Macy’s, the largest department store in the United States, plans to invest $30 million over the next five years to support businesses owned by underrepresented groups in the retail industry. The funds will be offered as loans for working capital, commercial real estate, and growth equity capital.
Source: New York Times
Wells Fargo will invest $355,000 in The Inclusivity Project, a Northern California Small Business Development Centers program. The funding will support Black businesses and entrepreneurs in the area.
Small business owners often need help to determine a fair wage for employees. Here are some tips and resources to help owners ensure that wages are competitive for their specific area and industry.
Source: The Motley Fool
“Baby Boomers,” or those born between 1946 and 1964, account for 40 percent of the country’s small business and franchise ownership. With one in three Americans dependent on these companies for their livelihoods, how “boomer” owners choose to transition or sell their companies will significantly impact the economy.
Source: Small Business Trends
Rapper Sean “Diddy” Combs is set to become a dominant player in the cannabis industry with a pending deal for production and retail outlets in the Chicago area and New York and Massachusetts. Regulators in Illinois and other states are under pressure to approve more cannabis licenses for minority-owned enterprises.
Source: ABC 7 Chicago