News — business

The effect of the pandemic on Black-owned businesses has been widely reported. According to the New York Fed, the pandemic has disproportionately affected Black businesses. In a report, the Fed said Black businesses were more than twice likely to close than businesses owned by Whites.

“Nationally representative data on small businesses indicate that the number of active business owners fell by 22% from February to April 2020—the largest drop on record,” the report said. “Black businesses experienced the most acute decline, with a 41% drop. Latinx business owners fell by 32% and Asian business owners dropped by 26%.”

Despite the challenges posed by the pandemic which has resulted in the shutdown of many Black businesses, some have managed to stay afloat while others have expanded or new Black firms have emerged.  

Durham Transports Express, LLC, is one of the Black-owned companies that is opening despite the pandemic. The all-Black-owned female freight shipping trucking company is opening in Shreveport, Louisiana. The project is said to be the first trucking company owned and operated by an all-female staff.

The project, estimated at a quarter of a million-dollar, will be undertaken in two phases and is expected to be completed within six months, according to FOX 33 News.

A handful of supporters thronged the West Cedar Grove neighborhood on November 12 for the groundbreaking ceremony of the firm’s new transport facility. The CEO of the company, Latronia Durham, attributed the feat chalked so far to teamwork.

“I’m over the top excited because some companies are shutting down right now and we are being blessed to be in the position to open up,” Durham told Fox 33. “This was so hard for me from the beginning because of what I didn’t know. So we want to help people so it won’t be so hard or won’t be so discouraging to them.” 

The company is operated by Durham together with her sister Rokisha Durham alongside their mother and Latronia’s daughter. “We want to be able to create opportunities for families for younger people who want to have a career in transportation. It’s a lot of money to be made and we’re trying to make it easier for them to get in,” Rokisha Durham said.

Brittney Dunn from the African-American Chamber of Commerce said the opening of Durham Transports Express in Shreveport will provide jobs for commercial license drivers (CDL) and training for CDL drivers.

“She’s providing jobs for CDL drivers and providing training for CDL drivers. It just gives people another opportunity and another door to grow and expand in their occupation,” Dunn shared.

The company is looking forward to hiring more than a dozen employers. “I want them to come along and be a part of our team, and we will show them that it will work,” Latronia said.

Amid COVID-19, Brittany Pickens saw an opportunity that could directly impact the people disproportionately affected by COVID-19. The New York native, who now resides in Atlanta, launched The Juice Girl in August because of one pressing question she continued to ask herself. What is essential right now? Picken’s answer is simple. Our health. 

Pickens shared why she started The Juice Girl, how she is differentiating herself, and advice for women starting a business during the pandemic.

What prompted you to start the The Juice Girl? 

During the pandemic, I had to think about what’s essential. I realized that all the restaurants were closed and the juice bars were the only thing open. COVID is very serious and it’s very important to boost your immune system at this current time. After that, I decided to start my own juice company.  

How do you differentiate yourself in the juicing market?

I think within the market I stand apart because I’m bringing new and fresh handmade recipes to the juice market. Customer service and satisfying my customers’ needs are top priority for me. The Juice Girl is big on customizing juice to a specific customer’s liking. We have a menu of options but each is customizable to fit the individual. We also offer a delivery service in metro Atlanta, which allows us to meet customers where they are. 

Tell us about your offerings.

There are five Juice Girl drinks:

PINEAPPLE SUNRISE – Pineapple, Strawberries
GREEN GODDESS – Cucumber, Green Apple, Lemon, Kale, Kiwi, Sea Moss
CARROT PARADISE – Carrots, Lemon, Pineapple, Sea Moss
BEET BERRY – Beets, Strawberries, Blueberries, Ginger, Raspberries, Sea Moss 
KICK-START – Lemon, Strawberries, Pineapples, Kale, Mango, Sea Moss

And two Juice Girl shots:

GRASS IS GREENER – Wheatgrass, Ginger, Sea Moss 
BOOST ME UP – Oranges, Lemon, Turmeric, Ginger, Sea Moss

What advice do you have for women itching to start their business during the ongoing pandemic?

Work hard and deliver a great product. You can’t allow the current state of the country to stop you. Just start! Start where you are with what you have and believe in yourself because all things are possible. 

The lack of transparency in a deal reached between Zambia’s debt-laden government and the China Development Bank (CDB) is making Zambia’s debt crisis worse, says the head of a China-Africa think-tank.

Zambia reached a deal with the CDB, the biggest of three state-owned policy banks, to defer debt repayments on a loan that were due this month, Zambia’s government announced on Thursday.

Under the deal interest payments were postponed for six months until the 25th April 2021, the secretary to the Treasury Fredson Yamba said in the statement.

The deal shows rare flexibility on behalf of a Chinese lender, but the secretive nature of negotiations – with the size of the loan and the amount of the debt repayments due remaining undisclosed – is adding to Zambia’s problems by blocking the country’s access to international capital says Eric Olander, co-founder and managing editor of the China Africa Project. 

“The lack of transparency related to China’s negotiations with borrowers, an accurate accounting of the true amount of Chinese debt and the terms of those loans, sends a signal to the market that directly contributes to the exceptionally high risk premium that African sovereigns encounter when they need to borrow money.

 “Without access to capital, the liquidity crisis in Africa worsens, contributing to inflation that pushes up prices and eats away at what’s left of consumers’ disposable income.”

Like the G20’s six-month extension of its Debt Service Suspension Initiative (DSSI) for the world’s poorest countries, the CDB’s deal with Zambia doesn’t go far enough, Olander says.

“The CDB’s deal with Zambia is nothing more than the bare minimum. We’re talking about a single loan where the Chinese creditor is still going to get repaid in full, just a few months later than what was expected. That’s not exactly momentous.”

Zambia owed CBD around $311m in June 2019, according to the latest Zambian finance ministry figures.

The Zambian government missed a $42.5m coupon payment on one of its Eurobonds that was due on October 14 but has a 30-day grace period before it goes into default.

The deal is also unlikely to pressure Zambia’s bondholders to take a haircut and accept similar terms on their returns, Olander says.

“The bondholders want the Chinese to be far more assertive in terms of laying out the details of their loan portfolio in Zambia so they can better assess the risk. This CDB deal does not do that.

Meanwhile as the Chinese government continues discussions with other debt-ridden countries, debt deferrals are likely to be on the agenda in Kenya, Ethiopia and Dijbouti, he adds.

S&P Global Ratings Services downgraded its assessment of Zambia’s debt to “selective default” after the southern African nation couldn’t meet repayments and missed a coupon payment on its Eurobonds.

Two small businesses, The Mitten Brewing Co. and Malamiah Juice Bar, are ready to start taking pre-orders for limited-run editions of locally printed Black Lives Matter merchandise, including garments and masks according to Grand Rapids Business Journal.

The two Grand Rapids, Michigan-based companies will donate 100% of the sales to the Black and Brown Cannabis Guild.

Mitten Brewing co-owner Chris Andrus, and Malamiah Juice Bar owner, Jermale Eddie, have partnered and contracted local custom design and screen printing business Ambrose at WMCAT, and its fundraising platform, Bound As One, to launch the project.

“Malamiah Juice Bar is rooted in West Michigan, and we are proud to give back to our community through the Bound As One initiative in support of BBCG,” Eddie said. “And we are all just that — bound as one in a community that cares deeply but one that is in need of greater social equity and justice.”

“The work that the Black and Brown Cannabis Guild is doing is vital for individuals in our community who have barriers to opportunity because of a drug record — many of which are eligible for expungement. When you buy a T-shirt or mask, every penny goes directly to support communities of color that are benefiting from BBCG’s advocacy, network, and guidance; an incredible mission that The Mitten Brewing Co. fully supports” said Andrus.

“We believe that this work is not charity, it is justice,” Black and Brown Cannabis Guild’s founder and Executive Director Denavvia Mojet said. “We know that our government disproportionately harmed communities of color as a byproduct of a racist political agenda, and we work to help those harmed communities thrive in spite of those convictions. We believe this is what equity looks like, and we are grateful to be supported in these efforts.”

The back of each shirt also has the names of victims of police brutality, Breonna Taylor, George Floyd, Philando Castile, and more individuals. Pre-orders will be taken on ambrose-print-shop.printavo.com until Oct. 30.

I’m also the founder of Socially Africa, a foundation that gives back to the community through several initiatives. In 3 years, we have executed one of our projects “Art For A Cause” in 15 schools across Nigeria, Impacting over 8,000 kids. We’ve also run our code classes for teenagers, teaching basic programming to 80 teens. We have given out 1,000 Love Boxes, Hosted 2 food drives, and launched our volunteer platform, The Amber Circle. Socially Africa is more than an NGO, we are a movement teaching young people how to give back.

Prior to forming Trellis Group, I worked as a content director on the following projects – United Nations World Tourism Conference, Nigeria Centenary Awards, International Conference On Peace & Security. I also worked as the project manager for Freemantle Licensed TV Shows, Nigerian Idol and Nigeria’s Got Talent, where I was responsible for managing various aspects of the show – business, brand, and production. I was also the Corporate Communications Manager for OSMI during the 2010 World Cup where I managed all communications on the broadcast rights for Nigeria. Prior to moving to Nigeria, I was a Credit Analyst at Citigroup, where I received an award for outstanding sales, and team spirit.

I believe in sharing my  knowledge, and also helping teams operate at optimal capacity. I currently conduct brand and productivity trainings through Trellis School Of Decisive Advantage. When I’m not busy being an Entrepreneur, I am busy helping people discover and live a purpose driven life via my social media platforms, and my alter ego “Lumina” who is a Rapper and Poet.

She shares how she started her businesses with Woman.NG

FROM HAVING AN IDEA TO STARTING YOUR BUSINESS, SHARE YOUR JOURNEY WITH US

I started my business to solve a problem that I identified in the creative sector. When I first moved back to Nigeria, I found that a lot of creative people did not have the skill sets to monetize their creativity. Hence, I started off helping people structure their ideas, and create sustainable products/projects that would allow them monetize and build something that made them truly proud. In the process of doing this, I started to help brands find innovative ways to engage with their consumers, and tell their brand stories. Over the years, our business has evolved into what is now the group structure.

WHY DO YOU LOVE WHAT YOU DO? THERE ARE SO MANY OTHER BUSINESSES YOU COULD HAVE EXPLORED, WHY THIS?

My focus is to help people find clarity, and position their lights in such a way that it impacts other peoples lives. It sets off a ripple effect of impact and positivity. For me, the ultimate thing is to help others succeed, and this is what my business is built around.  It is called “Trellis” because a trellis is a wooden or metal framework that holds plants in place to receive  adequate sunlight and nutrients for growth. This is the same way that our business operates – we are a framework for businesses and individuals.

AT WHAT POINT DID YOU KNOW BEYOND ALL DOUBT THAT THIS IS GOING TO WORK?

I’ve always known that it would work, because my measurement of success is different to most people. The moment I see that the work I do is providing clear value to my client, and helping their business, I tick off my “Job Completed” box. I don’t judge my business growth solely by the money that comes through. It is possible to make money without providing impact. Many people generate income from projects that didn’t really help their client. For us, we genuinely want to see our clients succeed.

HOW DID YOU RAISE THE CAPITAL TO START YOUR BUSINESS, ESPECIALLY WITH THE HIGH COST OF RUNNING BUSINESSES IN NIGERIA?

Capital for our business was raised through executing projects individually and collectively. My business partners and I worked on multiple projects as freelancers, to allow us fund the business. I’ve never really believed in investors, and raising capital at the commencement stage of business. I prefer to work hard for the seed capital, as it urges me to manage it more efficiently, versus spending someone else money.

HOW SOON DID YOU START MAKING PROFITS?

I would rather keep this private.

BRILLIANT IDEAS DON’T ALWAYS MEAN GREAT SALES, HOW HAS IT BEEN MARKETING YOUR SERVICES?

I believe that brand marketing is a very important part of every business. It’s important to understand that people buy into extensions of themselves and their life’s story. As a business, you want to be consistently chosen by the people you exist for. You want them to buy you over and over again and make you a part of their beautiful story. For this reason, you must develop a brand strategy that positions you own such a way that when they consider their journey and what elements perfectly fit in, they think about you. Branding isn’t solely about logo design, or visuals, as much as it is about Making a Promise, and Keeping that promise. Our focus at Trellis is always in keeping our promise – it is true this that we receive referrals.

AS A SMALL BUSINESS OWNER YOU CAN’T DO EVERYTHING, WHAT HAS BEEN YOUR EXPERIENCE HIRING STAFF AND BUILDING YOUR TEAM?

For most Entrepreneurs, at the start up phase of your business, you usually have to assume an operational role in addition to your client facing responsibilities. However, as you grow you can start to take a back seat on operations. For our business, even though we aren’t a start up, I am very involved in hiring staff and team building, because our business is built around people to people relationships. Our people are our product. In the past, I have hired for values and trained for skill, and it has worked to some degree. However, I learned that hiring for skill and values is a much better approach to having the right people. The former is an easier route especially when you don’t have the funding to hire a certain type of people, but in practicality it becomes difficult for you to focus on your key role as a founder. Now, I only hire for skill and values – not one or the other.

YOUR GREATEST SKILL/STRENGTHS THAT HAVE BEEN PARTICULARLY BEEN OF HELP IN STARTING AND RUNNING YOUR BUSINESS?

 My ability to clarify and understand objectives has been of tremendous use on my business journey. Understanding the objective means that I know where we need to go, and can find various ways to get there. Many people jump into projects without truly understanding the “Why”. Hence, when they hit a stumbling block, it becomes difficult to take initiative or maneuver.

Another strength that has helped me is Emotional Intelligence – this has helped me build and nurture relationships that have been mutually beneficial.

DID YOU HAVE TO GET A FORMAL TRAINING OR QUALIFICATION TO BE ABLE TO DO THIS?

I graduated with a BSc in Economics and Entrepreneurship. My academic background definitely helped me with structure and discipline, as well as allows me to create a science of what I do – to be able to have repeated success on projects. However, the larger part of qualification has come in the form of experience. I truly believe that experience is the greatest teacher. It is not enough to have theoretical knowledge. It is in application that we really learn and improve.

YOU HAVE BEEN RUNNING YOUR BUSINESS FOR SOME TIME NOW, WHAT DO YOU KNOW NOW THAT YOU WISHED YOU HAD KNOWN BEFORE YOU STARTED?

I wish I knew that there was nothing wrong with paying myself as I paid my employees. For the longest while, I would feel guilty paying myself and felt the need to continuously re-invest in the business, causing me to neglect my personal needs. The downside with this is that I started to lose motivation, and grew frustrated that the business was making money, while I wasn’t generating income for myself. I didn’t realize that there were ways to structure the business in a way that it pays me too. Now, I’m happier, but I wish I knew that earlier!

 ANY LIFE EXPERIENCE THAT HAS PARTICULARLY PREPARED YOU DIRECTLY OR INDIRECTLY FOR WHAT YOU DO NOW?

My family background provided diversity of thought. My parents are from different racial and cultural backgrounds, and this provided an opportunity for me to understand diversity very early in life. Hence, I keep a very open mind, and this allows me to forge relationships with people without bias for their backgrounds. I consider myself more open minded than many people. I’m also the last child, and only girl in my family, hence, I built confidence and strength really early in life.

CHANGE CAN BRING OUT A PART OF US WE NEVER KNEW EXISTED, WHAT NEW THINGS HAVE YOU DISCOVERED ABOUT YOURSELF IN THE COURSE OF STARTING AND RUNNING YOUR BUSINESS?

I’ve learned that I‘m a very resilient person. It doesn’t matter how many challenges I encounter along the way, I simply don’t give up.

Everything in life comes with various challenges – even the superheroes in the movies have to fight people, and even their own emotional struggles.  I have my fair share of challenges, especially as I work on the client side, but also manage operations. I am continuously dealing with solving people’s problems, and that sometimes means fully immersing myself in understanding the problem first, before I try to solve. I have learned to focus on the objectives, and not worry about the Fluff – there is so much fluff in the consultancy world. The most important thing to me is generating results, everything else is secondary.

THE GREATEST BUSINESS ADVICE YOU HAVE EVER RECEIVED AND BY WHO?

“Put God first in all that you do. If you make it God’s business, He will be the best CEO you’ll ever have. “. This advice came from my mother, and it has worked for me throughout my entrepreneurial journey. There are decisions that God has made for me, and even though they were tough decisions for me to apply, they were important for elevation and growth. I have literally fired people simply because I knew in my heart that they needed to go – for my growth and theirs too. In this same light, I have turned down business where my spirit is uncomfortable, and knows that it is not for me.

WHAT DO YOU THINK ARE THE MOST ESSENTIAL SKILLS FOR WOMEN ENTREPRENEURS ESPECIALLY IN NIGERIA?

 Time Management is an important one. Time is one of the most important currencies in Entrepreneurship. Women tend to have multiple responsibilities occurring simultaneously, and in order to be truly efficient, it’s important to learn how to manage time. Communication is also an important skills to learn. I think as women, we are generally more emotional beings, and while this has it’s advantages, it can also come with it’s headaches. It is important to learn how to communicate, and clarify expectations on every table that you sit. In cases where there is a challenge, this allows you to focus on the problem, and not the person.