely denied bank loans, even if they have good credit scores and consistent annual profits.

More than any other racial group,Black entrepreneurs more frequently hear “no” when going after business loans, according to St. Louis Public Radio.

READ MORE: Stacey Abrams tackles voter suppression in new book due out in June

One case in point is Freddie Lee James and his wife, Deborah, who started Freddie Lee’s Gourmet Sauces in St. Louis back in 2010. The couple has a good credit score and $200,000 in annual yearly profits. Their barbeque sauce is currently sold at more than 1,000 retail stores across the United States and Jamaica, including Home Goods, Schnucks, Dierbergs, Straub’s and Hy-Vee, yet they can’t qualify for a business loan.

“We have 750-760 credit score. … We pay all our debts. We don’t have no problems with that. But they were saying that the sauce business is not generating enough capital to their standards,” James said to St. Louis Public Radio.

According to U.S. Federal Reserve statistics, Black business owners are denied loans by banks twice as often as white business owners. In 2014, when data was last made available nationally, more than half of all applications for bank loans from black-owned businesses were denied. This compares to about 25% of loan applications by white business owners in the same timeframe.

READ MORE:NAACP lawsuit claims Census Bureau is unprepared for count 

Deborah James said without bank funding, it’s tough to expand their business to achieve the bank’s requirements for volume. She said it’s impossible to reach the sales quota achieved by well-financed brands while working off of a small-business budget, according to St. Louis Public Radio.

To finance the business, the couple used $100,000 from Freddie Lee James’ 401(k) and then went to Justine Petersen, a St. Louis microlender, for help. The nonprofit organization works with small business owners to help them improve their credit and qualify for affordable loans.

Galen Gondolfi, a senior loan counselor and spokesman at Justine Petersen, said there are many business owners in the same predicament as the Jameses.’

“St. Louis’ seemingly provincial lending struggles not only with entrepreneurs that don’t historically ‘look like them,’ but (also) the types of businesses that are unique to these populations,” Gondolfi told St. Louis Public Radio in an email.

For Black entrepreneurs seeking basic financial opportunities, the fight continues.

The post Report: Black business owners are denied bank loans twice as often as white business owners appeared first on TheGrio.



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Oprah shuts down claims she’s planning a ‘tell-all’ interview with Harry and Meghan

On the heels of her stepping away from her role as executive producer on an upcoming Russell Simmons documentary, media mogul Oprah Winfrey has now come forward to shut down reports that she’s planning a tell-all interview with Meghan Markle and Prince Harry.

According to Fox News, Monday, Nicole Nichols, the chief spokesperson for the OWN Network, clarified that despite what was being speculated in the press, the Duke and Duchess of Sussex were “not in discussion for an interview” with the talk show host.

READ MORE: How Meghan Markle exposed racism in the British media (then bounced)

Last fall during an interview with journalist Bryony Gordon, the Duke of Sussex opened up about the Apple TV+ series he and Winfrey collaborated on, which he believes will highlight examples of “human spirit fighting back from the darkest places.”

Given the relationship between Winfrey and Harry, many assumed she would be the likely first stop for the royal couple to vent any of their frustrations about the attacks from the British press. But it appears that at least for now, that is not the case.

On the same day of Winfrey’s statement, Queen Elizabeth released a statement of her own, sharing her parting thoughts on her grandson’s sudden departure from his duties as a senior member of the royal family.

READ MORE: Gayle King checks royal family biographer over Megan Markle racial remark on ‘CBS This Morning’

“Today my family had very constructive discussions on the future of my grandson and his family,” she confirmed in the message. “My family and I are entirely supportive of Harry and Meghan’s desire to create a new life as a young family. Although we would have preferred them to remain full-time working Members of the Royal Family, we respect and understand their wish to live a more independent life as a family while remaining a valued part of my family.

“Harry and Meghan have made clear that they do not want to be reliant on public funds in their new lives,” the Queen. “It has therefore been agreed that there will be a period of transition in which the Sussexes will spend time in Canada and the UK. These are complex matters for my family to resolve, and there is some more work to be done, but I have asked for final decisions to be reached in the coming days.”

The post Oprah shuts down claims she’s planning a ‘tell-all’ interview with Harry and Meghan appeared first on TheGrio.



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Hip-hop artist: 'I'm called Satan when I rap'

"Mina the Veiled" is a Senegalese hip-hop artist who is often mocked because of her passion for rap.

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Missing Brooklyn teenager found safe and reunited with her family

Five days after a 14-year-old Brooklyn girl went missing, she was found safe and has returned home to her family.

READ MORE: Teen, who prompted citywide Amber Alert, confesses she staged her own kidnapping

When Jenna Hospedales, a freshman at the esteemed Brooklyn Tech High School, did not come home after school last Thursday, her family grew worried. Her mother, Jennelle Hospedales, phoned police to report her daughter missing and said she had never gone missing before. Also, the mom said there was no questionable activity on Jenna’s social media accounts, according to PIX11.

Crystal Hospedales, Jenna’s cousin, told CBS that this deeply concerned family because it was unlike Jenna.

“She is not a child who is super on social media. She’s not a child that dates. She’s not a child that has a wild side. She has never left home, so we are extremely concerned,” Crystal Hospedales said.

Jenna’s friends told the family that they last saw her boarding the G train at Fulton Street and South Elliot Place in Brooklyn around 3:15 on Thursday, Jan. 9. The NYPD 77th Precinct, who had asked for the public’s help in finding the girl, said she never arrived home. The family went all over Brooklyn, posting signs with the girl’s description and they also asked for help on social media.

On Sunday, Jenna’s mom pleaded with anyone who knew anything to help her find her baby girl.

“I hope she comes home,” Jennelle Hospedales told WCBS. “That’s all I want. I just want my baby home.”

READ MORE: Atlanta lawyer reported missing earlier this week found dead in hospital

On Tuesday afternoon, her prayers were answered. The family breathed a huge sigh of relief when Jenna was found and returned home. It is unclear where the teenager was and where she was found.

The NYPD took to Twitter to thank the public for their help.

“UPDATE: Jenna has been located and reunited with her family. We would like to thank everyone that showed concern and shared her information on social media,” the precinct tweeted.

The post Missing Brooklyn teenager found safe and reunited with her family appeared first on TheGrio.



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Elizabeth Warren makes debate case: Democratic woman can beat Trump

By ALEXANDRA JAFFE, STEVE PEOPLES and DARLENE SUPERVILLE Associated Press
DES MOINES, Iowa (AP) — Elizabeth Warren made a forceful case for a female president and stood behind her accusation suggesting sexism by progressive rival Bernie Sanders in a Democratic debate that raised gender as a key issue in the sprint to Iowa’s presidential caucuses.

Sanders vehemently denied Warren’s accusation, which threatened to split the Democratic Party’s left flank — as well as the senators’ longtime liberal alliance — at a critical moment less than three weeks before voting begins.

“Look at the men on this stage. Collectively they have lost 10 elections,” Warren exclaimed on Tuesday night. “The only people on this stage who have won every single election that they’ve been in are the women.”

An incredulous Sanders responded: “Does anybody in their right mind think a woman can’t be elected president?” he asked. “Of course a woman can win.”

There was a final moment of tension between Sanders and Warren after the debate ended. Having shaken the hands of her other competitors, Warren was shown in video declining to shake Sanders’ extended hand.

With the Democratic field tightly bunched among four leading candidates, the debate offered an opportunity for separation. But none of the six candidates on stage had the kind of moment likely to reshape the race in the final weeks before voting starts. Instead, the debate was generally marked by a focus on weighty issues of foreign policy, climate change and how to provide health care for all Americans. Even when disputes emerged, most candidates quickly pivoted to note their larger differences with President Donald Trump.

For his part, Trump spent Tuesday night campaigning in Wisconsin, a state that is critical to his reelection effort. He tried to encourage the feud between Sanders and Warren from afar.

“She said that Bernie stated strongly that a woman can’t win,” Trump said. “I don’t believe that Bernie said that, I really don’t. It’s not the kind of thing Bernie would say.”
Despite such prodding, the debate stage drama was far from the explosion some Democrats feared. Candidates moved with ease through a variety of topics, disagreeing with each other but generally avoiding personal attacks.

Sanders did step up his attacks on former Vice President Joe Biden over his past support of the Iraq War and broad free-trade agreements. Sen. Amy Klobuchar of Minnesota, who was mired in the middle of the pack, seized on Warren’s shifting positions on health care.

Billionaire Tom Steyer acknowledged making money from investments in the fossil fuel industry, but highlighted his decade-long fight to combat climate change, an issue that came up repeatedly throughout the night.

Pete Buttigieg, the former mayor of South Bend, Indiana, sometimes struggled for attention in a debate that often featured points of conflict between his rivals. Perhaps his strongest moment came when he described how, as a military veteran who is vocal about his faith, he could stand up to Trump in a general election.

“I’m ready to take on Donald Trump because when he gets to the tough talk and the chest thumping, he’ll have to stand next to an American war veteran and explain how he pretended bone spurs made him ineligible to serve,” Buttigieg said. “And if a guy like Donald Trump keeps trying to use religion to somehow recruit Christianity into the GOP, I will be standing there not afraid to talk about a different way to answer the call of faith and insist that God does not belong to a political party.”

Questions surrounding war and foreign policy dominated early on. Sanders drew a sharp contrast with Biden by noting his own opposition to a 2002 measure authorizing military action against Iraq.
Sanders called the Iraq invasion “the worst foreign policy blunder in the modern history of this country.”
“I did everything I could to prevent that war,” Sanders said. “Joe saw it differently.”
Biden acknowledged that his 2002 vote to authorize military action was “a mistake,” but highlighted his role in the Obama administration helping to draw down the U.S. military presence in the region.
Several candidates condemned Trump’s recent move to kill Iran’s top general and his decision to keep U.S. troops in the region.
“We have to get combat troops out,” declared Warren, who also called for reducing the military budget.
Others, including Buttigieg, Biden and Klobuchar, said they favored maintaining a small military presence in the Middle East.
“I bring a different perspective,” said Buttigeg. “We can continue to remain engaged without having an endless commitment to ground troops.”
The debate featured just six candidates, the fewest of any such forum this cycle after escalating party rules prevented other candidates from participating. For the first time, not a single candidate of color appeared on stage. Every candidate was white, and four were men.
That was a stark contrast from the earlier days of the 2020 contest, which featured the most diverse field of candidates in history. The party is trying to navigate broader debates over how to reflect and embrace the crucial role women and minority voters will play in 2020. To defeat Trump this fall, Democrats need to ensure black, Latino and suburban voters are excited to vote for them against the Republican president.
The debate marked one of the final moments the senators in the race will participate in a campaign-related event before returning to Washington to sit as jurors in Trump’s impeachment trial. Those proceedings are likely to begin by the end of the week, making it difficult for senators running for president to spend time with voters Iowa in the contest’s final days.
“Some things are more important than politics,” Warren said. “I will be there because it is my responsibility.”
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Peoples and Superville reported from Washington. Associated Press writers Bill Barrow in Des Moines contributed to this report.
___
Catch up on the 2020 election campaign with AP experts on our weekly politics podcast, “Ground Game.”

The post Elizabeth Warren makes debate case: Democratic woman can beat Trump appeared first on TheGrio.



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2021 Africa Cup of Nations: Cameroon FA announce change of dates

The Cameroon Football Federation announces that the 2021 Africa Cup of Nations will kick off in January due to the weather conditions.

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Scientists Fight Back Against Toxic ‘Forever’ Chemicals

The ubiquitous compounds known as PFAS are nearly indestructible. But scientists are learning to split their ultra-strong carbon-fluorine bonds.

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Can a Digital Avatar Fire You?

Samsung’s new artificial humans look, blink, and smile like us. But bots still shouldn't deal with complex human emotions.

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The Winner of ‘The Circle’ Opens Up About Life IRL

WIRED spoke with the winning contestant of Netflix’s reality show about the apartment, the rules of catfishing, and what’s next. (Spoilers ahead.)

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MIT Sloan launches MITx MicroMasters Program in Finance

The skills and expertise required for a career in finance are in high demand across industries and the world. To address this need, MIT recently launched the MITx MicroMasters Program in Finance, an online program taught by faculty in the MIT Sloan School of Management and the Institute’s fifth MicroMasters Program to date. Available on the edX platform, the program offers recent graduates, early- to mid-stage professionals, and other individuals interested in or already pursuing a career in finance an opportunity to enhance their financial skill set or to fast-track a master’s degree in finance from MIT Sloan.

“The MITx MicroMasters Program in Finance is part of MIT’s mission to make high-quality education accessible around the world. A pioneer and leader in the field of finance, MIT Sloan is uniquely positioned to drive awareness about financial issues, increase interest, and build skills,” says David Schmittlein, the John C Head III Dean of MIT Sloan. “This program is an exciting opportunity to give learners who cannot come to campus the knowledge, models, and tools needed to advance their careers.”

The MITx MicroMasters Program in Finance includes a bundle of five online courses in finance taught by MIT Sloan faculty on the edX platform. Drawn from the STEM-based curriculum taught on campus, all five courses mirror on-campus, graduate-level MIT coursework and cover topics such as modern finance, financial accounting, mathematical methods for quantitative finance, and derivative markets. Learners will gain a comprehensive understanding of global markets and learn to apply critical financial theories, models, and frameworks across all areas of finance.

MIT Sloan Professor Leonid Kogan, who teaches in the MITx MicroMasters Program in Finance, says, “Finance can fuel progress in the way people live, the health of our world, and the integrity of our global financial systems. MIT Sloan is a robust ecosystem of finance educators, research innovators, and industry practitioners with diverse and accomplished students and alumni working at the forefront of the field to solve high-impact problems and drive progress. The MicroMasters program enables students around the world to engage in this ecosystem and learn how to make a positive difference in finance.”

Heidi Pickett, assistant dean of the Master of Finance Program, agrees. “Finance is the backbone of how economies and companies operate. It is necessary in virtually every part of the world in both the private and public sectors. This program will help meet the growing and evolving needs of finance by training professionals and helping qualified individuals to fast-track their MIT master’s degree in finance.”

Learners who complete and pass each course in the program may apply to the MIT Sloan Master of Finance Program and, upon acceptance, earn credit for the work performed online. This educational pathway allows learners to complete the master’s degree quicker, with only two terms spent on campus at MIT.

The first available course in the MITx MicroMasters Program in Finance starts April 1. To complete this course as part of the program, learners must be enrolled prior to that date.

“We are proud to launch our fifth MITx MicroMasters program for learners around the globe in collaboration with MIT Sloan,” says MIT Dean for Digital Learning Krishna Rajagopal. “MicroMasters programs unlock the potential of learners with the drive and capability to tackle MIT courses, advancing their careers without interrupting their careers.”



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'Star Trek: Picard': Everything You Need to Watch Before the New CBS Series

Watching every piece of canon that's featured Patrick Stewart could take a while. Focus here instead.

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Now Stores Must Tell You How They're Tracking Your Every Move

California's new privacy law has spurred a torrent of online notices. But the law is also forcing changes offline, in traditional stores.

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Cats Are Making Australia's Bushfire Tragedy Even Worse

Cats are attracted to bushfire burn scars, where they hunt vulnerable survivors with merciless impunity. It's devastating for ecosystems.

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UN Secretary-General: US-China Tech Split Worse Than Cold War

In an interview with WIRED editor in chief Nicholas Thompson, António Guterres says the world's next major conflict will start in cyberspace.

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Chris Evans Goes to Washington

The actor's new project, A Starting Point, aims to give all Americans the TL;DR on WTF is going on in politics. It's harder than punching Nazis on the big screen.

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Bad Algorithms Didn't Break Democracy

And better ones won't save it. To get past misinformation and tribal rancor online, we need to face why people really want misinformation and rancor.

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Presidential Candidates on the Disunited State of America

Joe Biden, Elizabeth Warren, Amy Klobuchar, Donald Trump. We asked every White House hopeful to weigh in on how they would reverse the country's devastating polarization.

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Can This Notorious Troll Turn People Away From Extremism?

Steven Bonnell, known online as Destiny, has made a business of picking fights with alt-right carnival barkers and other partisan provocateurs.

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Biafra 50 years on: A grandmother's perspective on the war

Caroline talks to her granddaughter about living through the Biafran conflict, 50 years on.

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South Africa: 'When I'm surfing, I feel like everything is possible'

Mental health is an important topic for young people worldwide. In South Africa, one way young people are coping is with surfing.

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