CDFIs Are Keeping Minority Businesses Afloat During The Coronavirus Pandemic

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3. Sign up for Premium!CDFIs Are Keeping Minority Businesses Afloat During The Coronavirus Pandemic

You may not recognize one when you pass it on the street, but community development financial institutions (CDFIs) are the lifeblood for minority businesses and communities.

CDFIs are private financial institutions that are 100% committed to delivering affordable lending to help low-income, low-wealth, and other disadvantaged people and communities.

Unlike traditional banks like Wells Fargo or Bank of America, CDFIs are profitable, but put the community in which they serve first. CDFIs provide financing for small businesses, microenterprises, nonprofit organizations, commercial real estate, affordable housing, and other projects; CDFIs spark job growth.

“What we know about disadvantaged businesses owned by lower wealth entrepreneurs in low- and moderate-income communities is that there’s a lack of both access and experience when it comes to preparation for financing, but–also after you receive financing–the expertise and the sort of exposure and the involvement or need to effectively manage through the financing venture,” Ted Archer, the head of small business philanthropy at JPMorgan Chase & Co, tells BLACK ENTERPRISE.

CDFIs are both organized to do this kind of work, but also required according to the certification by the department of treasury. And it’s why we see partnerships with them through financing and through other creative programming be so effective, because they can offer capital but plus. It’s “the plus” that makes their work so effective, Archer added.

Well-known CDFIs include Carver Bank, One United, and Citizen’s Trust. These banks were important to low-income communities and minority entrepreneurs before the coronavirus pandemic, but now they may be the only reason you don’t see “for lease” or “for sale signs” draped all over these communities.

When the pandemic began shutting down businesses in March, the Paycheck Protection Program (PPP) was created to help small businesses stay afloat. However, many large banks ignored small businesses and instead secured funds for their biggest clients.

However, CDFIs and Black-owned financial institutions stepped up, and by June received $10 billion in additional PPP funding from the Small Businesses Administration to give out. Additionally, JPMorgan Chase provided NDC, a CDFI, with $50 million in capital used for the PPP.

NDC used the funds to help more than 260 small businesses across the country and help retain more than 4,700 jobs.

The list of businesses that were saved by the program is too high to count, but Jay Reynolds of WolfCreek Consulting, a Florida-based staffing firm, knows just how important CDFIs were to his business.

“I had a couple conversations with NDC and we went through the numbers and they were able in a fairly straight fashion to get that PPP funding, and it came along at a time where it was absolutely necessary,” Reynolds tells BLACK ENTERPRISE. “Through NDC and having that conversation with them, [it] helped us through some terrible things happening to the business. I don’t want to say close or lay off people, but I could tell you that they literally made a difference.”

Despite being a big bank, JPMorgan Chase has made significant investments in CDFIs before the pandemic. In 2018, the bank committed $3 million to help CDFI collaboration in Ohio’s three largest cities. In 2019 the bank committed another $3 million for a similar project in Memphis, TN.

Now with the $900 billion stimulus package being agreed to last month comes a second infusion of funds for the PPP. This time around, $12 billion will be specifically earmarked for CDFIs and Minority Depository Institutions (MDIs).

President-elect Joe Biden has also promised a third stimulus package and Kevin Goldsmith, the community development tax credits program manager for JPMorgan Chase, says there is still room for improvement when it comes to the PPP.

“CDFIs will continue to play an important role in the next package of PPP funds, and provide that technical assistance with small businesses to not only be aware of the program, but also to navigate and process those loans and the forgiveness to help those businesses.” Goldsmith says to BLACK ENTERPRISE.

As the pandemic nears its one-year anniversary, many small businesses are still fighting their way through the pandemic. Some businesses have had to adapt to redesign for the digital age, while others have had to go basic, interacting with the public on the street.

No matter how small businesses are staying open, Archer believes they deserve a ton of credit for hanging on during an unprecedented time.

“It speaks to the resilience and ingenuity of businesses, many of which are small and underserved and faced challenges well before the pandemic and well before the ripple effects of 2020 small businesses and small businesses that are owned by minorities,” Archer said.

 

 

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Stuck On A Problem? Here’s The Simplest Way To Enhance Your Creativity

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How To Become A Top-Notch Game Streamer Amid Covid-19

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As more people stay indoors, the esports and gaming industry has skyrocketed at an unbelievable pace. 

More gamers tune in to streamers to upgrade their skills or watch entertaining gameplays. As a result, it’s the best time to become a streamer to foster connection and to earn money from your passion. 

Now, how can you become a top-notch streamer despite the ongoing pandemic? Here are some tips to get started. 

1. Create Logos & Stream Overlays

Every streamer has their own personal brand. 

Besides their personality, they have a specific logo, colors, and graphics to make their streams instantly recognizable. Alternatively, esports teams also need a logo that represents their characteristics and aspirations. 

Source

Creating a logo and stream overlay template seems to be challenging for first-timers with no graphic design experience. Fortunately, Fiverr designers can create memorable esports logos for your team and Twitch stream overlays. 

2. Optimize Youtube videos 

Most game streamers also have a Youtube channel for Q&A’s and pre-filmed gaming videos. After all, some fans prefer to watch a condensed video instead of a full live stream. 

But hacking the Youtube algorithm doesn’t just involve uploading quality videos. 

Every video must have a description, hashtag, title, categories, and targeted keywords to attract organic traffic. Subtitles and closed captions can also boost searchability. 

For example, Kelsey Impicciche’s Youtube videos are fully equipped with captions, descriptions, and relevant keywords. 

Source

Unfortunately, it may take time to transcribe and add descriptions to every video. That’s precisely why Fiverr’s Youtube marketers can handle optimization so you’ll have more time to focus on your content. 

3. Improve video editing skills 

Having the latest DSLR, PC, and microphones are not enough to succeed in the streaming industry. Instead, you must also have photography and video editing skills to capture the ideal lighting and set up for your live streams. 

Pre-filmed video games also help you gain subscribers and increase publicity for your streams. However, you must be able to cut and edit videos in such a way that keeps viewers interested until the very end. 

That’s precisely why you need to improve your video editing skills. 

Source

If you have no video editing experience, then editing your first videos may seem like a struggle. Consider hiring experienced Fiverr video editors to create high-quality content. 

4. Promote your stream

Before you launch your stream, spread the word on social media to boost viewership. 

Promote your stream on Twitter, Facebook, Instagram, and Reddit communities. Once your followers grow, launch a Discord channel to interact with your viewers. 

Twitch streamer and Youtube content creator, Matt (@Pixelade) shares his latest uploads on his Twitter account to remind subscribers to tune in. 

Source

Promoting your channel, increasing your followers, and creating high-quality content simultaneously seems like a tall order. So, hire experienced Fiverr marketers that are guaranteed to skyrocket your popularity. 

5. Collaborate with streamers

They say no man is an island, and the same is true for streaming.  

Rather than growing your channel yourself, network and collaborate with other streamers. Invite streamers to join your videos. In turn, you may also get invites to join their streams and get fans from their communities. 

Source

Another tip is to collaborate and send viewers to another streamer at the end of your live session. You can also get recommendations from other streamers in your group. This means more viewers for your channel as well as your collaborators. It’s a win-win-win situation! 

Becoming A Game Streamer Amid Covid-19 

The pandemic has led to massive layoffs and financial disappointments for millions across the globe. However, becoming a game streamer may become an enjoyable hustle for gamers who want to make money out of their passion. 

Becoming a popular streamer requires a lot of hard work from behind the scenes. To skyrocket your popularity, consider hiring a team of Fiverr designersvideo editors, and marketers to get the job done. 

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Learn What’s New in Mint and How To Use It

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You may have noticed some exciting changes in the Mint app. We are rolling out new features focused more on insights and personalization, and providing a better holistic view of your financial picture to improve the Mint experience. We’re also addressing some of the biggest requests we’ve received from the Mint community, including an update to how we show your Net Worth and spending over time.

Here’s everything new in Mint and how to use it:

Net Worth and Monthly Spending Over Time

You asked, we delivered! You can now view Net Worth and Monthly Spending over time to easily track against your goals month-over-month. To access this visual snapshot, switch between the two by selecting the carrot next to “December spending” and “Net Worth”.

  •  Click into each to go full screen and drag your finger to interact with the data.
  •  You can also click through the primary number to view
    • Net Worth > all transactions
    • Spending over time > Monthly Spending.
    • If you’d like, you can hide the chart to simplify your overview even further.

All Your Accounts in One App With Interactive Accounts

The accounts section is now front and center, so you can check each category with a single tap, or expand all to scroll through each account. No need for multiple apps because we’ve got your accounts, bills, and budgets covered! Think of Mint as your all-in-one finances app, where you can connect your accounts, bills, and more. Soon you’ll be able to re-organize these accounts in the way that best suits your needs.

Dismissable Offers

We want to make sure we’re giving you the most relevant offers! You can let us know which offers you find most valuable and which you don’t by dismissing them.

This Month Tab

We heard the overview page can be a bit overwhelming. Now, you can click on a new tab in the app for all things “This Month”. This will show your cash flow, budgets, spending categories, bills, goals, and other resources like spending for joy. Looking for more customization? In the top right of the tab, you will see an icon to adjust the page, where you can drag and drop many of the widgets to set up the page just how you like it. This way, you can see your full financial picture each month and closely track your spending.

Budgets

If you’ve heard the term live within your means, it’s essentially referring to budgeting so that you are spending less than you’re earning. Using Mint’s updated budgets feature, iOS users can now add in their income and compare that with their expense budgets, making it easy to review previous months’ budgets. This helps you directly see how much you’re spending versus how much you’re bringing in so you can create realistic budgets.

Transactions

We’ve simplified categorizing transactions. Instead of going one by one, you can edit and recategorize multiple transactions at the same time through an option to bulk edit. You can also better search, add and manage tags by filtering the full list of transactions by all, uncategorized, and income only to track your money in a way that works for you. We’ve made it easy to search for any transaction via a text search too. You will also notice that each category has different, specific icons to make it easy to identify. Lastly, you will no longer see partner offers from transaction placement.

Alerts 

Mint helps you stay on top of your finances with Alerts. Now with the newly designed notifications center, you can view personalized insights. You can make sure these insights and alerts are relevant to you by adjusting your accounts so if you no longer use a particular account, you can mark it as ‘inactive’. You can also view your upcoming bills and mark them as paid in one tap so you can avoid any late fees and consistently make on-time payments.

Marketplace

You can get new personalized Mintsights™ that highlights ways to save for each type of financial product. Personalized Mintsights™, newly available in-app, will now offer more relevant advice based on an individual’s unique financial situation and goals. By analyzing over 5 billion transactions from 25 million users, these personalized Mintsights™ can help customers save money and pay off debt faster.1

To experience all the latest updates, download the newest version of Mint on iOS for iPhone today. Coming soon to Android users!

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How To Learn Effectively With Kinesthetic Learning Style

Sign up and get Premium Content on building personal and professional wealth!My daughter is always on the go. She’s not one of those children who sit still for hours musing over a toy or a book. Nope. She’s much more likely to be jumping off the sofa like some kind of WWE wrestler or running back and forth, pushing herself off the walls—also like some kind of WWE wrestler. So, instead of trying to force her to sit still and learn her letters, I try to use activities for people with kinesthetic learning styles to make learning better suited for her current developmental stage.

The 4 Learning Styles

You’ve probably heard about learning styles by now. Maybe someone claimed that they were a visual learner, or a teacher dubbed you an auditory learner. Learning styles began in the 1990s when New Zealander Neil Fleming created a questionnaire to assess how people preferred to learn new information. This questionnaire is known as the VARK and is still used to determine people’s learning styles today.

There are four main learning styles according to Fleming’s VARK questionnaire:

  • Visual – Visual learners like to see new information. They prefer charts, graphs, and films over reading or hearing information—think images over sounds, movements, or written words.
  • Auditory or Aural – Auditory learners prefer to hear new information. They tend to be drawn to audiobooks and music.
  • Reading/Writing – Reading/writing learners prefer to do exactly that—read and write. They focus well when reading new information and readily process information by taking notes.
  • Kinesthetic – Kinesthetic learners are drawn to movement. They tend to be out of their seats figuring out new information spatially and physically.

Problem With Fleming’s Learning Styles

Because we’ve had nearly thirty years to study the efficacy of Fleming’s learning styles, we now know that learning styles are only a preference. Using your preferred learning style does not actually improve learning outcomes. That means if you prefer visual inputs, charts and graphs may be more comfortable for you, but using them doesn’t help you learn more.

A better way to think about learning styles is as learning preferences, but if you want to boost your learning, you should focus more on matching the learning style with the task at hand.

For example, I struggle with auditory information. When someone spells something aloud, I have a tough time processing what they’re spelling. However, I’ve had success with auditory input when I’m memorizing lines for a play or learning the lyrics of a song. Instead of saying that I’m a reading/writing learner or a visual learner, I know that my learning style depends on what it is I’m trying to learn.

What Are Kinesthetic Learning Styles?

Kinesthetic learning is embodied, active, and tactile. Instead of listening to a lecture or reading a book, the kinesthetic learning style involves moving through space. Even if you consider yourself more of a visual, auditory, or reading/writing learner, kinesthetic learning techniques can help you energize and memorize new information.

1. Energize

Kinesthetic learning techniques are a great way to wake up and get the blood pumping, which can help you study longer. If you find yourself yawning or falling asleep, you may want to stand up and move or get creative more with your learning strategies.

2. Memorize

Kinesthetic learning techniques are also a great way to unconsciously memorize new information. Procedural memory is when your body knows how to do something without you having to think consciously about it.

Think about riding a bike. If you had to think about every complicated step involved in bike riding, you’d crash every time you even attempted it. But procedural memory allows your body to just do it.

You can use your procedural memory to expand the amount of information you learn. When you get new information “in the body,” you’re really recording it as procedural memory, and you can memorize way more unconsciously than you can consciously.

Get the Most Out of Kinesthetic Learning Styles

Let’s say I’ve convinced you to try kinesthetic learning techniques. Besides just standing up and moving through space, here’s a more specific list of ways you can get the most of kinesthetic learning styles:

1. Get Up

The first and simplest way to get kinesthetic is to stand up. That’s right—get out of your chair. Get a standing desk or take a walk while you think something over. Since a kinesthetic learning style has to do with movement, the first step is to stand up and get moving.

2. Move Through Space

The next trick for kinesthetic learning styles is to move. Walk around while you memorize, process new information, or try to solve problems.

I like to pace when I’m on a phone call or walk the dog when I’m having some writer’s block. This helps get the blood pumping and helps keep me alert and creative.

3. Make It Tactile

Another way to make learning kinesthetic is to make it tactile. Incorporate objects that you can move around. Use index cards hung around the room to develop a plot or an essay. Make a model of the solar system instead of just reading about it. Create a physical flashcard deck to memorize new things instead of learning them on the computer or from a book.

The more you can cut, paste, shape, bend, fold, and manipulate, the better.

4. Place Things Places

One way that I tried to accommodate my daughter’s current kinesthetic learning style is by placing letters around the room. I then asked her to stand in the middle of the room and run to a certain letter. This approach was successful for a few reasons.

First, by making learning a game—or “gamifying”—I was making it fun and competitive, which kept my daughter engaged for longer.((Play Your Way Sane: How to be more Playful: Gamify your Life))

Second, by making letter-learning active, I was able to keep my daughter’s energy up, which kept the blood and oxygen pumping to her brain. This stimulates learning.

Finally, by placing letters around the room, my daughter was associating letters spatially. This helps make learning more concrete and less abstract. The A is in the kitchen, and the B is in the dining room, instead of just being letters on a page. This helps give her another way to distinguish the letters. Just make sure to switch it up, so you’re not always associating one concept with one place.

This concept is also a great way to learn a new language. Put Post-It notes with your target language vocabulary all over the house. Put the word “mirror” on your mirror and the word “window” on your window.

This helps you learn throughout the day, but it also helps you associate the new word with the concept itself. When you look in the mirror, you are learning the new word for mirror. That’s context. It’s much easier to learn with context than by reading the new vocabulary word over and over.

I’ve also used this technique when I taught the areas of the stage. I drew a large grid on the floor and would yell out a stage direction—stage left or stage right or downstage center—then the class would have to run to that square on the grid as fast as they could. Because stage directions are already spatial, this kind of kinesthetic learning matches the learning task.

This technique could be effective for learning planets or geography. Get creative and place things places to make learning an embodied, spatial experience.

5. Combine Movements With Ideas

Another way to make learning kinesthetic is to combine movements with ideas. Trying to learn historical dates? Combine them with specific movements—mime rowing when you say 1492, Mime a guillotine when you yell 1789, or a falling wall for 1989. You get the idea.

By combining a movement with a concept, fact, or idea, you are increasing the likelihood that you’ll initiate your procedural memory and store that new knowledge in long-term memory.

6. Walking While You Work

You can also walk while you work. I’ve seen people work while on a treadmill and walk with a friend as they map out the structure for a new project. Walking is a great way to get unstuck. If you’re getting tired or bored or frustrated, get up, get out, and take a walk as you continue to learn, process, and create.

7. Exercise While You Learn

I’m also a big fan of exercising while you learn. In grad school, I would carve out time at the gym almost every day. This wasn’t a way to avoid my schoolwork. It was actually a time when learning came more easily.

Something about running on the treadmill or stepping on that elliptical machine distracted me enough to lower my stress and anxiety. I always found learning much less effortful when I was incorporating exercise. So, get to the gym and pump some iron while you memorize, quiz yourself, and study yourself smart.

Final Thoughts

You may not consider yourself a kinesthetic learner. I know I don’t. But that doesn’t mean kinesthetic learning techniques can’t help you learn better.

Moving through space and manipulating objects are great ways to get more parts of your brain involved in the learning process. So, get out of that desk chair and get moving to make kinesthetic learning work for you.

More About Learning Styles

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Issa Rae Secures Her Seat at the Table, As New Chair Member for TV Academy

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Insecure creator and star Issa Rae has secured a seat on the TV Academy Executive Committee for the 2021 season, according to The Hollywood Reporter. The Television Academy, which governs the Emmy Awards, announced the rising media mogul as one of six new chair members of the executive committee.

No stranger to the small or big screen, Rae has received multiple Emmy nominations for her work on A Black Lady Sketch Show and her popular HBO comedy series Insecure. Famously quoted saying “I am rooting for everybody Black” during her red carpet interviews at the 2017 Primetime Emmy Awards, the actress has always been vocal about the need for more representation in film and TV.

Rae also has an upcoming documentary about pioneers in Black television, Seen & Heard, debuting on HBO.

“We are thrilled to be able to leverage the collective expertise of this talented group of television innovators as we navigate this extraordinary time in the history of our industry,” said Frank Scherma, the chairman and CEO of the Television Academy, in a statement. “Their leadership provides invaluable insight that will allow the Academy to play an integral role in shaping the evolution of the medium.”

The Academy has come under fire in recent years for its lack of racial diversity. Deadline reported recent changes to promote inclusion, including the announcement of new additions to the board of the Television Academy Foundation in 2020. USA Today reported the Academy also changed its nomination process in 2020 to diversify selections and prevent racial bias.

The 2020 UCLA Hollywood Diversity Report found that while the representation of women and minorities increased from the year before, white men still dominate the TV and film industry. In television, chair/CEO positions remain 92% white and 69% male. Senior executive and unit head positions came in at more than 80% white and over 50% male.

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Shop and save with these coupons from you favorite online brands!

As a way of saying “Thank You”…enjoy these money saving coupons from some of your favorite online brands!

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All About Wealth on The Digital Vibe Podcast


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How to Script Videos for Social Media in 5 Steps

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Do you create videos for Facebook and Instagram? Wondering how to get more people to pay attention to your videos in the news feed? In this article, you’ll learn a five-step system for using text overlays to optimize your video for views and engagement in the Facebook or Instagram feed. You’ll also find out how […]

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The Latest Mint Features Are Here to Help You Gain Financial Empowerment

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Minters – you asked, we’ve delivered! 

If you noticed a few changes in your Mint iPhone app, you’re not alone. We’ve rolled out a design refresh and new features so you can experience a fresh way to manage your money (don’t worry Android users, your updates are coming soon!). These include subscription monitoring, an advanced month-over-month view of net worth and spending, and personalized Mintsights™ in a powerful and free all-in-one app!

Here’s how the new Mint can help you start reaching your financial goals, today:

All-in-one

Multiple apps are a thing of the past. We’re putting your accounts, bills, and budgets all in one place while crunching the numbers to find your True Net Worth so you can make the best financial decisions. By having everything from spending and budgets to your credit score and more in one place, you can now access your financial life with one tap. 

Personalized MintSights and Advice

You told us you want to stay on top of your finances, so we’re helping you take charge with new Mintsights, which will help you cut costs and spend smarter! We’re diving deep into the numbers to provide you with tailored insights that will help you save money and pay off debt faster. In addition, we’ll update you on how your spending, net worth, budgets, and even subscriptions are trending to remind you of any changes you need to know about.

Automatic Subscription Tracking

You can now see all of your subscriptions in-app by connecting any bank or credit card that you use to pay for those subscriptions. When prices change, you’ll automatically get a notification so you can better stay on top of all of your spending.

Easily Categorize Transactions

We’ve made the process of categorizing your transactions easier in the Mint app. Now, you can bulk edit multiple transactions at the same time, instead of going one-by-one, and even make as many custom categories as your need for more personalized budget tracking. 

Goals and Motivation

Together, let’s make 2021 the year of financial goals. Whether it’s getting out of debt or saving for a home, we want to help you get there. With Mint’s new custom goals, you can improve your financial habits with our psychological-backed strategies. You’ll get custom goals, streaks, and badges to automatically track your progress and achievements since we know that no financial win is too small to celebrate. 

To provide you with the best experience in your financial journey, we’re personalizing Mint to bring together your financial picture all in one place. From evolving and improving features to a new interface design, we want to provide you with the easiest way to manage your money. 

To experience all the latest updates, download the newest version of Mint on iOS for iPhone! And to learn more or get started with Mint, visit Mint.com

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