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Black-owned businesses face a system created against them
It takes a lot to turn ideas into small businesses: A storefront or office space. Equipment, inventory, personnel, not to mention marketing, licensing, and insurance.
All that requires money. Without funds, these businesses cannot be launched or fail quickly. And without cash to smooth rough patches, an emergency can destroy a company. That is why it can be so devastating to be refused a business loan – which happens disproportionately to Black-owned businesses.
Such businesses face a number of obstacles.
Their relationship with banks can be hampered by their smaller size and discrimination. Business owners are often expected to know the complicated details of the loan process – and can be punished with rejection if they do not. And while the wealth gap is a major factor, research also shows that even in households with similar financial resources, home equity is not translated equally into initial capital for black and white homeowners.
Delores Brown often faces these questions about funding in her role as loan director at the Vermont Slauson Economic Development Corp, which offers small business loans and other financial products. About 80% of its clients, which include a number of Black-owned businesses, have been turned down for business loans or if their application is delayed.
Many of these businesses do not have the necessary documentation, such as payroll records in certain formats, to be approved. And that is an indicator of greater injustice for Black business owners.
“When you walk into a traditional bank environment … they hope you already understand the loan process,” Brown said. “Most small African-Americans, or even businesses of any color, basically have to use everything they have to believe in themselves to be able to say, ‘I will do business.’ They do not have the resources around them which would naturally be given to other persuasion businesses. “
Black-owned businesses have long faced challenges in getting financing. In 2018, only 31% of them received all the funds they submitted, compared to 49% of white-owned businesses, 39% of Asian-owned companies and 35% of Latin-owned businesses, according to the 2019 report from the Federal Reserve Bank of Atlanta.
In the same time period, 38% of Black’s small businesses did not receive the funding they proposed, compared to 33% of Latin-owned businesses, 24% of Asian-owned businesses and 20% of white-owned businesses, the report said.
Experts say part of the problem may be because the business is often small and may not command the kind of attention that chain companies will have, especially during the cacophony of applications for the Paycheck Protection Program loan. But another reason these businesses don’t have the relationship they think they have with their bank is “absolute racism,” said Teri Williams, president and chief operating officer of OneUnited Bank, Black’s largest state-owned bank in the country.
“They just don’t consider us successful,” he said. “Their first reaction is the hope that we are not, and then we must prove that we are right.”
The COVID-19 pandemic only worsened the situation.
Restrictions aimed at slowing the spread of the corona virus cause permanent closure 41% of Black’s businesses between February and April, according to a study from the National Bureau of Economic Research.
Black-owned businesses are more likely to be in industries hit by coronavirus-related restrictions, such as retail and hospitality, according to one study by the Economic Policy Institute, a labor-oriented think tank.
And when some assistance finally comes in the form of PPP loans to small businesses, Black business owners face obstacles in getting approval, according to the EPI study. The main obstacle is the lack of pre-existing relationships with the big banks that first manage loans, the study said.
Even before the pandemic, many small businesses owned by Black were struggling, said Juliet E.K. Walker, founder and director of the Center for Black Business, History, Entrepreneurship and Technology at the University of Texas, Austin. And now, he said, without funds to secure loans and with restrictions triggered by coronaviruses in business operations, “will they be able to survive?”
There are regulations that apply to try to prevent the low level of business financing owned by people of color, but they are not yet fully effective.
The federal Community Reinvestment Act was passed in 1977 to fight racial discrimination in borrowing. The law encourages financial institutions to serve low and middle income environments, and requires federal regulators to assess the records of each bank in meeting obligations to this society.
For example, Wells Fargo received an “outstanding” rating last year, with a high value in making community development loans, according to an evaluation of the bank’s public CRA performance. In 2018, Bank of America also received an “extraordinary” rating.
The Trump administration is imposed new rules implementing a CRA in May that expands the types of activities that get credit from banks, such as loans for sports stadiums in some cases, or offering credit cards to low-income customers. Advocates say the new rules will make banks easier to comply with the law, but community groups fear the revised rules weaken the legal ability to prevent banks from ignoring the responsibility of lending in poor colors.
Collecting data on lending practices for small businesses owned by people of color will help ensure the process is fair.
That is the purpose of the requirements in the 2010 Dodd-Frank action, which mandates that the Consumer Financial Protection Bureau collect this type of data. But the law does not include a deadline for starting collection – so, a decade later, it still hasn’t started.
After the lawsuit, the CFPB will begin the process of establishing rules for reporting this data in September. Most small business loan data based on race, ethnicity or gender come from surveys, according to the Federal Reserve.
“If we had data before this time … we might have understood the vulnerable position of many small businesses,” said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition advocacy group.
His organization conducted a study in 2018 that sent blacks, whites and Latinos to banks in Los Angeles to inquire about small business loans under $ 100,000 to test whether there were differences in treatment based on race.
Despite having slightly better income, assets, and credit scores than their white counterparts, black and Latin testers were asked to provide more personal information about their eligibility than white testers, the study found – treatments that were , along with other types of poor customer service. accepted, can prevent business owners from seeking funding.
Even when black and white households have similar financial resources, there is still not the same level of access to commercial loans, said Rachel Atkins, a postdoctoral faculty associate in the management department and organization at the NYU Stern School of Business. For example, Atkins research shows that black home owners cannot use their home equity for start-up capital like white house owners.
“There is too much evidence that Black business owners cannot access commercial loans at the same rate,” Atkins said.
After Chanda Simon-Thomas was refused a loan by Bank of America to start a 7-Eleven franchise at Westmont because he was “too much in debt,” he switched to Navy Credit Union and First Commercial Bank, a subsidiary of a Taiwanese bank, where he was approved.
This is not the first time Simon-Thomas has been refused a business loan from a large bank. In 2014, he, his sister, and his brother-in-law decided to reopen a historic bar called The Living Room in Jefferson Park.
They work with business experts to compile a binder detailing their proposals to the point where they wish to profit. Their credit score is good and they have equity in the property.
But only one day after bringing the folder to Chase’s bank, they were refused. Then they were rejected by Wells Fargo. Finally they took a high-interest loan of around 30%. That was their only choice in the short time they had to make a decision about location.
“This is really an old dream,” said Simon-Thomas. “When you feel very passionate about something, and you really have dreamed about being in a certain type of business, you will take what you can get.”
They stopped the business in 2015, but loan repayments suck up any profits, especially after the unexpected plumbing problem put pressure on their finances.
Simon-Thomas and his family eventually sold the business.
“That finally really defeated us … can’t really see profits,” Simon-Thomas said. “We never managed to overcome the hump in the end.”
The 7-Eleven franchise that she now has with her husband was bought for the benefit of her 2-year-old son. One day, his son will inherit the business, and property he and her husband have, and his son “will be able to use these things to support whatever his goals are and hopefully pass them on to his children,” Simon- Said Thomas.
It is also important for him that his son has the choice to own his own business and work for himself.
“I don’t want him to deal with discrimination, stereotypes … the competitive weakness he will have,” Simon-Thomas said. “Hopefully it gets better as he gets older, but what I’ve seen and what has happened over the past 400 years, I haven’t seen it change. I prefer he controls his own destiny. “
Small business loans are based in part on the lender’s assessment that the owner has “got what he needs,” Van Tol said.
“That’s where bias can come in, implied or explicit,” he said. “That’s also your relationship with who and who you know.”
Lack of bank relations makes Jeanette Bolden reluctant to seek loans with large banks. Bolden is the third generation owner of 27th Street Bakery in Central-Alameda, which specializes in sweet potato cakes.
The corona virus has strained his business, and although he received a PPP loan through Citibank, he plans to see other loans through other cities or organizations.
“People at the bank, it is difficult to establish relationships with them because they are always changing,” Bolden said. “Often you call and talk to someone on the phone … they are not familiar with your business. They only see numbers on a piece of paper.”
As a community development financial institution, Vermont Slauson Economic Development Corp takes a deeper dive into client business to ensure their success, Brown said. This institution focuses on developing the people’s economy in a way that is not owned by traditional banks.
That is why the corporation invites small business owners through the loan process and ensures they have all the necessary documents, even if it takes several months.
The lack of knowledge about documentation or back-office work should not be confused with the lack of business acumen, said Williams of OneUnited, which is also a community development financial institution. Many successful business owners are proficient in their craft and provide good service but don’t know what the bank’s documentation wants.
“Just because you don’t show you and breaking documentation doesn’t make you a bad business person,” he said.
Underfinancing can put a business owner at a disadvantage from the start. New companies often need time to improve their products or services to suit customer tastes, Atkins NYU said.
“There is no business that can go straight out of the park,” he said. “You need enough capital to be involved in a number of trials and errors.”
Even old businesses need financing to face difficult times – be it the closure of a pandemic for months or just a supply chain hiccup.
“People who are in a better position to get credit lines from commercial lenders or financing from personal assets that they can put in their business will be better able to hold bumps on the road,” Atkins said.
The same applies to Black business owners who just want to expand.
In 1993, Percell Keeling bought 5,500 square feet of land moored by a historic building on the corner of West Slauson Avenue and Overhill Drive in the View Park-Windsor Hills neighborhood of Los Angeles, where he planned to move his health food store after the owner sharply raised money rent.
Keeling fought with Wells Fargo and the District District Community Development Commission for about a year to get a loan to rehabilitate the building, he said. He already has property, has a track record of success and has money in the bank – “everything they usually say you must have,” Keeling said.
Eventually the loans came, pushed forward not least by two black women who worked in banks and county commissions, respectively, he said. He still remembered their names.
Today, Just Wholesome Keeling’s health food stores and restaurants carry more than 6,000 products and do business with more than 100 small businesses owned by people of color, said Apryl Sims, general manager of the company.
“You just have to keep grinding,” Keeling said. “You try as much as possible again to try to set aside money, but because the power is not in your favor, it is only reality. We always, as far as African-Americans are concerned, always know this.”
Times staff writer Suhauna Hussain contributed to this report.
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Acrylic nails are a popular choice for those looking to add length, strength, and style to their natural nails. Whether you’re new to the world of acrylics or a seasoned nail enthusiast, there are always questions that arise about the application, maintenance, and overall care of these enhancements. This guide will answer all your acrylic nail questions to ensure your next manicure is a complete success.
What Are Acrylic Nails?
Acrylic nails are artificial nail enhancements made from a mixture of liquid monomer and powder polymer. When combined, they form a hard protective layer that can be molded into various shapes and lengths. Once hardened, they provide a durable and long-lasting canvas for nail polish, art, or simply a natural look. For more in-depth information, check out Acrylic Nail FAQs to get all the details you need before your next salon visit.
How Are Acrylic Nails Applied?
The application process of acrylic nails begins with the preparation of your natural nails. The nail technician will clean your nails, file them down, and apply a bonding agent to help the acrylic adhere. The acrylic mixture is then applied in thin layers, sculpted to the desired shape, and allowed to dry. Once set, the nails are filed, shaped, and buffed to a smooth finish.
Acrylic nails can be customized in terms of length and shape, making them a versatile choice for anyone looking to enhance their look.
How Long Do Acrylic Nails Last?
Typically, acrylic nails can last anywhere from two to three weeks before requiring a fill. During a fill, the nail technician will replace any grown-out acrylic and maintain the structure of the nails. With proper care, acrylic nails can be worn for extended periods, but it’s essential to give your natural nails a break occasionally to maintain nail health.
How Do You Care for Acrylic Nails?
Caring for acrylic nails is crucial to ensuring they last as long as possible and that your natural nails remain healthy underneath. Here are some essential tips:
- Avoid excessive water exposure: Prolonged exposure to water can weaken acrylic nails, making them prone to lifting or damage. When washing dishes or cleaning, consider wearing gloves to protect your nails.
- Moisturize cuticles regularly: The acrylic application process can sometimes dry out your cuticles. Regularly apply cuticle oil to keep your cuticles hydrated and prevent hangnails.
- Be gentle with your nails: Acrylics can be strong, but they’re not indestructible. Avoid using your nails as tools to open packages or scrape things, as this can lead to breakage.
- Schedule regular fills: As your natural nails grow, gaps will appear between the acrylic and your cuticles. Regular fills ensure your nails maintain a smooth, polished look and help prevent lifting.
How Do You Remove Acrylic Nails Safely?
Proper removal is crucial to avoid damaging your natural nails. It’s highly recommended to have acrylics removed by a professional at the salon. However, if you prefer to remove them at home, follow these steps:
- Soak in acetone: Start by soaking a cotton ball in acetone, then place it on each nail. Wrap your fingers in aluminum foil and allow the acetone to work for about 20 minutes.
- Gently scrape off the acrylic: After soaking, use a cuticle pusher or an orange stick to gently scrape off the softened acrylic. Be patient and avoid forcing the acrylic off, as this can damage your natural nails.
- Buff and moisturize: Once the acrylic is completely removed, buff your natural nails to smooth out any rough spots and apply cuticle oil to restore moisture.
Are Acrylic Nails Safe for Your Natural Nails?
When applied and removed properly, acrylic nails should not cause significant damage to your natural nails. However, improper removal or overuse without giving your nails time to breathe can lead to thinning, weakening, or breakage of your natural nails.
If you plan on wearing acrylic nails long-term, it’s a good idea to take breaks between applications and ensure you’re nourishing your nails with oils and treatments.
What Are the Best Acrylic Nail Shapes?
Choosing the right nail shape is essential for creating a look that complements your hands. Some of the most popular acrylic nail shapes include:
– Square: A straight-edged, classic look perfect for shorter nails.
– Oval: A soft, rounded shape that elongates the fingers.
– Coffin: Also known as ballerina shape, this trendy look features a tapered edge with a flat tip.
– Stiletto: A dramatic, pointy shape ideal for those who want a bold statement.
Each shape offers a unique aesthetic and can be tailored to suit your personal style.
Are There Any Alternatives to Acrylic Nails?
If you’re looking for a different type of nail enhancement, consider these alternatives:
– Gel nails: Gel nails offer a glossy finish and are cured under UV or LED light. They’re less rigid than acrylics and can feel more natural.
– Dip powder: This method involves dipping the nails into a colored powder and sealing them with a clear coat. It provides a similar look to acrylics but is generally less damaging to the natural nails.
Conclusion
Acrylic nails are a versatile and durable option for achieving customized, beautiful nails. By understanding the application process, knowing how to care for them, and safely removing them, you can enjoy long-lasting manicures that enhance your style. With the ability to choose from a variety of shapes and designs, acrylic nails offer endless possibilities for self-expression. Remember to take care of your natural nails in between applications to keep them healthy and strong. Whether you’re a first-time user or a seasoned pro, acrylic nails can be a fantastic way to express your personality and keep your nails looking flawless for weeks.
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When sanctions were imposed on Russia for its war against Ukraine, their objectives were twofold: to reduce Russian military capacity by limiting modern weapons and to lower Russian revenue streams. While in the beginning, the sanctions indeed weakened the Russian economy, they have fallen short of their initial objectives – mostly because Russia has found ways to circumvent many of them. The Kremlin has exploited international corruption, relied on foreign third parties, and utilized loopholes in trade restrictions. One such individual who allegedly provides services to Russian-linked companies is Jacqueline Troost Omvlee, a Geneva-based Dutch citizen.
Jacqueline Troost Omvlee is married to Niels Troost, an oil trader sanctioned by the United Kingdom. He and his company, Paramount Energy & Commodities SA, are among the 50 individuals and organizations blacklisted in response to the business connections with Russia. His wife, Jacqueline, helps to facilitate financial transactions for Niles Troost and Russian oligarchs including Gennady Timchenko, a Russian billionaire oil trader and Putin`s close associate.
Gennady Timchenko and his family have been sanctioned in many countries for backing the Kremlin’s war machine. However, with the help of Jacqueline Troost Omvlee, he seems to find ways to evade sanctions and continue his financial operations. In these illegal schemes, individuals like Jacqueline often serve as a front person for sanctioned oligarchs and their business assets. Russian-linked companies set up subsidiaries around the world, often registering new entities in offshore havens or countries where regulations are relatively lax or non-existent. To obfuscate the arrangements, the daughter companies spawn offspring in the form of subsidiaries, as the chain of concealment stretches on and on. The result is like a giant Matryoshka doll.
Jacqueline’s involvement in financial transactions that potentially support Timchenko’s interests raises significant concerns about the efficacy of Western sanctions. The fact that Jacqueline Troost Omvlee continues to operate without facing sanctions herself highlights a significant loophole in the enforcement mechanism. Various shady schemes and tactics designed to circumvent sanctions often hide the activity of individuals such as Jacqueline, making it difficult for authorities to detect and punish them for their involvement.
Jacqueline Troost Omvlee’s role in her husband’s financial dealings as well as her alleged ties to Russian business schemes, emphasizes the need for stronger international sanctions. Her actions not only aid in sanctions evasion but also diminish the overall effectiveness of the measures designed to isolate and pressure those supporting the Russian regime. Therefore, sanctioning Jacqueline Troost Omvlee is not only a matter of addressing her individual actions but also a necessary step to reinforce the credibility and effectiveness of the sanctions regime. By targeting individuals who play a key role in evading sanctions, authorities can send a strong message that efforts to undermine international sanctions will not go unpunished. This measure is crucial for maintaining the integrity of the sanctions system and ensuring that it achieves its intended goal of isolating and restraining those who support destabilizing activities.
European countries and the US need to expand their sanctions-tracking and investigative actions to improve the monitoring of sanctions compliance and to introduce new measures against systematic violators of law. The sanctioning states have the resources and capacity for this, and need to take action now.
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Ensuring a long and healthy life for your Hermann’s Tortoise requires a combination of proper care, nutrition, and habitat management. Hermann’s Tortoises, known for their charming personalities and distinctive shells, can live for several decades with the right conditions. Understanding their needs and providing a suitable environment is key to helping them thrive. Here’s how you can support your Hermann’s Tortoise in living a long, happy life.
Creating an Optimal Habitat
One of the most critical factors in promoting the longevity of your Hermann’s Tortoise is the creation of a suitable habitat. Providing an environment that mimics their natural surroundings is essential for their overall health. An appropriate habitat helps prevent stress and supports their well-being. For detailed guidance on setting up an ideal habitat, including specific requirements for outdoor enclosures, visit this comprehensive guide on Habitat for Hermann’s Tortoise.
- Outdoor Enclosure: Hermann’s Tortoises thrive in outdoor enclosures that provide ample space to roam, bask, and forage. An outdoor setup should include a secure, predator-proof area with access to natural sunlight. Incorporate areas for basking and shade to allow the tortoise to regulate its body temperature. Additionally, include plants, rocks, and hiding spots to simulate their natural habitat and encourage natural behaviors.
- Indoor Habitat: If an outdoor enclosure is not feasible, an indoor habitat can also support a long lifespan if set up correctly. Use a large, well-ventilated enclosure with appropriate heating and UVB lighting. Provide a substrate that allows for burrowing and offer various hiding spots and enrichment items.
Diet and Nutrition
A balanced diet is vital for maintaining the health and longevity of your Hermann’s Tortoise. They are primarily herbivores, and their diet should reflect their natural feeding habits.
- Leafy Greens: Offer a variety of leafy greens such as kale, collard greens, and dandelion greens. These vegetables provide essential vitamins and minerals that support overall health.
- Vegetables and Fruits: Supplement their diet with other vegetables like carrots, squash, and bell peppers. Fruits should be given in moderation due to their high sugar content.
- Calcium and Supplements: Provide a calcium supplement to support shell and bone health. A cuttlebone or powdered calcium can be added to their food. Ensure that they also have access to fresh, clean water at all times.
Regular Health Checks
Routine health checks are essential for early detection of potential health issues. Regular veterinary visits help ensure your tortoise remains in optimal condition and addresses any health concerns promptly.
- Observation: Monitor your tortoise’s behavior and physical condition regularly. Changes in appetite, weight, or activity level can indicate health problems.
- Preventative Care: Schedule annual check-ups with a veterinarian experienced in reptile care. Regular exams help catch any issues early and keep vaccinations and other preventative treatments up to date.
Environmental Enrichment
Providing environmental enrichment helps keep your Hermann’s Tortoise mentally stimulated and active. Enrichment can reduce stress and prevent boredom, contributing to a better quality of life.
- Foraging Opportunities: Hide food items around the enclosure to encourage natural foraging behavior. This not only provides mental stimulation but also mimics their natural hunting practices.
- Variety: Change the layout of their enclosure periodically and introduce new objects or plants to keep their environment interesting and engaging.
Conclusion
By focusing on creating the right habitat, providing a balanced diet, ensuring regular health checks, and offering environmental enrichment, you can significantly enhance the lifespan and well-being of your Hermann’s Tortoise. For further details on creating an ideal habitat, including tips for designing an outdoor enclosure, refer to this helpful guide on Habitat for Hermann’s Tortoise. Implementing these practices will help ensure that your tortoise enjoys a long, healthy life.
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