Black Contractors Left Out of Stimulus Transportation Projects
African American contractors are being shut out of stimulus contracts, according to a report by the Transportation Equity Network, a national grassroots organization. Of the $163.8 million distributed by the U.S. Department of Transportation for street, highway, and bridge construction, no black-owned firms have received any awards, through Dec. 1, 2009. For more, read “Black Firms Shut Out of Stimulus Projects” at BlackEnterprise.com.
FEDERAL CONTRACTS (USDOT direct to qualified federal contractors only)
Stimulus funds contracted for street, highway, and bridge construction – Total: $163.8M
Allocated to women-owned businesses: $9.7M (5.9%)
Allocated to all minority-owned businesses: $16.8M (10.3%)
Allocated to Hispanic-owned businesses: $4.7M (2.9%)
Allocated to black-owned businesses: $0
Source: Transportation Equity Network
UNCF Colleges More Affordable Than Their Peers
The 39 historically black college and universities that are members of the United Negro College Fund cost less than comparable institutions, according to Affordability of UNCF-Member Institutions 2006-2008, a study commissioned by the UNCF. Peer institutions were automatically generated using data from
the National Center on Education Statistics. Total charges– which include tuition, fees, room and board — were on average 28% lower, or $5,803 less, in 2006-2007, and 31% lower, or $6,625 less, in 2007-2008.Perceptions of Financial Literacy Inflated
There’s a disconnect between what African Americans think they know about financial literacy and what they actually know, according to a study by FINRA Investor Education Foundation. More than half assessed their financial knowledge as high, but on a financial literacy test about interest rates, inflation, bonds, mortgages, and risk, on average, African Americans answered only 2.3 out of five questions correctly. Overall, respondents answered 2.7 questions correctly.