Racial equity key to economic growth for Black community
The Black community is facing a once-in-a-lifetime opportunity for positive change especially in the areas of fairness in economic growth and wealth equity.
A major part of the effort must be to dismantle the many “Band-aid” and frankly cosmetic initiatives and programs that some businesses and organizations use to pacify, but do nothing to change the root causes of racism and inequality. They need to be replaced by permanent solutions.
Here are a few initiatives and people I believe have the mettle to help us achieve real economic milestones.
New Commonwealth Racial Equity and Social Justice Fund — I hope this group changes its name eventually, because everyone is creating “equity” funds to take advantage of corporations who are now more eager than ever before to help even the playing field.
With the mayor’s announcement of yet another “racial equity fund” that will raise money for local nonprofits that support minorities in areas such as economic development, education and public health, folks feel there is bound to be some crossover. All the more reason to be careful not to be at cross purposes, especially in the fundraising arena.
The 19 business members including Dominic Blue, Mo Cowan, Pamela Everhart, Linda Dorcena Forry, Paul Francisco, Damon Hart, Malia Lazu, Fred Lowery, Stephanie Lovell, Quincy Miller, Dr. Myechia Minter-Jordan, Desiree Ralls Morrison, Valerie Mosley, Rodney C. Pratt, Rebekah Splaine Salwasser, Greg Shell, Corey E. Thomas, B.J. Trach and Damian W. Wilmot who are powering this New Commonwealth initiative already have $20 million already pledged toward their goal of raising a minimum of $100M. Their focus also supports nonprofits. All non-profits are not created equal. Some do not even hire our people. They also, unfortunately, do not generate wealth.
Black Economic Council of Massachusetts — Non-profits are not the only ones who need help. Black businesses have long struggled with lack of access to financing and a host of other impediments.
A record number haven’t benefited from recent federal stimulus funds and need help now if they are to survive.
BECMA was created as a response to massive wealth inequities in communities of color.
Executive Director Segun Idowu has announced and created an ambitious framework and intriguing plan with a $1B fundraising tag. It definitely deserves consideration and could be a good collaborative effort between BECMA and New Commonwealth and a great guideline for all sectors.
Boston’s First Chief of Equity — Congratulations to the brilliant, community-centric and Boston-bred Karilyn Crockett.
Crockett, a lecturer at MIT and former director of economic policy and research for the city, said at her appointment announcement, “What good is to hear that you live in a prosperous and thriving city, if the racial wealth gap prevents you from passing on wealth and prosperity to your children and children’s children.” Crockett will be a gamechanger.
As excited as I am about the potential, I know real and lasting change will not happen overnight. That we are planning and putting solid steps in place to get there is the way to go.