>> THIS WEEK.

IT'S NOT OVER YET.

GOVERNOR MURPHY EXTENDS THE PUBLIC EMERGENCY BUT ALSO LIFTS SOME MAJOR MANDATE AT THE SAME TIME.

PLUS, IS NEW JERSEY NO LONGER THE CHAMP?

WE ANALYZE WHAT SUPER BOWL BETTING WILL LOOK LIKE NOW THAT NEW YORK HAS LEGALIZED ONLINE BETS.

AND WE PUT THE STATE OF BLACK-OWNED BUSINESS IN FOCUS, HIGHLIGHTING THE PROGRESS MADE FOR BUSINESS OWNERS, THE CHALLENGES THEY FACE GAINING FINANCIAL SUPPORT, AND HOW OWNERS ARE EMPOWERING EACH OTHER.

THAT'S STRAIGHT AHEAD ON "NJ BUSINESS BEATS."

♪♪ >> HELLO, I'M RHONDA SCHAFFLER.

THANK YOU FOR JOINING US.

IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

GOVERNOR MURPHY THIS WEEK ANNOUNCING THAT THE MASK MANDATE IN NEW JERSEY SCHOOLS WILL BE LIFTED ON MARCH 7th, WHILE ALSO EXTENDING THE STATE-WIDE PUBLIC HEALTH EMERGENCY FOR ANOTHER 30 DAYS.

THAT EXTENSION IS NOT SITTING WELL WITH SOME REPUBLICAN LAWMAKERS WHO HAVE INTRODUCED A BILL THAT WOULD CURTAIL THE GOVERNOR'S EMERGENCY POWERS.

THEY WANT THE LEGISLATURE TO HAVE MORE SAY.

NOW IN LIFTING THE MASK MANDATE, MURPHY JOINED SEVERAL OTHER GOVERNORS WHO HAVE DECIDED MASKS ARE NO LONGER NEEDED IN SCHOOLS, AS COVID NUMBERS CONTINUE TO DECLINE, BUT GOVERNOR MURPHY SAYS SCHOOL DISTRICTS CAN CHOOSE TO KEEP A MASK REQUIREMENT OR RETURN TO IT SHOULD COVID CASES SPIKE AGAIN.

>> WE ARE NOT REMOVING THE ABILITY OF INDIVIDUAL DISTRICT LEADERS TO MAINTAIN AND ENFORCE SUCH A POLICY WITHIN THEIR SCHOOLS OR ANY PRIVATE CHILD CARE PROVIDER FROM MAINTAINING SUCH A POLICY WITHIN THEIR BUSINESS SHOULD COMMUNITY CONDITIONS REQUIRE.

LIKEWISE, ANY STUDENT, EDUCATOR OR STAFF MEMBER OR VISITOR WHO CHOOSES TO CONTINUE MASKING UP WHILE INDOORS MAY FREELY DO SO.

>> THE STATE THIS WEEK THROWING OUT A LIFELINE TO HOMEOWNERS FACING FINANCIAL DIFFICULTIES DUE TO THE PANDEMIC.

OFFICIALS LAUNCHED THE EMERGENCY RESCUE MORTGAGE ASSISTANCE PROGRAM, WHICH WILL GIVE ELIGIBLE HOMEOWNERS UP TO $35,000 TO HELP COVER DELINQUENT MORTGAGE PAYMENTS.

THE MONEY CAN ALSO BE USED TO PAY OTHER HOUSING-RELATED COSTS, SUCH AS LATE PROPERTY TAXES.

APPLICATIONS ARE NOW BEING ACCEPTED FOR THE PROGRAM IN ORDER TO APPLY, A HOMEOWNER MUST HAVE HAD A SIGNIFICANT REDUCTION IN THEIR INCOME OR LOSS OF INCOME DUE TO COVID-19.

NO DOUBT, YOU'VE BEEN GATHERING UP YOUR W-2s, 1099s, I COULD GO ON TO GET READY FOR TAX SEASON.

THE IRS IS URGING PEOPLE TO FILE EARLY AND ELECTRONICALLY, SAYING THEY'RE FACING A BACKLOG ALREADY IN PROCESSING FEDERAL TAX RETURNS.

BUT NJ SPOTLIGHT BUDGET REQUIRE TELLS US THE STATE ISN'T HAVING ANY ISSUES, AND ANY TAX REFUND YOU ARE OWED FROM THE STATE SHOULD NOT BE DELAYED.

>> THE STATE DEPARTMENT OF TREASURY SAYS IT'S READY AND HAS ALREADY STARTED PROCESSING TAX RETURNS FOR THE 2021 TAX YEAR.

SO IN ADVANCE OF THE UPCOMING DEADLINE IN APRIL.

AND THEY'RE STILL ON COURSE TO START SENDING OUT REFUNDS TO TAXPAYERS BY THE FIRST WEEK OF MARCH, WHICH IS CUSTOMARY FOR THE DEPARTMENT OF TREASURY HERE IN NEW JERSEY.

>> IF YOU'VE RECEIVED A LETTER FROM THE STATE SAYING YOU HAVE TO PAY BACK SOME OF THE UNEMPLOYMENT BENEFITS YOU RECEIVED DURING THE PANDEMIC, DON'T TAKE ANY ACTION JUST YET.

THIS WEEK, THE U.S. LABOR DEPARTMENT ISSUED NEW GUIDANCE THAT FORGIVES OVERPAYMENTS IN CERTAIN CIRCUMSTANCES.

STATE LABOR COMMISSIONER ROBERT ASARO-ANGELO CALLED THIS GREAT NEWS FOR NEW JERSEYANS WHO RECEIVED BENEFITS THINKING THEY WERE ENTITLED TO THEM, ONLY TO FIND OUT THAT FEDERAL GUIDANCE HAD CHANGED AND THEY WERE NOT ELIGIBLE.

NOW YOU'LL REMEMBER DURING THE PANDEMIC, HOW MANY PEOPLE SAID THE WHOLE UNEMPLOYMENT PROCESS WAS VERY CONFUSING.

UNDER THIS NEW GUIDANCE, WORKERS DO NOT HAVE TO REPAY THEIR BENEFITS IF THEY WRONGLY ANSWERED CERTAIN CERTIFICATION QUESTIONS OR WERE WRONGLY PAID HIGHER WEEKLY AMOUNTS BASED ON MISCALCULATIONS BY THE STATE.

THE STATE LABOR DEPARTMENT SAYS IT WILL NOTIFY CLAIMANTS WHO ARE ELIGIBLE FOR WAIVERS OF OVERPAYMENT, UP TO 250,000 RESIDENTS MAY HAVE BEEN OVERPAID.

SUPER BOWL WEEKEND IS HERE AND THE BIG GAME IS BIG BUSINESS.

IT'S TYPICALLY A GOOD DAY FOR PIZZA SHOPS AND SPORTS BARS AND OF COURSE, IT IS THE PREMIER EVENT FOR THE SPORTS BETTING INDUSTRY.

THE AMERICAN GAMING ASSOCIATION SAYS A RECORD 31.4 MILLION AMERICANS PLAN TO BET ON THE SUPER BOWL.

A 35% INCREASE FROM LAST YEAR'S GAME.

THE GROWING LEGALIZATION OF SPORTS BETTING IS FUELING THE JUMP.

WHAT WE'RE SEEING SHAPE UP NOW IS A BATTLE FOR BUSINESS BETWEEN SPORTS BOOKS IN NEW JERSEY AND IN NEW YORK, WHERE BETTING WAS RECENTLY LEGALIZED.

LOU FOLLOWS SPORTS BETTING FOR EMPIRESTAKES.COM.

>> NEW JERSEY'S HELD THEIR OWN.

IN THE FIRST COUPLE WEEKS, NEW JERSEY GAINED SOME CUSTOMERS BOTH ON THE MOBILE END AND ALSO APPEARANCES AT THE RETAIL SPORTS BOOKS.

FOR INSTANCE, THE MEADOWS RACEWAY, SOME OF THE CASINOS DOWN IN ATLANTIC CITY.

>> WHEN IT COMES TO WORK, SOME OF US THINK ABOUT LEAVING THE 9:00 TO 5:00 LIFE BEHIND AND BECOME ABERRANT PROCEDURE.

BUT HOW DO YOU DO THAT EXACTLY?

ROWAN UNIVERSITY HAS LAUNCHED A NEW SCHOOL FOR STUDENTS INTERESTED IN ENTREPRENEURSHIP SKILLS.

ROWAN SAYS ITS SCHOOL OF INNOVATION AND ENTREPRENEURSHIP WITHIN THE COLLEGE OF BUSINESS IS THE FIRST OF ITS KIND IN NEW JERSEY AND ONE OF JUST A FEW UNIVERSITY-BASED SCHOOLS IN THE U.S. WE FOUND OUT MORE FROM DR. LERMAN, WHO IS DEAN OF THE COLLEGE OF BUSINESS.

DEAN, THE BUSINESS SCHOOL NOW HAS A SCHOOL OF INNOVATION AND ENTREPRENEURSHIP.

HOW WAS THE SCHOOL BORN AND WHY IS IT IMPORTANT FOR THE BUSINESS SCHOOL SCHOOL TO OFFER AN ADDITION THAT THE TIME?

>> WE HAVE IN THE COLLEGE OF BUSINESS BEEN FOCUS ON ENTREPRENEURSHIP FOR OVER 15 YEARS, BUT IN THE LAST FIVE YEARS, WE HAVE REALLY AMPED UP OUR FOCUS ON ENTREPRENEURSHIP ACROSS THE CAMPUS, WHICH MEANS WE'RE NOT JUST INTERESTED IN TRAINING ENTREPRENEURS, WHICH WE ARE, BUT WE'RE INTERESTED IN THINK IT'S CRITICAL FOR ALL STUDENTS TO THINK LIKE AN ENTREPRENEUR, WHETHER THEY ULTIMATELY START A BUSINESS OR NOT.

SO THAT THERE ARE ENTREPRENEURS IN THE COMPANIES THAT THEY WORK FOR.

THERE ARE ENTREPRENEURS IN ALL ASPECTS OF THEIR LIVES.

AND SO THAT HAS BEEN OUR FOCUS ACROSS THE CAMPUS FOR THE LAST FIVE YEARS, AND THIS WAS JUST THE CULMINATION.

WE'VE HAD ENTREPRENEURSHIP PROGRAMS.

WE'VE HAD CURRICULAR PROGRAMS AND A CENTER FOR INNOVATION AND ENTREPRENEURSHIP.

BUT THIS WAS JUST THE OPPORTUNITY TO TAKE IT TO THE NEXT LEVEL.

SAID.

THINK LIKE AN ENTREPRENEUR.

WHAT DOES THAT MEAN AND HOW DO YOU EDUCATE STUDENTS TO DO THAT?

>> SO THE ATTRIBUTES THAT AN ENTREPRENEUR NEEDS TO BE SUCCESSFUL IN A NEW VENTURE ARE THINGS LIKE BEING INNOVATIVE, CREATIVE, TAKING THE INITIATIVE, BEING PERSISTENT, BEING GRITTY, AND THOSE ARE THE KINDS OF ATTRIBUTES THAT I KNOW WHEN I HIRE SOMEONE, I'M LOOKING FOR THOSE ATTRIBUTES, AND I THINK THAT EMPLOYERS ACROSS THE SPECTRUM ARE LOOKING FOR THOSE ATTRIBUTES AS WELL.

AND SO THERE ARE WAYS THAT YOU CAN ACTUALLY ENGAGE STUDENTS IN BECOMING MORE INNOVATIVE, IN BECOMING MORE GRITTY, IN HELPING THEM TO LEARN THE IMPORTANCE AND TECHNIQUES FOR TAKING THE INITIATIVE.

>> WHAT HAVE MUST HAVE YOUR BUSINESS CONTEXT IN THE COMMUNITY TOLD YOU OVER THE FOCUS THAT HELPED PERHAPS MAKE YOU THINK THAT THE TIMING WAS RIGHT FOR THIS SCHOOL?

>> WELL, ACROSS THE COUNTRY, SOME VERY SELECT SCHOOLS THAT WE LOOK TO AS BEING APPLICANTS OF OURS HAVE TAKEN THE STEP.

IT'S STILL A UNIQUE SMALL GROUP THAT ARE SAYING THIS IS AN IMPORTANT WAY TO ELEVATE ENTREPRENEURSHIP, AND WE WANTED TO BE A LEADER OF THE CROWD, NOT A FOLLOWER OF THE CROWD.

>> YOU'RE JUST GETTING STARTED.

HOW MANY STUDENTS ARE ENROLLED IN THE SCHOOL AND WHAT ARE YOUR HOPES IN TERMS OF GROWING ENROLLMENT?

>> AS WE HAVE OVER THE LAST FIVE YEARS, REALLY RAMPED UP OUR ENROLLMENTS HAVE LIKEWISE REALLY RAMPED UP.

WE'RE REALLY PARTICULARLY INTERESTED IN MINORS.

STUDENTS WHO MINOR IN ENTREPRENEURSHIP.

A LOT OF STUDENTS MAY BE AN ENGINEER MANY MAJOR OR AN ART MAJOR.

DO A FULL MAJOR DEGREE PROGRAM IN ENTREPRENEURSHIP.

BUT THEY CAN DO FIVE OR SIX COURSES IN ENTREPRENEURSHIP AND OUR GROWTH IN THE MINOR HAS INCREASED OVER 400% JUST IN THE PAST COUPLE OF YEARS AND IS IT REALLY IS ON A TRAJECTORY TO GO MUCH HIGHER.

ALONG THE WAIT WE HAVE MORE MAJORS I'M SO HAPPY WE GOT CAUGHT UP TO HEAR ABOUT WHAT IS HAPPENING AT ROWAN AND I WANT TO THANK YOU FOR YOUR TIME.

>> THANK YOU SO MUCH.

REALLY A PLEASURE.

>> HEAD OF THE SMALL BUSINESS ADMINISTRATION ISABELLA CASILLAS GUZMAN MARKED BLACK HISTORY MONTH.

SHE NOTED THAT BLACK BUSINESS OWNERS AND ENTREPRENEURS HAVE LONG FACED HISTORIC INEQUITIES AND BARRIERS TO CAPITAL AND RESOURCES NEEDED TO START AND GROW THEIR BUSINESSES, AND SHE SAID THE SBA IS COMMITTED TO CHANGE THAT.

SHE STATED THAT THESE CHALLENGES WORSENED DURING THE PANDEMIC, BUT AT THE SAME TIME, NOTED THE ENTREPRENEURIAL SPIRIT CONTINUES TO THRIVE IN THE BLACK COMMUNITY, AND BLACK BUSINESSES ARE HELPING TO REVIVE OUR ECONOMY AND PUT US BACK ON TRACK.

THIS WEEK WE'RE PUTTING THE STATE OF BLACK-OWNED BUSINESSES IN FOCUS.

BLACK RESIDENTS MAKE UP MORE THAN 12% OF NEW JERSEY'S POPULATION, AND WHILE THE STATE HAS MORE THAN 937,000 SMALL BUSINESSES, ONLY ABOUT 82,000 BUSINESSES OR 8.7% ARE BLACK-OWNED.

MINORITY BUSINESS OWNERS WERE AT A DISADVANTAGE WHEN IT CAME TO GETTING HELP DURING THE PANDEMIC.

YOU'LL RECALL THE GOVERNMENT WAS PROVING PPE LOANS TO HELP KEEP BUSINESSES AFLOAT.

70% OF WHITE BUSINESS OWNERS WHO APPLIED RECEIVED THEIR FULL LOAN REQUEST, COMPARED TO JUST 43% OF BLACK BUSINESS OWNERS.

PUT ANOTHER WAY, ONLY 4% OF WHITE BUSINESS OWNERS WERE DENIED A PPE LOAN, COMPARED TO 20% OF BLACK BUSINESS OWNERS.

ONE NEW JERSEY LEADER FIGHTING FOR BLACK BUSINESS OWNERS IS JOHN HARMAN, THE FOUNDER AND PRESIDENT OF THE AFRICAN AMERICAN CHAMBER OF COMMERCE OF NEW JERSEY.

WE TALKED ABOUT THE ECONOMIC CHALLENGES FACING BLACK RESIDENTS IN THE STATE AND HARMON'S EFFORTS TO LEVEL THE PLAYING FIELD FOR BUSINESSES OWNED BY BLACK RESIDENTS.

JOHN, YOU ARE PART OF A NATIONAL EFFORT REALLY TO GET MORE FOCUS ON LOOKING AT CORPORATE BOARDS AND BRINGING ON MORE PEOPLE OF COLOR.

HOW IS THAT PROGRESSING?

>> THAT IS PROGRESSING RELATIVELY WELL.

WE'RE WORKING IN PARTNERSHIP WITH TWO GREAT ORGANIZATIONS HERE IN NEW JERSEY, THE NEW JERSEY STATE AND NEW JERSEY CHAMBER OF COMMERCE LED BY TOM BRACKEN.

WE'RE MAKING TREMENDOUS PROGRESS LEVERAGING THE BOARD FOR ENGAGEMENT WITH THE BOARD SEATS AND CAREER COMMUNITIES AND COMMUNITY INVESTMENT.

SIMILARLY, WE'RE WORKING WITH MICHELE SIEKERKA IN INDUSTRY BUSINESSES TO DO THE SAME.

MY HOPE.

I'M VERY OPTIMISTIC ABOUT WHAT THIS IS GOING TO LOOK LIKE ANOTHER YEAR OR SO FROM NOW.

SO WE HAVE TO BE ENCOURAGED AT THIS MOMENT.

>> I'M GLAD THAT THERE ARE A LOT OF EFFORTS YOU FEEL ENCOURAGED ABOUT.

I'M GOING TO ASK YOU ABOUT ANOTHER ONE THAT HAS BEEN CHALLENGING AS WELL FOR BLACK-OWNED BUSINESSES AND THAT IS ACCESS TO CAPITAL.

THERE HAVE BEEN SOME STATE PROGRAMS THAT SEEM TO TARGET ASSISTANCE FOR BROADCAST-OWNED BUSINESSES BUT ARE WE SEEING IN THE PRIVATE SECTOR A MORE WILLINGNESS IN TERMS OF FINANCING STARTUPS AND PROVIDING LINES OF CREDIT FOR EXISTING BUSINESSES?

>> SO THE SHORT ANSWER IS YES.

I MEAN, WE'RE WORKING REAL CLOSELY WITH TIM SULLIVAN AND HIS TEAM AT THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY AND GREAT PARTNERS.

BUT RHONDA, SEVERAL MONTHS BACK, WE HAD THROUGH OUR ENGAGEMENT WITH THE NEW JERSEY BACKERS ASSOCIATION, WE'VE ADDED AT LEAST 25 FINANCIAL SERVICES, INSTITUTIONS, TO OUR SO WE HAVE DIRECT ACCESS TO THOSE ORGANIZATIONS, AND THERE IS A WILLINGNESS TO GET OPPORTUNITIES FOR THOSE WHO ARE SEEKING FINANCING, LINES OF CREDIT, MORTGAGES, ET CETERA.

BUT IN ADDITION TO THAT, WE WORK WITH NEW JERSEY COMMUNITY CAPITAL.

WE HAVE A LONG FUND, IF YOU WILL, THAT WE'VE GOTTEN, INSTITUTIONS LIKE TD BANK, PASCAL SITES FOUNDATION, WELLS FARGO AND OTHERS.

WE PUT IN ABOUT $7 MILLION TO HELP THE SMALLER LOANS.

THE PUBLIC SECTOR STILL IS LAGGING BEHIND.

STATE GOVERNMENT, IT'S ABOUT 1% ON A GOOD DAY OF PUBLIC CONTRACTS TO BLACK BUSINESSES IN THE STATE, AND THAT'S ABYSMAL.

WE ARE ONE OF OF THE MOST DIVERSE STATES IN AMERICA.

A NETWORK FOR BLACKS IS $5900 VERSUS $215,000 FOR WHITES.

I WANT TO ASK YOU ABOUT ANOTHER STATISTIC THAT I LOOK AT EVERY MONTH.

IT'S A NATIONAL STATISTIC BUT IT DOESN'T MOVE TOO MUCH AND THAT IS THE BLACK UNEMPLOYMENT RATE, WHICH REMAINS MUCH, MUCH HIGHER THAN THE UNEMPLOYMENT RATE FOR WHITES.

WHAT'S IT GOING TO TAKE FOR THAT TO BE EQUALIZED?

>> WELL, I MEAN, WE HAVE THE HIGHEST POVERTY, HIGHEST UNEMPLOYMENT IN NEW JERSEY.

IT'S AROUND THE VERY GOOD QUESTION.

AGAIN, THE PRIVATE SECTOR ARE TRYING TO HIRE AS MANY PEOPLE AS POSSIBLE.

BUT IN NEW JERSEY, THE POLICY DOES NOT ALIGN WITH THE RHETORIC.

WHAT I MEAN BY THAT, IF THE STATE OF NEW JERSEY LIKE NEW YORK HAD DISPARITY STUDIES AND COMPLETED IT, FOUR YEARS AGO, THERE WOULD HAVE BEEN A LOT OF INCENTIVES TO HIRE MORE BLACKS ACROSS THE STATE.

NOT ONLY IN JOBS AND CONTRACTS.

SO IF YOU'RE CONTRACTING WITH BLACK BUSINESSES, THEY'RE GOING TO BE HIRING BLACK PEOPLE.

IF YOU CONTRACT WITH HISPANIC BUSINESSES, THEY'RE GOING TO BE HIRING MORE HISPANICS.

AND IF YOU INCENTIVIZE IN THE PUBLIC SECTOR THROUGH MAINSTREAM NEW JERSEY, THEY'RE GOING TO FIND A WAY TO HIRE BLACKS AND OTHERS.

SO THE POLICY IN NEW JERSEY IS NOT EQUITABLE TO ENSURE THAT BLACK PEOPLE GET AN APPRECIABLE SHARE OF THE STATE'S PRIORITY, I MEAN, PROSPERITY EXPERT.

>> THANK YOU SO MUCH FOR YOUR TIME, AND YOU PLAYED YOUR EFFORTS TO TRY TO FACILITATE CHANGE IN NEW JERSEY.

THANK YOU, JOHN.

>> THANK YOU.

I APPRECIATE IT.

>> RECENTLY THE INVESTMENT BANK GOLDMAN SACHS ANNOUNCED A NEW ROUND OF INVESTMENTS IN ITS INITIATIVE KNOWN AS ONE MILLION BLACK WOMEN LAUNCHED LAST YEAR.

THAT PROGRAM IS A COMMITMENT TO SPEND MORE THAN $10 BILLION OVER THE NEXT DECADE TO ADVANCE ECONOMIC OPPORTUNITY AND RACIAL EQUITY.

NEW JERSEY BUSINESS WOMAN AISHA TAYLOR IS PLAYING A ROLE IN THIS INITIATIVE.

AISHA IS FOUNDER AND CEO OF THE SISTAHS IN BUSINESS EXPO, WHICH BILLS ITSELF AS THE COUNTRY'S EXPO CREATED SPECIFICALLY TO CELEBRATE AND EMPOWER ENTREPRENEURIAL WOMEN OF COLOR.

AISHA, THE GOLDMAN SACHS ONE MILLION BLACK WOMAN INITIATIVE IS SOMETHING THAT YOU'VE GOTTEN INVOLVED INT TELL ME WHAT YOU'RE DOING WITH IT.

>> WE ARE SO EXCITED TO BE ONE OF THE INAUGURAL PARTNERS OF THE ONE MILLION BLACK WOMEN INITIATIVE IN THAT PARTNERSHIP.

WE HAVE HELPED TO BOTH AMPLIFY THE MISSION AS WELL AS RECEIVE FEEDBACK FROM OUR COMMUNITY OF BLACK WOMEN ENTREPRENEURS BY HOSTING SEVERAL LISTENING SESSIONS ACROSS THE COUNTRY, BOTH IN PERSON AND VIRTUALLY, WHICH ALLOWED US TO GAIN INFORMATION ON WHAT WOMEN OF COLOR ENTREPRENEURS NEEDED, TAKE THAT BACK TO GOLDMAN SACHS SO THEY COULD BETTER FORM LATE THE PROGRAM AND DEVELOP SERVICES.

>> YOU'VE SPOKEN WITH THOUSANDS OF WOMEN.

THIS INITIATIVE HAS SPOKEN WITH THOUSANDS OF WOMEN.

WHAT ARE YOU HEARING FROM THESE ENTREPRENEURS?

WHAT IS STILL LACKING?

>> SUPPORT.

WOMEN OF COLOR ENTREPRENEURS NEED SUPPORT, AND THEY NEED THAT BY WAY OF ACCESS TO CAPITAL, RESOURCES TO HELP THEM LEARN, GROWING AND SCALE, TRAINING TO GIVE THEM THE SKILLS AND TOOLS THIS NA HE NEED TO SUCCESSFULLY START GROW AND SCALE THEIR BUSINESSES HOW WOULD YOU DESCRIBE THE PROGRESS IN GETTING THAT SUPPORT?

WE'VE SPOKEN IN THE PAST, AND IT'S ABOUT A YEAR AGO.

SO ARE WE CLOSER TO REACHING SOME OF THESE GOALS, AND IF NOT, WHY?

>> ABSOLUTELY.

GOLDMAN HAS BEEN PHENOMENAL IN NOT JUST TALKING THE TALK BUT WALKING THE WALK, AND THEY ARE ACTUALLY PUTTING PROGRAMS AND OPPORTUNITIES IN PLACE THAT PROVIDE RESOURCE AND ACCESS TO WOMEN OF COLOR, BOTH ENTREPRENEURS AND IN OTHER SEGMENTS.

AND SO I'M REALLY, REALLY PROUD THAT THEY'VE ALREADY ANNOUNCED THEIR INITIAL ROUND OF FUNDING AND MOST RECENTLY AT THE TOP OF THIS YEAR ANNOUNCED A SECOND SET OF PROGRAMS AND FUNDING THAT WERE BEING MADE AVAILABLE TO ORGANIZATIONS AND COMMUNITIES AROUND THIS COUNTRY.

AND SO WE ARE GETTING CLOSER.

WE HAVE A LONG WAY TO GO, BUT GOLDMAN IS LEADING THE PATH IN PROVIDING THESE TYPES OF OPPORTUNITIES THAT ARE SO CRITICAL FOR BLACK WOMEN TO SUCCEED AND EXCEL IN THEIR VARIOUS AREAS OF EXPERTISE.

>> ONE THING WE'VE SEEN REALLY THROUGH THE PANDEMIC IS WOMEN QUITTING THEIR JOBS IN VERY LARGE NUMBERS.

ARE YOU HEARING STORIES ANECDOTAL LITTLE OR SEEING YOURSELF THAT SOME WOMEN OF COLOR ARE USING, LEAVING THE WORK FORCE AS AN OPPORTUNITY TO PURSUE ENTREPRENEURSHIP?

>> THROUGHOUT THE COURSE OF THE PANDEMIC, THE NUMBER OF BUSINESSES HAS QUADRUPLED.

WE'RE SEEING HERE AND MORE SMALL BUSINESSES STARTED BECAUSE WOMEN REALIZE THE NEED TO HAVE FLEXIBILITY, TO BE ABLE TO BE HOME WITH THEIR CHILDREN OR FAMILIES, TO BE ABLE TO CONTROL LEGACY FOR THEIR COMMUNITIES AND THEIR FAMILIES.

>> IT SOUNDS LIKE EVEN THOUGH THERE IS SOME PROGRESS BEING MADE, SOME STILL HURDLES BUT THOSE HURDLES AREN'T DISCOURAGING WOMEN OF COLOR.

>> IT'S HARD TO DISCOURAGE A WOMAN OF COLOR.

WE HAVE ALREADY OVERCOME SO MUCH THROUGHOUT OUR HISTORY AND EVEN IN THIS PRESENT DAY, AND SO WHILE WE ARE FACED WITH MANY CHALLENGES, WE ALWAYS FIND A WAY TO TURN THOSE CHALLENGES INTO OPPORTUNITIES, TO FIND A WAY TO MAKE IT HAPPEN, AND IT'S ALWAYS GREAT WHEN WE DON'T HAVE TO DO THAT ALONE, WHEN WE HAVE THE SUPPORT OF ORGANIZATIONS LIKE GOLDMAN WHO ARE WILLING TO TAKE THAT JOURNEY WITH US.

>> AND YOU CERTAINLY ARE HELPING A LOT OF WOMEN TAKE THOSE STEPS.

SO AISHA, THANK YOU SO MUCH FOR SPENDING TIME WITH ME.

IT'S GOOD SEE YOU.

>> THANK YOU SO MUCH FOR HAVING ME.

>> EARLIER IN THE PROGRAM, WE MENTIONED HOW THE SBA ADMINISTRATOR SEES THE ENTREPRENEURIAL SPIRIT THRIVING IN THE BLACK COMMUNITY.

THAT BRINGS US TO MICHELLE BROWN, THE PRESIDENT OF ONE STOP GROCERY SUPPLY IN NORTH BERGEN.

SHE SHARED HER STORY OF MAKING THE JUMP FROM AN EMPLOYEE TO OWNER AND OFFERED ADVICE TO OTHERS WHO WANT TO RUN THEIR OWN COMPANY.

MICHELLE, WELCOME TO THE PROGRAM.

REALLY NICE TO SEE YOU.

>> THANK YOU.

GOOD MORNING, RHONDA.

>> TELL ME ABOUT YOUR EXPERIENCE.

WHAT MADE YOU DECIDE TO START ONE STOP GROCERY SUPPLY AND HOW DID YOU OBTAIN THE CAPITAL FOR YOUR BUSINESS?

>> ACTUALLY, I DIDN'T START THE BUSINESS.

I PURCHASED THE BUSINESS.

I WORKED FOR THE COMPANY FOR OVER TEN YEARS, AND I LEFT FOR A FEW YEARS TO PURSUE SOME OTHER ENDEAVORS AND BE A MORE INVOLVED PARENT, AND OUT OF THE BLUE I HADN'T HEARD FROM THE PREVIOUS OWNER FOR A CAN YOU NUMBER OF YEARS.

I GOT A PHONE CALL FROM HIM STATING THAT THE BUSINESS WASN'T DOING VERY WELL, AND HE'D LIKE TO KNOW IF I WAS INTERESTED IN COMING BACK.

AND WE TALKED.

WE NEGOTIATED, AND AS A CONDITION FOR MY RETURN, HE AGREED TO SELL ME THE BUSINESS WHEN HE RETIRED.

>> SO IT PROBABLY, SINCE YOU HAD A UNIQUE SITUATION THERE, IT WAS NOT SO MUCH OF A CHALLENGE IN TERMS OF SECURING CAPITAL TO START.

BUT WHAT ABOUT ONCE YOU STARTED TO GET INTO THE BUSINESS AND YOU NEEDED TO PURCHASE THINGS,?

DID YOU FEEL THAT YOU FACED ANY ADDITIONAL OBSTACLES AN AS AN AFRICAN AMERICAN WOMAN?

>> THINGS WERE GOING VERY WELL UNTIL THE PANDEMIC HIT.

AND THAT, OF COURSE, GAVE ME A NEW SET OF CHALLENGES AND I DID HAVE TO APPLY FOR SOME CAPITAL.

I DON'T THINK THAT I WAS AT A DISADVANTAGE AS AN AFRICAN AMERICAN WOMAN.

MY BUSINESS IS A HIGH-VALUE BUSINESS.

MY CUSTOMERS COME TO ME BECAUSE I PROVIDE HIGH VALUE TO THEM.

THE ITEMS THAT I SELL ARE NOT UNIQUE.

I DON'T PRODUCE THEM AND MANUFACTURE THEM SO THEY COME TO ME BECAUSE OF THE VALUE THEY BET FROM MY COMPANY AND BEING AN AFRICAN AMERICAN WOMAN HASN'T BEEN AN ISSUE OR PART OF THE EQUATION.

>> I'M SO INTRIGUED WHEN YOU WERE TALKING ABOUT HOW THE PANDEMIC IMPACTED YOU.

MORE AND ALSO, YOU MUST HAVE THE FINGER ON THE PULSE OF THE SUPPLY CHAIN DISRUPTIONS.

TALK TO ME ABOUT SOME OF THE DIFFICULTIES OVER THE LAST COUPLE OF YEARS AND WHERE WE ARE NOW WITH SOME OF THAT.

>> I'VE BEEN IN THIS INDUSTRY FOR OVER 25 YEARS AND THE LAST COUPLE OF YEARS HAVE BEEN VERY, VERY CHALLENGING.

FIRST OF ALL, PRICES ARE FLUCTUATING ON A WEEKLY BASIS.

PAPER PRODUCTS, WHERE PAPER PRODUCTS IN PARTICULAR, THE PRICES STAYED THE SAME FOR YEARS.

EVERY NOW AND THEN YOU'D HAVE A NOMINAL INCREASE AND NOW THE PRICES CHANGE ON A WEEKLY BASIS.

ONE OF MY LARGEST SUPPLIERS, SAME THING, SAME PRICE FOR ABOUT 15 YEARS.

WITHIN THE LAST TWO YEARS, WE'VE HAD SEVERAL INCREASES FROM THEM.

>> WHAT ADVICE DO YOU HAVE, ESPECIALLY FOR ANYONE WHO IS PERHAPS A WOMAN OF COLOR OR ANY OTHER MINORITY GROUP FOR TRYING TO START A BUSINESS, SOMEBODY WHO MIGHT NOT HAVE THE KIND OF CONNECTIONS THAT OTHER BUSINESS LEADERS DO?

TO GET YOUR DUCKS IN A ROW.

SOME THINGS HAVE VERY OBVIOUS.

MAKE SURE YOUR CREDIT IS -- HAVE GOOD CREDIT.

LOWER YOUR DEBT.

GET YOUR DEBT AS LOW AS POSSIBLE.

LOWER YOUR PERSONAL EXPENSES.

SAVE SOME MONEY.

THOSE THINGS, I THINK, ANY BUSINESS THAT YOU START, WHETHER YOU'RE SELLING A SERVICE OR PRODUCT, ARE THINGS YOU WANT TO KEEP IN MIND.

THE SECOND THING I THINK IS REALLY IMPORTANT TO DO IS TO GET TOGETHER A TEAM.

BEFORE YOU BEGIN WORKING ON THE BUSINESS, MAKE SURE YOU HAVE A GOOD ACCOUNTANT AND A GOOD ATTORNEY.

THOSE PEOPLE ARE ESSENTIAL AS YOU BEGIN OR GROW A BUSINESS.

>> MICHELLE, IT'S BEEN GREAT SPEAKING WITH YOU AND LEARNING ABOUT YOUR JOURNEY.

THANK YOU SO MUCH.

>> THANK YOU, RHONDA.

HAVE A GREAT DAY.

>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.

JOIN US NEXT WEEK WHERE WE TAKE A CLOSER LOOK INTO SKY HIGH INFLATION AND HOW THAT'S IMPACTING RESIDENTS IN NEW JERSEY.

THANK YOU FOR WATCHING NJ BUSINESS BEAT.

I'M RHONDA SCHAFFLER.

YOU ENJOY YOUR WEEKEND.

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