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US Economic Empowerment

Economic Empowerment

There is diversity within the African Americans population.

We at The Scott Family Foundation Intl. believe that economic sustainability and viability within the African American community will be key to creating a community that will thrive long term within the United States economic environment. To this end, we seek to set the foundation and building blocks necessary to begin to see tangible results in the African American community in the areas of: Job creation and sustainability, Wealth creation and preservation, Credit development and maintenance, home ownership and business development and Offender Reintegration programs.  

The population includes individuals of varying ethnicities and immigration statuses. For example, while some African American families have been in the United States for many generations, others are more recent immigrants from places such as Africa, the Caribbean, or the West Indies. However, the vast majority of African Americans are U.S.-born citizens (92%). In addition, there is diversity in educational attainment, socioeconomic status, and other characteristics. Aggregate data can obscure many of these socio-demographic differences within the African Americans population.

Compared to non-Hispanic Whites, the African Americans population is notably younger.

Overall, 40 percent of all African Americans are under the age 26, compared to 30 percent of non-Hispanic Whites and 35 percent of all U.S. residents. African Americans are also nearly half as likely as Whites to be over the age of 65. In 2011, 10 percent of African Americans were elderly adults, compared to 17 percent of Whites.

While the majority of nonelderly African Americans are in working families, they are significantly more likely than Whites to be poor. Overall, nearly two-thirds of nonelderly African Americans have a full-time worker in the family. However, the large majority of African Americans workers (70%) are employed in blue-collar jobs that typically provide low wages and are less likely than white collar jobs to offer health insurance coverage. Reflecting both lower full-time employment rates and higher concentrations of African Americans workers in blue-collar jobs, African Americans are two and half times more likely than Whites to have family income below the poverty level (Figure 3).

    • We at The Scott Family Fundation Intl. seek combat this trend by partnering with organizations that provide job training and re-training to the community as well, job placement assistance. We seek out organizations that provide real world, training and experience that give the members of our community the opportunity to be competitive in an ever changing jobs market and to be able to achieve salaries that are comparable to what is offered in the market across the demographics for the jobs being sought after by our community members.
    • We understand that you cannot use a “one-size fits all” methodology when it comes to training and equipping our community with the skills needed for the job market, so we seek to work with organizations who understand this point, and develop cutting edge, innovative methods to train our community

Wealth Creation and Preservation

Studies show that African Americans have one of the lowest income to savings ratios in the country:

Yet we are one of the highest consuming demographics in the country:

Part of the reason for these alarming numbers is that some of us do not make enough in income, once expenses are considered, to leave enough left over to save. Another part, and perhaps a more bigger issue, is that we don’t understand how savings and investing works. In the African American community, we lack the financial literacy to be able to properly evaluate investments or save for the long term.

We at The Scott Family Foundation take a multi pronged approach to combating this problem:

  1. We seek to provide financial literacy seminars in person and through web-based initiatives that educate the community in the various aspects of wealth creation and preservation. Through these seminars we seek to provide:
    1. Understanding of how Checking and Savings Accounts Work
    2. Understanding of how the F.I.C.O. Score works and how to develop, maintain and protect it.
    3. Understanding how to build a financial plan and save for emergencies and future goals and objectives.
    4. Understanding of how Investment Accounts Work
    5. Understanding of the Goal of Investing
    6. Understanding of how Index Funds work
    7. Understanding of how Equity (Stocks) and Fixed Income (Bonds) securities work
    8. Understanding of how to conduct proper due diligence on a perspective investment.
    9. Understanding of how financial institutions approach lending to individuals and businesses.
    10. Understanding of Corporate Structure.
    11. Understanding of developing a proper business plan
    12. Urban Planning and Development
    13. Real Estate Investing
    14. Understanding of Crypto-Currency
  2. We seek to partner with organizations that offer similar financial literacy programs as described above.
  3. Business Development Incubator: We seek to develop a business development incubator and partner with reputable Venture Capital firms that have an interest in assisting Minority owned Small Businesses in our community succeed. This our Business Development Incubator we seek to provide:
    1. Business consulting and mentorship
    2. Business plan development assistance
    3. Education on Small Business Lending programs such as programs offered through the Small Business Administration
    4. Education on best practices and corporate governance
    5. Education on Corporate and Social responsibility practices
    6. To qualified Small Business who have successfully completed our program we will make introductions to VC firms that may invest into Small Businesses in our community that are poised for growth.
  4. Credit Counseling:
    1. We seek to partner with organizations that offer credit counseling, repair and development programs that assist African Americans in gaining and maintaining access to a positive FICO Score.  
  5. Home Buyer Seminars:
    1. We seek to partner with organizations that provide home buying seminars and education to the African American community.
  6. Offender Reintegration Program: Offender reintegration is an important program to our Chairman, Fredrick D. Scott . A former offender himself, he understands the barrier to quality tools and programs that offenders have. Due to this fact and the fact that a disproportionate number of African American males go to or return to prison every year, Mr. Scott felt is his duty to develop a program that could provide the access to information, training and tools necessary for ex-offenders to change their lives and outlook on life and thereby find success. Through The Scott Family Foundation Intl. Offender Reintegration program, we seek to partner with organizations that offer:
    1. Mentorship and counseling
    2. Resume writing and Interview Skills
    3. Mental Health Treatment
    4. Substance Abuse Treatment
    5. Job training
    6. Job placement
  7. Affordable Housing Initiative: Through The Scott Family Foundation Intl. Community Development Corporation U.S. The Scott Family Foundation Intl. seeks to partner with organizations both public and private  to develop long term affordable housing initiatives within the African American community.
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