How can Black businesses gain access to capital and how can wealth be circulated within the Black community were among the questions answered at the Black Wall Street National Convention & Summit XIII recently held in Chicago.
How can Black businesses gain access to capital and how can wealth be circulated within the Black community were among the questions answered at the Black Wall Street National Convention & Summit XIII recently held in Chicago. At Friday’s opening reception held at the office of South Street Journal newspaper in the Bronzeville community, the Rev. Jesse Jackson spoke about the need to build up the Black community. “More economic investment in the Black community is needed,” Jackson said. “Banks are driving us out our neighborhoods. It is important they we stay focused and remain in our neighborhoods not just as residents but as business owners and entrepreneurs.” The creation of the summit grew out of frustration after years of neglect from large white-owned and managed corporations that make up the traditional Wall Street in New York, said Ron Carter, publisher of the South Street Journal and board chairman for Black Wall Street Chicago, a non-profit organization. Joining Jackson at Friday’s reception were Ald. Pat Dowell, whose 3rd Ward includes the Bronzeville community, Cheryle Jackson, former chief executive officer for the Chicago Urban League, and Rev. Al Sampson, pastor of Fernwood United Methodist Church on the South Side. Helping small businesses grow are among the chief concerns for Dowell. “I want to see small businesses have the ability to grow. But I know that cannot happen without them being able to access capital,” she said. Carter added that more needs to be done to help Black businesses and would-be entrepreneurs. “Our economic base has been taken away. The Near South and West Sides have developed a white Wall Street with high price condominiums and town homes,” Carter said. “The bottom line is that we do not have enough Black businesses in the Black community. This summit is our way of addressing the need for more Black businesses.” The convention began on the day ShoreBank, a South Side community financial institution, was closed by the Illinois Department of Financial and Professional Regulation, which then appointed the Federal Deposit Insurance Corporation as receiver. A newly created partnership between several Wall Street lenders, such as Bank of America, J.P. Morgan Chase & Co., and Goldman Sachs Group Inc., purchased all of ShoreBank’s deposits and changed the name to Urban Partnership Bank. Jackson said although ShoreBank was not Black-owned it provided loans to the Black community and businesses. “ShoreBank had a fine reputation for lending in the Black community,” Jackson told the Defender. “And now with this new bank taking over we just don’t know if things will remain the same. Ultimately the failure of ShoreBank will hurt those communities that depended on their capital the most.” The president and CEO for Urban Partnership Bank is William Farrow, who grew up in the Englewood community on the South Side and has more than 28 years experience working in the business and investment industries, according to Brian Berg, a spokesman for the new bank. Berg said Urban Partnership plans to continue lending to small businesses and minority communities. “The new Urban Partnership Bank will continue the ShoreBank mission of providing access to quality financial services and support to neighborhoods on Chicago’s South and West Sides in order to help build stronger, stable communities,” Berg told the Defender. “The private investment in Urban Partnership Bank demonstrates the investors’ commitment to restoring the economic vitality of our communities.” The three-day Black Walls Street convention included workshops, seminars and an awards banquet at the Quarry Event’s Center, 2423 E. 75th St., on Saturday and a prayer breakfast at the South Loop Hotel, 11 W. 26th St., on Sunday. Civil rights attorney Thomas Todd and N’DIGO magapaper publisher Hermene Hartman were the keynote speakers at the awards banquet. The theme was “State of Black Businesses.” The summits are held every three months and began May 19, 2007. Copyright 2010 Chicago Defender
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