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PRESS ROOM: Community Bank Launches Innovative Friends & Family Fund to Support Entrepreneurs of Color

CHICAGO DEFENDER — There is no shortage of great business ideas among communities of color but what they have historically lacked is the access to seed capital to launch their businesses. The most common funding path for burgeoning business owners begins with asks of support from family and friends, but a stark wealth gap exists that limits minority entrepreneurs’ ability to access significant capital—for example, white households in the United States have a median household wealth of $142K while Black households have a mere $11K in wealth.

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Image by: berkshirebank.com

Berkshire Bank Takes Aim at the Growing Racial Wealth Gap with New Loan Fund

By The Chicago Defender

Martha’s Vineyard, Massachusetts—Yesterday, Berkshire Bank announced the launch of their new Friends & Family Fund powered by The Runway Project aimed at helping entrepreneurs of color access the seed capital necessary to fund their dreams and spur economic growth in underserved communities. The fund is one of the first offerings under Berkshire’s new Be First initiative, the bank’s social impact strategy.

There is no shortage of great business ideas among communities of color but what they have historically lacked is the access to seed capital to launch their businesses. The most common funding path for burgeoning business owners begins with asks of support from family and friends, but a stark wealth gap exists that limits minority entrepreneurs’ ability to access significant capital—for example, white households in the United States have a median household wealth of $142K while Black households have a mere $11K in wealth.

This racial wealth gap can be traced to the long history of discrimination in America, including discriminatory “redlining” practices through which the federal government and banks conspired to block Black homeownership (and access to other lines of credit and banking services), thereby stunting the community’s ability to build and transfer generational wealth. And it persists today because many banks are still unwilling to lend to, or invest in, communities of color. Yet despite this lack of access to capital Black entrepreneurs, particularly Black women, are starting businesses at a rate that far outpaces the majority.

Berkshire Bank’s new Friends & Family Fund powered by The Runway Project is designed to bridge the gap in access to capital by providing early stage loans to seed big bold ideas and invest in promising new minority-owned businesses. Key features:

  • The fund is fueled by a specialty Certificate of Deposit that provides a safe, NCUA and FDIC insured and certified, market-rate return on investment while providing liquidity for the loans.
  • Loan applications will be reviewed through a community-based underwriting process designed to eliminate historical barriers like an over reliance on credit scores, personal collateral, or historical tax and financial reporting as an indicator of futures success.
  • Trusted advisors provide holistic business support and ongoing financial coaching to entrepreneurs as they build their companies.

“Our strategy at Berkshire Bank is to be a bank of and for the community. We recognize that all too often banks have been seen as an obstacle rather than a partner—we want to change that. Our new Friends & Family Fund will serve as a model of how banks can expand access to capital in communities that have traditionally been boxed out of the investments needed to help spark economic growth. We are doing our part to invest in our communities because we know that banks can’t continue to grow future profits unless we help to grow wealth across the board. We anticipate that the seed loans we provide to entrepreneurs of color will help generate wealth that returns dividends for decades to come,” said Richard Marotta, CEO of Berkshire Bank.

“Our positive social impact is our strategic advantage,” says Malia Lazu, EVP and Chief Experience Officer of Berkshire Bank who is the architect of the Be First initiative and will oversee the new Friends & Family Fund. “We thrive when the people we serve thrive, which is why we are committed to doing our part to help close the racial wealth gap rather than perpetuate it. Berkshire Bank recognizes the responsibility we have to invest in the communities we serve. We are a community bank; which means our products and programs have to be focused on helping our neighbors build businesses, generational wealth and thrive. There are plenty of reasons why new businesses fail, but the lack of access to seed capital shouldn’t be one of them.”

“We are excited to partner with Berkshire Bank to administer the Friends & Family Fund. This virtually risk-free community investment will be a great win-win for everyone and go a long way towards bridging the seed funding gap for minority entrepreneurs,” said Jessica Norwood, founder of The Runway Project.

The Friends and Family Fund was launched at an event today hosted by lawyer and real-estate executive Richard Taylor on Martha’s Vineyard, a historic vacation hub for African American business, political, and community leaders.

This article originally appeared in the Chicago Defender. 

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Smooth Ride! Car Suspension & Comfort Tested #shorts

Smooth suspension meets surprisingly spacious legroom. Experience true comfort on any road!

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Car suspension test demonstrating a smooth ride, comfort features, and handling on various terrains.

Experience the difference smooth suspension makes on rough streets. Check out the surprisingly good second-row legroom – test it yourself for true comfort.

🔗 Watch the full video: https://youtu.be/l9Z571za5Gc

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61 years since Selma, Houston leaders say the bridge remains to be crossed

61 years after Selma, Houston leaders say the fight for equality continues. The issues that sparked the marches still impact Black Americans today.

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Houston leaders discuss the ongoing struggle for civil rights 61 years after Selma, emphasizing the need for continued action.

It has been 61 years since the Selma marches. But political leaders in Houston say that the issues protesters were marching for still plague the lives of Black Americans.

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Here is what you need to know about finding unique white elephant gift ideas that everyone wants to steal

The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition. The wrapping paper comes off, the room goes quiet for half […]

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The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition.

The wrapping paper comes off, the room goes quiet for half a second, and suddenly everyone wants the same gift. That is the sweet spot. A great white elephant pick should make people laugh, lean in, and start plotting their next steal before the turn is even over.

Should a White Elephant Gift Be Funny or Useful?

A white elephant gift can be funny or useful, but the strongest choices usually give people a reason to laugh and a reason to keep the item. A practical gift with an odd design, unexpected feature, or playful theme can get a reaction without becoming something the recipient immediately wants to give away.

The right balance depends on the group. Close friends and family members may enjoy a ridiculous gag gift because they already understand one another’s sense of humor.

A workplace exchange, neighborhood party, or mixed-age gathering usually calls for something with broader appeal. In those settings, humor works better when it is built into an item people could still use afterward.

It also helps to think about how quickly the gift will make sense once it is opened. A strangely shaped kitchen tool, oversized mug, quirky desk accessory, or unexpectedly fancy everyday item can create an immediate reaction. Guests understand the joke right away, while the item still has enough practical value to attract a steal.

Pure gag gifts can be harder to pull off. Something that exists only for the punchline may get a big laugh during the reveal and then sit untouched for the rest of the game. If the goal is to bring one of the gifts everyone keeps fighting over, usefulness gives the joke staying power.

Memorable Present Ideas: Creating Inside Joke Gifts

Inside joke gifts can make a white elephant exchange feel much more personal, especially when most of the group shares the same stories. The trick is choosing a reference that people will recognize quickly instead of building the entire joke around something only two guests understand.

You can turn a memorable vacation mishap, office catchphrase, family story, or long-running group joke into the theme of the gift. A personalized comic book can work especially well when it turns familiar people or a ridiculous shared moment into part of the story. 

Think carefully about who the joke involves before ordering anything permanent. The gift should make the person feel included in the fun, not singled out for the wrong reason.

Can You Bring Something You Already Own?

Holiday gift exchanges can be a good place to re-gift something you never used, especially if it is unopened and clean.

The following can all work if they still look presentable:

  • A duplicate kitchen gadget
  • An untouched game
  • A decorative item
  • A sealed gift set 
  • An unopened candle
  • A new travel accessory

The goal is to give the item a second chance, not use the exchange as an excuse to clear out damaged or unwanted clutter.

Take a close look at the packaging before wrapping it. Faded boxes, missing pieces, visible wear, or anything that looks obviously used can make the gift feel careless. 

Wrapping Budget-Friendly Gifts

Wrapping can make gifts more entertaining before anyone even knows what’s inside.

Misdirection works especially well for fun party games. Put a small gift inside a much larger box. Use packaging from an unrelated household item.

Add harmless weight so guests cannot guess what they are holding. The reveal becomes part of the joke without changing the gift itself.

You can also lean into the theme of the exchange. Bright paper, oversized bows, reusable bags, or deliberately over-the-top wrapping can make an ordinary item feel more memorable. If the gift itself is already funny, simple wrapping may work better so the surprise stays hidden until the last second.

Frequently Asked Questions

Is Picking Last an Advantage in White Elephant?

Picking last can be an advantage because you get to see almost every gift before making your move. Instead of choosing blindly from the remaining wrapped presents, you can steal something that has already caught your attention if the rules still allow it.

That advantage depends on the house rules. Some games limit how many times a gift can be stolen.

Others lock an item once it reaches a certain number of steals. If the most popular gifts are already unavailable, the final player may have fewer strong options than expected.

The first player can also get another turn at the end in some versions of the game. That rule can balance things out, since the person who started with the least information may get one final chance to steal.

How Do You Plan White Elephant for a Large Group?

For a large white elephant exchange, set a firm spending limit and establish the stealing rules in advance.

Create a clear turn order before the game begins. Drawing numbers as guests arrive can save time once everyone is ready to start.

Keep the number of steals per gift limited so the game does not drag on. It also helps to have one person track which creative holiday presents have been stolen and when they are locked, especially if dozens of people are participating.

Can You Play White Elephant Virtually?

A virtual white elephant exchange can work over a video call, with one person keeping track of the turn order and each steal. Guests can either mail physical gifts ahead of time or use digital gifts that can be delivered once the game ends.

Set the spending limit and stealing rules before everyone joins. It also helps to decide how gifts will be revealed and who is responsible for sending each one afterward so the exchange does not become confusing.

Choose a Perfect White Elephant Gift in a Snap

Look for a white elephant gift that fits some of these criteria, and everyone will be trying to grab it at your next celebration.

Do you need more gift-giving tips and tricks? Make sure you read some of our other posts.

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