Hey, hey, hey, my beautiful people! Gather around, because I have some piping hot updates on the Fearless Fund saga we've been following. Y'all remember Edward Blum, right? We talked about him in the last news blog, Affirmative Action Clash: Edward Blum vs. Fearless Fund's Empowerment for Black Women Entrepreneurs. The guy who tries to make it rain on our parade of black girl magic? Well, the tea is refilled, and it's hot!
First, let's give a quick shout-out to Fearless Fund. They're doing the Lord's work, investing nearly $27 million in 40 minority women-led businesses starting in 2019. But hold on to your wigs because the U.S. 11th Circuit Court of Appeals threw a wrench. In a 2-1 vote, the Fearless Fund was temporarily blocked from moving forward with its grant program exclusively for black women entrepreneurs. Y'all, brave!
Now, let's break it down. Edward Blum and his American Alliance for Equal Rights asked the court to stop the program. The Fearless Fund's "race-only policy" allegedly violates Section 1981 of the 1866 Civil Rights Act. I mean, can you believe this? Trying to protect formerly enslaved blacks from a policy requiring the elevation of black women. The joke is stronger than my grandmother's chicken pie!
But wait, there's more. Former President Donald Trump nominated the justices who agreed with Blum. They argue that the First Amendment does not give the Fearless Fund the right to exclude people on the basis of race. Now, I'm not a legal expert, but they seem to be missing the whole point. Fearless Treasury seeks to level the playing field, not move it in any other inappropriate direction
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However, the Fearless Fund lawyers are not backing down. Another appellate review is scheduled to be sought. And let's not forget black women-owned businesses account for less than $288 billion spent by corporate venture capital by 2022. So, who's excluded here?
Y'all, this isn't just a legal battle. This is a fight for the soul of our community and the future of Black women in business. We need to keep an eye on this because it is not yet over.
So, what's the takeaway? Don't sleep on this. It is a clear example of how some people twist the rules and rumors to keep us from rising. But think about it. We still stand up 'cause that's what we do. We've been doing it for centuries, and a court decision can't stop us now.
Until next time, my luvs, stay fearless and keep that Black Girl Magic flowing! ✨