How can Ice Cube’s “Contract with Black America” Affect Black Owned Businesses?

HOLLYWOOD, CA – JANUARY 19: Actor/rapper Ice Cube attends the premiere of “xXx: Return of Xander Cage” at TCL Chinese Theatre IMAX on January 19, 2017 in Hollywood, California. (Photo by Jason LaVeris/FilmMagic)

Tensions are running high as the U.S Presidential Elections edges closer. The hot topics circulating amongst the populace include the campaigns, the candidates, what they have to offer (or not) and what does it all mean for the future of the country? Many celebrities have expressed their views on the campaigns and debates as well as encouraging fans to vote this election. This election season is not without its controversies, and Ice Cube, renowned rapper and entertainer, has found himself in the middle of one with his “Contract with Black America”.

What is the Contract with Black America?

Ice Cube has been making waves with his proposal of a contract that he wants the winning party to sign and commit to pending the outcome of elections. He aims to open up debates and discussions on how the ruling government can improve the lives of black Americans and address racial inequality. His CWBA covers the following issues:

• Black opportunity and representation
• Massive Bank lending and finance reform
• Judicial and public policy reform
• Further amendment to the 13^th Amendment
• Entertainment industry reform
• Elimination of monuments and institutions that are overly racist

In a nutshell, he hopes to open discussion about how rampant racism is in the US and how it negatively impacts Black Americans and prevents them from having equal opportunities to grow and achieve success in a multitude of areas. He also seeks prison reform, the elimination of the KKK and other openly racist groups that are dangerous and cause harm to the black community. He intends to work closely with the winner of the election to make the changes that are needed to improve the lives of oppressed Black Americans.

What’s the controversy?

With his Contract with Black America, Ice Cube has reached out to the presidential candidates and shared his opinions and ideas. The controversy that has gotten him mixed reviews from the black community and his contribution to President Trump’s own Platinum Plan which is geared towards the black community. Trump’s plan proposes the following in his Platinum Plan:

• Making Juneteenth a holiday
• Building up urban neighborhoods and bringing them up to higher standards
• Providing more opportunities for education and employment for Black Americans
• Making it easier for black home ownership
• Prosecuting the KKK (Ku Klux Klan) and Antifa as terrorist groups

Ice Cube has been hit with backlash for meeting with and discussing the Contract with Black America with President Trump and for contributing to the Platinum Plan. Many of his fans and members of the black community are not convinced that Trump has the best interest of the black community at heart and is using Ice Cube to boost his image. Many others have praised his efforts for giving a voice to the voiceless and striving to make a change and for doing so peacefully.

Ice Cube has reiterated that he intends to work on the CWBA with whoever wins the elections and it’s an agreement that all candidates must agree to sign no matter the outcome of the election on November 3^rd. He remains neutral in his stance and does not openly support or disprove of the current candidates.

How will CWBA affect black owned businesses?

With all of the proposals stated, the core focus of the Contract with Black America aims to improve different areas to increase the quality of life in black communities.

The financial reform is geared towards banks being fair towards black citizens. Currently only 3% of loans and credit are given to Black Americans for credit cards, home mortgages and for black owned businesses. Under CWBA, this current climate will be changed to accommodate more black owned businesses receiving lending services and being offered the same rates as whites.

This can allow black businesses to finance and raise capital to start up companies, invest and grow existing businesses and develop black owned businesses on a larger scale. It also presents more opportunities for black communities to experience economical growth and development.

After the BLM (Black Lives Matter) movement protests, calls were made for more people to patronize black owned businesses and small businesses in communities. It started a shift towards shopper habits, to support the small businesses in order to promote growth and also community development. This alone however is not sufficient to bring black owned businesses up to par with white owned businesses. The lack of capital, funding and credit has made the business environment hard to break through.

Addressing the prevalence of racism and how it prohibits Black Americans from achieving goals in education, business, employment and home ownership can open up the doors for more success rates. With more focus on equality, black communities and black owned businesses can have the fighting chance they need to bloom and enter markets that were previously white dominated.

Takeaway

Ice Cube hopes to lead a reform of many policies and issues that negatively impact or oppress the black community. While controversial, the Contract with Black America is also a glimmer of hope for breaking down racism and its ill effects. It promotes equal opportunities and aims to update archaic laws and policies.

As a black business owner, this is a topic to follow closely as it does propose many opportunities to develop black owned businesses apart from improving black communities in general. There will be more access to credit for black owned businesses and fairer financial policies. It also means that there will be an increase in institutions that will be keener on helping to develop black businesses and offering many urgently needed services essential to achieving entrepreneurial success and growth. Moore Financial has already been working with black owned business to unlock their full potential. We assist small businesses with building credit, getting loans and other important and easily overlooked business protocols. If you are in need of business services and guidance, call the Biz Credit Movement for a consultation on how you can take your business on the path of sustainable success.